Just contacted my conveyancing lawyer in Wiveliscombe who acted for me 18 months ago asking for a conveyancing costs illustration based on the same type of house sale & purchase (a leasehold premises and a freehold premises) of similar values with a mortgage from Virgin Money. It looks as though am now being charged double. Should I hunt for a cheaper internet firm of conveyancing solicitor?
The costs illustration is fractionally on the high side. If you shop around you might reduce the fees slightly by as much as £125. On the other hand, if you were happy with the assistance the firm gave you mightlive to rue opting for an an unknown conveyancer. If is important to enquire the solicitor can also act for Virgin Money. You can utilise our search tool to find a Wiveliscombe conveyancing firm on the Virgin Money member panel, which can often include conveyancing solicitors in Wiveliscombe.
When it comes to mortgage companies such as Lloyds, do Wiveliscombe lawyers have to pay a yearly amount to be on the list of approved solicitors?
We are not aware of any mortgage company fees to register on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
I am currently in the process of buying my council flat in Wiveliscombe. I have a mortgage agreed with Virgin Money. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Virgin Money, you will need to appoint a solicitor on the Virgin Money conveyancing panel.
I have finally had an offer on an apartment in Wiveliscombe accepted, the sellers do however have a dependent purchase. The sellers have placed an offer on somewhere, but it’s not yet agreed to, and are looking at other properties in the pipeline. I have instructed a bricks and mortar conveyancing solicitor in Wiveliscombe. What do I do now? At what stage should I apply for the mortgage with Virgin Money?
It is understandable to have concerns where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is approx one thousand pounds, then survey, Wiveliscombe conveyancing search fees, etc). First, you should check that your solicitor is on the Virgin Money approved list. Regarding the subsequent steps this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a buoyant market the majority of purchasers will apply for the mortgage with Virgin Money and pay for the valuation and only if it was satisfactory would they request their property lawyer to move forward with searches.
3 months have elapsed following my purchase conveyancing in Wiveliscombe took place. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £180,000. 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.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in last month in what was supposed to be a quick, no chain conveyancing. Wiveliscombe is the location of the property. What do you suggest?
Flying freeholds in Wiveliscombe are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Wiveliscombe you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wiveliscombe may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Is it best to appoint a Wiveliscombe conveyancing practitioner based in the vicinity that I am purchasing? We have a good friend who can execute the conveyancing however they are based 300miles drive away.
The primary upside of using a high street Wiveliscombe conveyancing firm is that you can visit the firm to sign documents, hand in your identification documents and pester them if necessary. Having local Wiveliscombe know how is a benefit. However it's more important to get someone that will do a good and efficient job. If you know people who instructed your friend and in the main were impressed that must trump using an unknown Wiveliscombe conveyancing solicitor just because they are round the corner.
I am attracted to a couple of maisonettes in Wiveliscombe both have about 50 years unexpired on the lease term. Do I need to be concerned?
There are no two ways about it. A leasehold apartment in Wiveliscombe is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the property. For most buyers and banks, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Wiveliscombe conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Wiveliscombe Leasehold Conveyancing - Examples of Questions you should consider before Purchasing
-
Who are the managing agents? What is the the remaining lease term? For most Wiveliscombe leaseholds the outlay for major works tend not to be included within service charges, albeit that a few managing agents in Wiveliscombe obliged leaseholders to contribute towards a reserve fund created for the specific purpose of establishing a fund for larger works.