My previous conveyancer has given a fee estimate £1700 for fixed fee conveyancing in Wellingborough. I am looking to sell a Edwardian house for £200,000. Are the quoted fees excessive? Is it in excess of the average fee for conveyancing in Wellingborough?
The estimate does seem a tad steep. If you are prepared to spend time comparing fee on a like for like basis you might shave off some of the expense by say £125. On the other hand, you mightlive to regret opting for an an untested solicitor. Remember to enquire that the firm can represent your mortgage company. You can use our comparison tool to get a quote a Wellingborough conveyancing firm on the lender’s conveyancing panel which can often include conveyancing solicitors in Wellingborough.
Can you explain why leasehold purchase conveyancing in Wellingborough costs more?
Wellingborough leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
Do I have to visit the offices of the solicitor to execute the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Wellingborough so that I can attend their offices if required.
Nowadays approved lawyers for lenders carry out their communications through Royal Mail, internet or over the phone. This enables them to carry out the conveyancing transaction no matter where you live in England or Wales. Nevertheless you can check if you have the option of attending the offices of your conveyancing lawyer if you prefer.
The deeds to our home are lost. The solicitors who handled the conveyancing in Wellingborough 4 years ago have long since closed. What are my next steps?
As long as the title is registered the details of your ownership will be documented by the Land Registry with a Title Number. It is possible to execute a search at the Land Registry, identify your house and secure up to date copies of the Registered Entries for a small fee. If the title is Leasehold then the Land Registry will usually hold a certified copy of the Registered Lease and again, a copy can be retrieved for a small fee.
I've recently bought a leasehold house in Wellingborough. Am I liable to pay service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I purchased a 2 bed flat in Wellingborough, conveyancing was carried out in 1996. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Wellingborough with over 90 years remaining are worth £191,000. The ground rent is £55 invoiced every year. The lease ceases on 21st October 2078
With only 53 years unexpired the likely cost is going to be between £27,600 and £31,800 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.
Threeweeks into buying a property in Wellingborough. Conveyancing lawyer has told us the title is "Leasehold". Will this likely adversely affect our lender’s valuation?
Wellingborough conveyancing does not usually involve leasehold houses. The crucial factor here is the length of lease and the ground rent. If it's 999 years with a nominal rent, it's virtually freehold, so it shouldn't impact the saleability significantly.
At the other end of the spectrum, if it's, say, fifty five years it will have a significant effect on the saleability, and probably wouldn't be acceptable to the lender. The remaining lease term and ground rent will be specified in the lease provided to your property lawyer.