Recently been in touch with my conveyancing lawyer in Wylam who completed the legal work two years ago requesting a conveyancing estimate based on the same type of home move (a leasehold premises and a freehold premises) of similar values with a loan from Lloyds TSB Bank. I am now being charged twice the amount. Am I right to be tempted to shop around for a cheaper internet property lawyer?
The quote is slightly on the high side. If you you were to look around you could reduce the fees marginally by say £100 plus VAT. That being said, providing that you were satisfied with the service the firm offered you maylive to regret choosing an a cheaper conveyancer. Remember to ensure that the firm can act for Lloyds TSB Bank. Do use our search tool to locate a Wylam conveyancing firm on the Lloyds TSB Bank approved list of lawyers, which can often include conveyancing solicitors in Wylam.
My wife and I are only a couple days away from an exchange on a flat in Wylam and my mum and dad have transferred the ten percent deposit to my conveyancer. I am now advised that as the deposit has been received from someone other than me my property lawyer needs to disclose this to my bank. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is coming from anyone other than me. I disclosed to the mortgage company about my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
The property lawyer is duty bound to clarify with the bank to make sure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only disclose this to your lender if you agree, failing which, your lawyer must cease to continue acting.
Having sold my house in Wylam last November yet the purchaser is calling daily complaining that his lawyer is waiting to hear from mine. What are the post completion sale legalities following completion?
Post completion of your house sale your solicitor should send the transfer deeds and all supplemental paperwork to the purchaser's solicitors. Where appropriate, your solicitor must also send confirmation that the home loan has been redeemed to the purchasers lawyers. There are no post completion steps just for conveyancing in Wylam.
I am buying a new build flat in Wylam. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Wylam you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Wylam.
My wife and I have a semi-detached Georgian house in Wylam. Conveyancing practitioner represented me and Barclays . I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, another for leasehold with the exact same property. Is it worth asking Barclays to clarify?
You need to assess the Freehold register you have again and check the Charges Register for 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 Wylam and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the situation with the conveyancing solicitor who conducted the purchase.
Can you provide any top tips for leasehold conveyancing in Wylam from the perspective of expediting the sale process?
- Much of the delay in leasehold conveyancing in Wylam can be bypassed if you appoint lawyers as soon as your agents start advertising the property and ask them to collate the leasehold documentation needed by the purchasers’ lawyers. You may think that you are aware of the number of years remaining on your lease but you should verify this via your solicitors. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the lease term is under 75 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale. If you have carried out any alterations to the premises would they have required Landlord’s consent? In particular have you laid down wooden flooring? Wylam leases often stipulate that internal structural alterations or installing wooden flooring require a licence from the Landlord acquiescing to such changes. Should you fail to have the paperwork in place you should not contact the landlord without checking with your conveyancer in the first instance. Some Wylam leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers. If you are supposed to have a share in the freehold, you should make sure that you have the original share certificate. Obtaining a new share certificate is often a lengthy process and frustrates many a Wylam conveyancing deal. If a new share is necessary, do contact the company officers or managing agents (if applicable) for this at the earliest opportunity.
I purchased a ground floor flat in Wylam, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Similar flats in Wylam with an extended lease are worth £255,000. The average or mid-range amount of ground rent is £45 levied per year. The lease expires on 21st October 2098
With just 73 years left to run the likely cost is going to range between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.