Recently been in touch with my conveyancing solicitor in Woodstock who acted for me 18 months ago asking for a conveyancing costs illustration based on the same type of house move (a leasehold property and a freehold premises) of almost identical values with a loan from Barclays . I am now being quoted double. Am I right to be tempted to shop around for a cheaper online firm of conveyancing solicitor?
The estimate does seem a little steep. If you you were to look around you could reduce the fees slightly by say £125. On the other hand, providing that you were pleased with the legal work the firm gave you maylive to regret choosing an an unknown solicitor. If is important to ensure that the conveyancer can represent Barclays . You can use our search tool to choose a Woodstock conveyancing firm on the Barclays conveyancing panel, which can often include conveyancing solicitors in Woodstock.
Can your site be used to find a Conveyancing solicitor in Woodstock even if I’m not buying or disposing of a house, for example if I wish to acquire a shop in Woodstock with a loan from Barclays ?
The service is mainly there to help choose residential conveyancing solicitors in Woodstock but we have set out at the end of this page a few Woodstock commercial conveyancing firms. You will need to enquire with the solicitors directly to check if they can also act for Barclays
I am considering applying for a Coventry BS mortgage for purchase of a newly converted (under development) in Woodstock with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Coventry BS ?
There is nothing to stop you using your solicitor, but Coventry BS will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
My partner has suggested that I use his conveyancers in Woodstock. Should I use them?
Much as we are happy to recommend a Woodstock conveyancing lawyer it’s preferable to find a conveyancing solicitor is to seek referrals from friends or family who have experience in using the conveyancer that you are considering.
I am looking at a two maisonettes in Woodstock which have approximately 50 years remaining on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in Woodstock is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. For most purchasers and mortgage companies, 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 a residence 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 Woodstock 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 any new 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.
I inherited a ground floor flat in Woodstock, conveyancing was carried out 8 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Woodstock with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 per annum. The lease expires on 21st October 2079
With only 55 years unexpired we estimate the premium for your lease extension to be between £31,400 and £36,200 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to advice on the actual costs 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 other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.
I previously advised by my bank that their approved lawyers work on no completion no fee basis for conveyancing in Woodstock. Our purchase aborted nevertheless the solicitors want search fees! They are claiming that the fees are nothing to do with their fees!
Woodstock conveyancing search costs are disbursements not solicitors costs as these are due to independent parties.