What is the first thing I need to know about purchase conveyancing in Axminster?
Not many law firms or advisers will tell you this but conveyancing in Axminster or throughout Devon is an adversarial process. In other words, when it comes to conveyancing there exists an abundance of opportunity for conflict between you and other parties involved in the ownership transfer. E.g., the vendor, property agent and sometimes the mortgage company. Choosing a lawyer for your conveyancing in Axminster an important selection as your conveyancer is your adviser, and is the SOLE party in the transaction whose role it is to look after your best interests and to keep you safe.
There is a distinct ongoing adversarial element to conveyancing- someone has to be at fault for the process being so protracted. You your first instinct should be to trust your lawyer ahead of all other players in the conveyancing process.
Me and my partner are purchasing a property in Axminster. It might be a silly question but how we can trust a conveyancer? At some point we will need to deposit funds into their account. What protection do we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
We are getting a further advance on our mortgage from Leeds Building Society as we intend to carry out a loft conversion to our house in Axminster. Do we need to select a nearby Axminster solicitor on the Leeds Building Society conveyancing panel to deal with the legals?
Leeds Building Society do not ordinarily require firms on their conveyancing panel to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Leeds Building Society panel.
I have a mortgage with Lloyds for my property in Axminster. Conveyancing was finalised a year ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Lloyds?
Your original mortgage agreement with Lloyds will provide that you need their approval prior to renting your property as this is likely to be a breach of Lloyds’s mortgage conditions. It may be that Lloyds will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Lloyds directly. You need not do this via a Lloyds conveyancing panel lawyer.
Due to the encouragement of my in-laws I had a survey completed on a property in Axminster before instructing solicitors. I have been told that there is a flying freehold overhang to the property. The surveyor advised that some banks will not grant a loan on a flying freehold property.
It varies from the lender to lender. Santander has different requirements from Birmingham Midshires. If you e-mail us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Axminster. Conveyancing will be smoother if you use a solicitor in Axminster especially if they are acquainted with such properties in Axminster.
Is it possible to swap conveyancer as I need to retain one who is on the Godiva Mortgages Ltd conveyancing panel. I instructed a family conveyancing solicitor in Axminster five minutes from me but he is not accepted by Godiva Mortgages Ltd
It would be our pleasure to assist you select a conveyancing solicitor in Axminster on the Godiva Mortgages Ltd panel. Please note that the property lawyers that we on the directory do not pay us fee if you instruct them and are fully regulated by the SRA who regulate all conveyancing solicitors in Axminster. Using search facility on this site, you can compare charges for conveyancing solicitors in Axminster and beyond.
Can you provide any advice for leasehold conveyancing in Axminster from the point of view of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Axminster can be bypassed where you appoint lawyers as soon as you market your property and request that they start to collate the leasehold information needed by the buyers’ solicitors. Some Axminster leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the yearly 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 actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors. You may think that you are aware of the number of years remaining on your lease but it would be advisable verify this via your solicitors. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is below 80 years. In the circumstances it is important at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale. Many landlords or managing agents in Axminster levy fees for supplying management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Axminster. In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Axminster leases often stipulate that internal structural alterations or installing wooden flooring necessitate a licence issued by the Landlord approving such works. Where you fail to have the paperwork to hand do not contact the landlord without contacting your solicitor before hand.
I am the registered owner of a ground floor flat in Axminster, conveyancing having been completed May 2005. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Axminster with an extended lease are worth £181,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease runs out on 21st October 2071
With 50 years unexpired we estimate the premium for your lease extension to span between £31,400 and £36,200 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt 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 placing reliance on this information without first seeking the advice of a professional.