Is there a reason why leasehold purchase conveyancing in Warwickshire costs more?
The conveyancing fees on a leasehold premises in Warwickshire is often more expensive when contrasted to a freehold residence. This is because there is an amount of extra work required in dealing with the landlord and managing agents to obtain information about whether the rent and service fee have been paid and whether there are any large sums expected to be spent in the foreseeable future on repairs or maintenance of the block.
I am the only beneficiary of my late father’s estate and I have everything in my name alone, including the my former home in Warwickshire. The Warwickshire property was put into my name in July. I now wish to sell up. I understand that there is a Mortgage Lenders 6 month 'rule', which means that my proprietorship may be considered the same way as though I had purchased the property in July. Do I have to wait 6 months to sell?
The CML handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be caught by that. many banks would take a pragmatic view as this obligation is primarily there to capture subsales or the wholesaling and assigning of properties.
How can we know in advance if a Warwickshire conveyancing solicitor on the Bank of Ireland panel is any good?
When it comes to conveyancing in Warwickshire getting recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always recommend that you speak with the lawyer handling your conveyancing.
I recently had an offer agreed on an apartment in Warwickshire. My financial adviser suggested a property lawyer. I paid an advanced payment of £175. A few days later, the conveyancing practitioner called me to say that they were not on the Barclays conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Barclays panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
It has been 3 months since my purchase conveyancing in Warwickshire completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I opted to have a survey carried out on a house in Warwickshire before instructing conveyancers. I have been advised that there is a flying freehold overhang to the house. Our surveyor has said that some mortgage companies may refuse to give a mortgage on a flying freehold property.
It depends who your proposed lender is. Santander has different requirements from Birmingham Midshires. Should you wish to call us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Warwickshire. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Warwickshire to see if the conveyancing costs will increase in light of this.
I've found a house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have subsequently found out that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Warwickshire. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Warwickshire ?
The majority of houses in Warwickshire are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can help the conveyancing process. It is clear that you are buying in Warwickshire so you should seriously consider looking for a Warwickshire conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the property is located on an estate. Your solicitor should report to you on the legal implications.
I own a studio flat in Warwickshire, conveyancing formalities finalised November 2003. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Warwickshire with a long lease are worth £190,000. The ground rent is £65 invoiced every year. The lease ends on 21st October 2086
With 61 years left to run we estimate the price of your lease extension to range between £19,000 and £22,000 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.
We have been advised by many estate agents to expect up to two months for Warwickshire conveyancing to complete.This was four weeks ago. The property information was only sent to my lawyer yesterday so now does it countdown?
There is no conventional countdown for conveyancing in Warwickshire, or any location. You simply have to ensure that your finances are in order and wait for the rest to come to you eventually.