The lawyer who helped my former purchase has given a fee estimate £1150 for leasehold conveyancing in Wollaton. I’m hoping to sell a newly refurbished property for £175,000. This sounds expensive. Is it above what I should be paying for conveyancing in Wollaton?
The costs illustration is fractionally on the steep side. If you shop around you might shave off some of the cost by perhaps £100 plus VAT. That being said, you mightlive to rue opting for an an unknown conveyancer. Remember to be sure that the solicitor can represent your mortgage company. Do utilise our comparison tool to locate a Wollaton conveyancing firm on the banks conveyancing panel which can often include conveyancing solicitors in Wollaton.
We note that you have a post code search directory identifying firms on the Co-operative conveyancing panel. Do companies pay you a commission if I appoint them for our own conveyancing in Wollaton?
We are a listing service only for law firms wishing to communicate if they are on the Co-operative conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Wollaton.
I have been told that property searches are a common reason for hinderance in Wollaton conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released determinations of a review by MoveWithUs that conveyancing searches do not feature within the common causes of hindrances during the legal transfer of property. Local searches are unlikely to feature in any holding up conveyancing in Wollaton.
I have a terraced Victorian property in Wollaton. Conveyancing solicitor acted for me and National Westminster Bank. I did a free Land Registry search last week and there are two entries: the first freehold, another for leasehold under the exact same property. I thought I was buying a freehold how can I check?
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Wollaton and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the position with your conveyancing lawyer who completed the work.
I'm refinancing my current property to a buy to let mortgage with Alliance & Leicester and I will use the rest of the raised equity towards further property. The location we are looking at is Wollaton. Will your solicitors be able to act for the two mortgage companies and tie in the transactions?
Make use of our search tool on this site to check that the lawyers are on the appropriate lender panels. Having checked that they are your conveyancer should be able to connect the two deals but you should talk with you conveyancer and communicate your desired outcome and needs.
I am employed by a busy estate agency in Wollaton where we have witnessed a few flat sales jeopardised due to leases having less than 80 years remaining. I have been given contradictory information from local Wollaton conveyancing firms. Could you clarify whether the owner of a flat can initiate the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Wollaton Leasehold Conveyancing - Sample of Queries before Purchasing
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Please tell me if there are any major works in the near future that could increase the maintenance charges? Does the lease have in excess of 90 years remaining? Is there a share of the freehold?