I was referred a conveyancer who has sent a quote for £1200 for freehold conveyancing in Tisbury. I’m hoping to downsize from a purpose built detached home for £300,000. Are these estimated fees excessive? Is it above what I should be paying for conveyancing in Tisbury?
The quote is slightly on the expensive side. Where you are willing to spend time scrutinising prices you could decrease the fees slightly by perhaps £100 plus VAT. On the other hand, you couldcome to regret choosing an a cheaper conveyancer. If is important to be sure the firm can also act for your lender. Do employ our comparison tool to get a quote a Tisbury conveyancing practice on the lender’s approved list of lawyers which can often include conveyancing solicitors in Tisbury.
My wife and I are only a couple days away from an exchange on a property in Tisbury and my mum and dad have transferred the 10% deposit to my solicitor. I am now advised that as the deposit has been sent from someone other than me my solicitor needs to disclose this to my lender. Apparently, in also acting for the mortgage company he must inform them that the balance of the purchase price is coming from anyone other than me. I informed the lender concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
The lawyer is obliged to check with the bank to ensure that they know that the balance of the purchase price is not from your own resources. The solicitor can only disclose this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
I am the registered owner of a freehold residence in Tisbury but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Tisbury and has limited impact for conveyancing in Tisbury but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
My brother-in-law has suggested I instruct a conveyancing solicitor in Tisbury. I need to find out whether they are on the Leeds Building Society approved list of lawyers. Could you assist?
You should contact the conveyancer and ask them if they are on the lender panel. Alternatively please call Leeds Building Society who may be able to help.
I am helping my step-mother sell her flat in Tisbury. Does the conveyancing solicitor arrange an energy performance certificate or it is for the owner to see to?
Following the demise of HIPs, EPC’s was kept a mandatory part of moving house. An energy assessment should be to hand in advance of the property being marketed. This is not something that lawyers normally arrange. If you are using a Tisbury conveyancing lawyer they may help arrange energy assessments due to their contacts with long established Tisbury accredited person
When it comes to lenders such as Aldermore, do Tisbury conveyancers incur a fee to be on the conveyancing panel?
We are unaware of any bank fees to be on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
I have a mortgage with Yorkshire BS for my property in Tisbury. Conveyancing was finalised 12 months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Yorkshire BS?
You must advise Yorkshire BS before renting your property as this is likely to be a breach of Yorkshire BS’s mortgage conditions. It may be that Yorkshire BS will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Yorkshire BS directly. It should not be necessary to do this via a Yorkshire BS conveyancing panel solicitor.
I have been on the look out for a ground for flat up to £235,500 and found one round the corner in Tisbury I like with amenity areas and station in the vicinity, the downside is that it only has 49 years unexpired on the lease. There is not much else in Tisbury for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a mortgage the shortness of the lease will likely be problematic. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of twenty four months you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.