Recently contacted my conveyancing lawyer in Bishops Cleeve who conducted the legals two years ago asking for a conveyancing costs illustration based on an identical type of house sale & purchase (a leasehold property and a freehold property) of almost identical values with a loan from Britannia. I am now being quoted twice the amount. Stick with what I know or should I seek out a cheaper internet conveyancer?
The quote is slightly on the expensive side. Where you are content to expend time comparing charges you could shave off some of the cost by perhaps £125. That being said, assuming were content with the assistance the firm offered you mightlive to rue choosing an an unknown solicitor. If is important to ensure that the solicitor can also act for Britannia. You can utilise our search tool to find a Bishops Cleeve conveyancing firm on the Britannia conveyancing panel, which can often include conveyancing solicitors in Bishops Cleeve.
Will my lawyer be raising questions about flooding during the conveyancing in Bishops Cleeve.
The risk of flooding is if increasing concern for lawyers conducting conveyancing in Bishops Cleeve. Plenty of people will buy a house in Bishops Cleeve, fully expectant that at some time, it may be flooded. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Lawyers are not qualified to offer advice on flood risk, but there are a numerous checks that can be carried out by the purchaser or by their solicitors which should give them a better understanding of the risks in Bishops Cleeve. The standard property information forms supplied to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) contains a standard question of the vendor to find out if the premises has ever been flooded. In the event that the property has been flooded in past and is not revealed by the seller, then a buyer may commence a claim for damages as a result of such an misleading answer. The purchaser’s lawyers should also carry out an environmental search. This will reveal if there is any known flood risk. If so, additional investigations will need to be initiated.
Have completed on a a detached house in Bishops Cleeve , What is the estimated time for the Land Registry to record my ownership? My Bishops Cleeve conveyancing solicitor has been very slow, so I want to check that my ownership is recorded.
There is nothing unique about conveyancing in Bishops Cleeve registration formalities. As opposed to being determined by geographic area, timeframes can differ depending on who lodges the application, whether there are errors and whether the Land registry must send notices to any third parties. Currently in the region of three quarters of submission are completed within 12 days but some can be subject to extensive hold-ups. Historically registration is effected after the new owner is living at the premises therefore 'speed' is not typically primary concern but where it is urgent that the the registration takes place urgently then you or your conveyancer must contact the land registry and explain the circumstances.
I am looking for a ground for flat up to £245,000 and identified one close by in Bishops Cleeve I like with a park and station in the vicinity, the downside is that it only has 49 years unexpired on the lease. I can't really find anything else in Bishops Cleeve suitable, so just wondered if I would be making a grave error buying a short lease?
If you need a mortgage the remaining unexpired lease term may be problematic. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least 2 years you may ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.
I am tempted by the attractive purchase price for a couple of maisonettes in Bishops Cleeve which have approximately 50 years left on the lease term. Do I need to be concerned?
A lease is a right to use the premises for a period of time. As the lease gets shorter the value of the lease decreases and it becomes more costly to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this field.
I invested in buying a studio flat in Bishops Cleeve, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Bishops Cleeve with over 90 years remaining are worth £222,000. The ground rent is £50 invoiced annually. The lease expires on 21st October 2089
With only 71 years left to run the likely cost is going to range between £9,500 and £11,000 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.