My previous solicitor has quoted £1400 for fixed fee conveyancing in Caversham. I am looking to sell a Edwardian property for £300,000. Are the quoted fees excessive? Is it in excess of what I should be paying for conveyancing in Caversham?
The charges are a little high. Where you are content to spend time scrutinising charges you could get the conveyancing a bit cheaper by as much as £100 plus VAT. That being said, you mightlive to rue choosing an an untested solicitor. Remember to check that the firm can act for your lender. You can employ our comparison tool to locate a Caversham conveyancing firm on the lender’s approved list of lawyers which can often include conveyancing solicitors in Caversham.
I am acquiring a newly constructed duplex in Caversham and my conveyancer is informing me that she is duty bound to the bank to reveal incentives from the developer. I am on a tight deadline to exchange contracts and I don't want to delay matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I own a freehold residence in Caversham but still pay rent, why is this and what is this?
It’s unusual for properties in Caversham and has limited impact for conveyancing in Caversham but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
Is it simple use the search app to select a conveyancing solicitor in Caversham on the approved list for my bank?
1st select a lender such as National Westminster Bank, Chelsea Building Society or Aldermore then type in your location e.g. Caversham. Conveyancing organisations in Caversham and across England and Wales should be listed.
I am tempted by the attractive purchase price for a two apartments in Caversham both have approximately fifty years unexpired on the leases. Do I need to be concerned?
There are no two ways about it. A leasehold flat in Caversham is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. For most purchasers and banks, leases with less than 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 a property 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 Caversham 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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.
Caversham Leasehold Conveyancing - Sample of Questions you should ask Prior to buying
What is the yearly maintenance fee and ground rent? Is the freehold owned jointly by the leaseholders? It is important to be aware if a new roof is being put on or some other significant cost is anticipated that will be shared amongst the tenants and could well materially impact the level of the maintenance charges or necessitate a specific payment.