Just been in touch with my conveyancing solicitor in Woodcote who acted for me 18 months ago asking for a conveyancing costs illustration based on an identical type of house sale & purchase (a leasehold property and a freehold premises) of similar values with a loan from The Royal Bank of Scotland. I am now being charged twice the amount. Should I hunt for a cheaper internet conveyancer?
The quote is fractionally on the steep side. Where you are content to invest time contrasting costs you may be able to trim some of the cost by perhaps £100 plus VAT. That being said, if you were content with the legal work the firm offered you mightcome to regret opting for an an unknown conveyancer. If is important to check that the firm can represent The Royal Bank of Scotland. You can utilise our search tool to find a Woodcote conveyancing firm on the The Royal Bank of Scotland approved list of lawyers, which can often include conveyancing solicitors in Woodcote.
I am hoping to move into my new home in Woodcote next Thursday. My solicitor now wants me to supply her with evidence of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the bank. What risks does the lender expect the insurance to cover?
Any lawyer on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook instructions. These obligations are not specific to conveyancing in Woodcote.
We wanted to use a conveyancing solicitor in Woodcote for our house move. Our broker informed us that our bank Platform Home Loans Ltd won't deal with them. Why is this not regarded as unfair competition?
Mortgage Companies ordinarily imposes restrictions either the category or the volume of conveyancing practices on their member panel. A common example of such criteria being that a law practice must not be a sole practitioner. As well as restricting the profile of firm, a few lenders have reduced the number of firms they permit to represent them. You should note that Platform Home Loans Ltd have no responsibility for the quality of advice provided by any member of Platform Home Loans Ltd Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago even though there are mixed opinions about the extent of solicitor involvement in some of that fraud. Data from the Land Registry reveal that hundreds of law firms, including some in or near Woodcote only execute one or two conveyances per annum.
Is it the case that all Woodcote conveyancing solicitors on the Leeds Building Society conveyancing panel are regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Leeds Building Society approved list of solicitors they would need to be overseen by the SRA. Some banks do permit licenced conveyancers on their panel in which case such firms would be governed by the Council of Licensed Conveyancers.
I can not fathom if my lender requires a lease extension. I have called into my local Woodcote bank branch on various occasions and was reassured it wasn't a problem and they would lend. My Woodcote conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they would not lend in accordance with their specific requirements. Who do I believe?
As long as the property lawyer is on the mortgage company panel, she or he must adhere to the CML Handbook conditions for the lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Having digested plenty of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Woodcote solicitor - who is on the UBS conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
UBS will need an independent valuation of the property. Your lawyer will not arrange this. Usually UBS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Woodcote surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I have been on the look out for a flat up to £305k and found one near me in Woodcote I like with open areas and station in the vicinity, however it only has 49 years unexpired on the lease. I can't really find anything else in Woodcote in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a home loan that many years will be a potential deal breaker. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this.
What are your top tips when it comes to appointing a Woodcote conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Woodcote conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We suggest that you make enquires with two or three firms including non Woodcote conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be useful:
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How experienced is the practice with lease extension legislation? What volume of lease extensions have they completed in Woodcote in the last 12 months?
I inherited a garden flat in Woodcote, conveyancing was carried out in 2000. How much will my lease extension cost? Equivalent properties in Woodcote with a long lease are worth £255,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease finishes on 21st October 2098
With only 73 years unexpired the likely cost is going to span between £8,600 and £9,800 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.