We hired a Wool based firm for our conveyancing in Wool today. Upon checking the fine print it is apparent thatI am on the hook for fees even where the conveyance does not complete. Should I go with them or use a web based solicitor practice promoting no completion no cost conveyancing in Wool?
It is usually ‘give and take’ in that if "No Sale No Fee" is available then the fee levels will tend to be be uplifted to offset the transactions that fail to complete. Also remember that such offerings tend not to protect you from disbursements by way of example Wool conveyancing search charges.
Having sold my house in Wool last February yet the purchaser is whats apping me complaining that her conveyancer needs to hear from mylawyer. What are the post completion sale formalities now that I have sold?
Post completion of your disposal your conveyancer is duty bound to send the transfer deeds and all additional paperwork to the buyer’s lawyers. Depending on the transaction, your solicitor must also confirm that the legal charge in favour of the lender has been discharged to the buyers conveyancers. There is unlikely to be post completion requirements peculiar conveyancing in Wool.
I have been on the look out for a leasehold apartment up to £235,500 and found one round the corner in Wool I like with a park and railway links nearby, however it only has 51 years unexpired on the lease. I can't really find anything else in Wool suitable, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a home loan the shortness of the lease may be an issue. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
I was advised by numerous estate agents in Wool to select a solicitor using your seach tool. Is there a financial inducement for Estate Agents to offer your site over and above another?
We refuse to offer any commission for sending work our way. We thought it would be too underhand to pay a commission because members of the public would think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
What makes a Wool lease unacceptable for security purposes?
Leasehold conveyancing in Wool is not unique. Most leases are drafted differently and legal mistakes in the legal wording can result in certain sections are missing. For example, if your lease is missing any of the following, it could be defective:
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Repairing obligations to or maintain elements of the building
You will have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Virgin Money, and Platform Home Loans Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to withdraw.
I bought a 1 bedroom flat in Wool, conveyancing formalities finalised April 2011. Can you work out an approximate cost of a lease extension? Corresponding flats in Wool with an extended lease are worth £179,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease finishes on 21st October 2083
With only 57 years remaining on your lease we estimate the premium for your lease extension to range between £26,600 and £30,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed 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 clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.
I am an executor of my recently deceased aunt’s Will, with a bungalow in Wool which is to be sold. The house is unregistered at HMLR and I'm told that many EAs will insist that it is done before they'll move forward. What's the procedure for this?
In the situation you refer to it seems prudent to apply to register in the names of the personal representative(s) as named in the probate and in their capacity as PRs. The Land Registry’s online guidance explains how to register for the first time and what is required re the deeds and forms. You would need to include and certified copy of the probate as well and complete the form FR1 to refer to the PRs as the applicant.