Me and my partner are due to exchange buying a house in Wells but as a result of damage from some water damage at the property I have managed to agree reparation from the owner of six thousand pounds in the form of a reduction in the price. This was going to be dealt with as part of a side agreement however Santander will not agree to this. Should they have been approached?
Your conveyancer being on the Santander conveyancing panel is obliged to advise Santander of any changes to the purchase price. If you prohibit your conveyancer to notify the reduction to Santander then they would have to discontinue acting for you. In addition, Santander and you would have to appoint a new lawyer for your conveyancing in Wells.
We previously instructed conveyancing lawyers located in Wells on the Leeds Building Society solicitor approved list. They have just billed me a separate charge for the legal aspects of the Leeds Building Society mortgage. Is this an additional conveyancing fee specified by Leeds Building Society?
Provided it is contained in their Terms and Conditions or Quote then yes your solicitor can charge a fee for this. The fee is not set by Leeds Building Society but by your Wells solicitor. Some firms on the Leeds Building Society panel will charge an ‘acting for lender’ fee and others do not.
Two weeks ago we had a mortgage agreed in principle with Nationwide. Wells conveyancing practitioners were chosen. What is the average time that one could expect to receive a mortgage offer from Nationwide?
Some lenders take longer than others. Have Nationwide completed the survey? Have you informed Nationwide as to your lawyers' details and checked that your lawyers are on the Nationwide conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
Our offer on a semi in Wells has been agreed to, but there is a chain. The owners have put an offer on a property, but it’s not yet agreed to, and have viewings of other apartments in the pipeline. I have selected a high street conveyancing solicitor in Wells. What do I do now? At what point do I apply for the mortgage with Yorkshire BS?
It is usual to have concerns where there is a chain as you are unlikely to want to incur expenses prematurely (mortgage application is approx £1k, then valuation, Wells conveyancing search charges, etc). First, you must check that your lawyer is on the Yorkshire BS conveyancing panel. Regarding the next stages this very much dictated by the circumstances of your transaction, motivation for this property and on the state of the market. In a hot market the majority of buyers will apply for a home loan with Yorkshire BS and pay for the valuation and only if it comes back ok would they request their solicitor to proceed with searches.
About to purchase a new build flat in Wells. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below are examples of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Wells
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Forfeiture - bankruptcy or liquidation must not apply under this provision. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
My husband and I are 3 weeks into a residential purchase having been directed to a firm by the selling agent to execute conveyancing in Wells. I am not happy. Can you help me find new solicitors?
A conveyancer would have to be very poor to suggest changing them. Has your loan offer been generated? If so you will need to advise them of the new contact details and ensure the loan are re-sent. Your conveyancer should be on the lenders approved list to avoid escalating charges and delays. So that should be your first question of the new solicitors. The search tool can help you find a lender approved lawyer for your home move in Wells
I today plan to offer on a house that seems to meet my requirements, at a reasonable price which is making it all the more appealing. I have since been informed that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Wells. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Wells ?
The majority of houses in Wells are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Wells so you should seriously consider shopping around for a Wells conveyancing solicitor and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’sconsent to carry out changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the house is part of an estate. Your solicitor will report to you on the legal implications.
I inherited a basement flat in Wells, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Wells with a long lease are worth £201,000. The ground rent is £45 invoiced annually. The lease expires on 21st October 2091
With 65 years left to run we estimate the price of your lease extension to be between £13,300 and £15,400 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be 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 take any other action based on this information before getting professional advice.
Been reading online that Wells solicitors are more expensive than licensed conveyancers in Wells when it comes to purchasing a house. Am I better off using a conveyancer or a solicitor if I am purchasing for my home move in Wells.
When it comes to conveyancing in Wells the costs are unlikely to vary dramatically depending on whether the legal expert is a licenced conveyancer or solicitor.