Should lawyers ask for money up-front for conveyancing in Welton?
Where you are retaining lawyers for conveyancing in Welton your solicitor will ask you to provide them with monies to cover the search fees. This will be the total of the cost of the Local Authority Search. When the down payment is as part of the total price then this should be required shortly before contracts are exchanged. The closing balance that is needed should be transferred a few days ahead of the day of completion.
We are close to exchanging contracts on the sale of our property in Welton and according to the buyers it appears that there is a risk of it being constructed on contaminated land. Any local lawyer would know that there is no such problem. It does beg the question why the buyers used an internet conveyancing outfit rather than a conveyancing solicitor in Welton. We have lived in Welton for many years we know that this is a non issue. Do we get in touch with our local Authority to seek confirmation that the buyers are looking for.
It sounds as though you may have a conveyancing firm already. What do they say? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same ailment)
I have recentlydiscovered that Arc property Solicitors have been shut down. They carried out my conveyancing in Welton for a purchase of a freehold house 9 months ago. How can I check that the property is registered correctly in the name of the former proprietor?
The quickest way to check if the property is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Welton conveyancing specialists.
I am buying my first flat in Welton with a mortgage from Nottingham Building Society. The builders refused to reduce the amount so I negotiated five thousand pounds worth of extras instead. The sale representative advised me not reveal to my solicitor about this side-deal as it could jeopardize my mortgage with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I'm converting the mortgage on my current property to a buy to let loan with National Westminster Bank and I will use the rest of the raised equity as a down payment on another house. The area we are talking about is Welton. Will your conveyancers be able to act for both sets of lenders and tie in the conveyances?
Do use our search tool on this site to be sure that the solicitors are on the relevant lender panels. Having checked that they are the solicitor should be able to tie up the two transactions but you should have a chat with you conveyancer and communicate your expectations and needs.
Back In 2007, I bought a leasehold flat in Welton. Conveyancing and Birmingham Midshires mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1995. The conveyancing practitioner in Welton who previously acted has now retired. Any advice?
The first thing you should do is make enquiries of the Land Registry to be sure that this person is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Welton conveyancing practitioner to do this as you can do this on the Land Registry website for a few pound. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I own a 1 bedroom flat in Welton, conveyancing formalities finalised April 2003. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Welton with an extended lease are worth £216,000. The ground rent is £50 levied per year. The lease comes to an end on 21st October 2095
With 70 years left to run we estimate the price of your lease extension to range between £9,500 and £11,000 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 advice on a more accurate figure without more detailed investigations. 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 you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.