The lawyer who helped my previous purchase has quoted £1350 for fixed fee conveyancing in Old Ford. I’m looking to sell a modern detached home for £200,000. Are these estimated fees excessive? Is it in excess of what I should be paying for conveyancing in Old Ford?
The estimate does seem marginally steep. If you shop around you might trim some of the cost by as much as £100 plus VAT. On the other hand, you mightcome to rue choosing an an untested lawyer. If is important to enquire the solicitor can act for your lender. Do use our search tool to locate a Old Ford conveyancing company on the banks member panel which can often include conveyancing solicitors in Old Ford.
I am purchasing a house mortgage free in Old Ford. I have been residing for the previous dozen years in Old Ford. Conveyancing searches are exorbitant. As I know the area and road intimately should I not bother getting the solicitor to do all the conveyancing searches?
In the absence of a mortgage, then the vast majority of the Old Ford conveyancing searches are optional. Your solicitor will 'advise', no-doubt strongly, that you should have searches carried out, but she is duty bound to take that path of advice. Do bear in mind; if you are intend to dispose of the house one day, it could be of interest to your prospective purchaser what the searches disclose. There are plenty of instances where properties with apparent issues can still reveal detrimental search results. A good conveyancing solicitor in Old Ford should provide you some helpful advice here.
we are a couple who are hoping to buy a newly converted flat in Old Ford with a residential mortgage from Leeds Building Society.We have a Old Ford conveyancing practitioner but Leeds Building Society says her practice is not listed on their approved list of firms. We have to appoint a Leeds Building Society panel firm or retain our preferred solicitor and fork out for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
No, not really. The loan issued to you is subject to its various provisions, one of which will be that solicitors must be on the Leeds Building Society approved list. Until recently, most banks had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Leeds Building Society
Due to the input of my in-laws I had a survey completed on a house in Old Ford before appointing lawyers. I have been advised that there is a flying freehold overhang to the house. The surveyor advised that some mortgage companies may refuse to give a loan on a flying freehold home.
It varies from the lender to lender. HSBC has different requirements from Birmingham Midshires. Should you wish to call us we can look into this further via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Old Ford. Conveyancing may be slightly more expensive based on your lender's requirements.
I am looking at a two apartments in Old Ford which have about fifty years unexpired on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in Old Ford is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the value of the property. For most purchasers and banks, leases with under eighty 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 premises 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 Old Ford 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. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed 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.
My wife and I have hit a brick wall in seeking a lease extension in Old Ford. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Absolutely. We are happy to put you in touch with a Old Ford conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Old Ford flat is 26 Rhondda Grove in June 2009. The net price payable by the leaseholders as determined by the Tribunal was £3,015.13. This comprised £11,300 premium for the reversion less £8,284.87 costs as ordered by the County Court.