Why do I have to pay up front for my conveyancing in Cirencester?
If you are buying a property in Cirencester your lawyer will ask you place them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. If any down payment is payable against the total price then this should be needed shortly before contracts are exchanged. Any further balance that is due will be payable a few days ahead of the day of completion.
My husband and I intend to purchase a 1 bedroom flat in Cirencester with a mortgage from Clydesdale.We use our Cirencester conveyancing practitioner but Clydesdale says she’s not on their "panel". It seems we are left with no choice but to instruct a Clydesdale panel solicitor or keep our high street solicitor and pay for a Clydesdale panel lawyer to act for them. This seems very unfair; Can we not simply insist that Clydesdale use our lawyer?
No, not really. The loan offered to you is subject to its terms and conditions, a common one being that conveyancers will be on the Clydesdale approved list. Until recently, most lenders had large numbers of law firms on their panels: a borrower could find 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 solicitors to apply to be on the conveyancing panel for Clydesdale
How does conveyancing in Cirencester differ for new build properties?
Most buyers of new build or newly converted property in Cirencester contact us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is completed. This is because house builders in Cirencester usually buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Cirencester or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a house I have offered on two weeks back in what should have been a quick, chain free conveyancing. Cirencester is the location of the property. Is there any guidance you can impart?
Flying freeholds in Cirencester are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Cirencester you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Cirencester may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Having had my offer accepted I require leasehold conveyancing in Cirencester. Before I get started I want to be sure as to the remaining lease term.
If the lease is registered - and 99.9% are in Cirencester - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I bought a ground floor flat in Cirencester, conveyancing formalities finalised in 1995. Can you work out an approximate cost of a lease extension? Comparable flats in Cirencester with an extended lease are worth £186,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease ends on 21st October 2073
With only 52 years unexpired the likely cost is going to span between £29,500 and £34,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.