I'm in the process of switching my domestic mortgage to a BTL Nottingham Building Society mortgage. The bank has said that I must appoint a lawyer for this. I had a chat my previous Chipping Campden conveyancing firm who who did the conveyancing when I originally purchased the premises. The quote e-mailed to me of £450 plus VAT has taken me by surprise as I am not require purchase conveyancing - it’s simply a bog-standard refinance.
The quote is fractionally on the expensive side. If you are content to spend time contrasting prices you could shave off some of the expense by say £100 plus VAT. That being said, assuming were content with the service the firm offered you mightlive to rue opting for an an unknown solicitor. Remember to enquire that the conveyancer can represent Nottingham Building Society. Do use our search tool to choose a Chipping Campden conveyancing firm on the Nottingham Building Society conveyancing panel, which can often include conveyancing solicitors in Chipping Campden.
I am soon to complete on the purchase of a house in Chipping Campden but as a result of damage from the recent storms I have was able negotiate compensation from the vendor in the sum of £3k in the form of a reduction in the price. I had intended this to be addressed as part of a side agreement however Coventry BS are not allowing this. Why were they notified?
Any solicitor that is on a Coventry BS approved list is obliged to disclose to Coventry BS of any variations to the sale price. If you were to refuse your solicitor to notify the price change to Coventry BS then they would have to discontinue acting for you. In addition, Coventry BS and you would have to appoint a new conveyancer for your conveyancing in Chipping Campden.
Can you explain why leasehold purchase conveyancing in Chipping Campden is more expensive?
Chipping Campden leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
Can you clarify what the consequences are if my lawyer’s firm is removed from the Skipton Solicitor panel ahead of completing my conveyancing in Chipping Campden?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I am looking for a flat up to £245,000 and found one round the corner in Chipping Campden I like with a park and railway links nearby, however it's only got 51 years on the lease. I can't really find anything else in Chipping Campden in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
If you need a mortgage the remaining unexpired lease term may be a potential deal breaker. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.