I have just started taking steps with the intention of porting my existing standard loan to a Buy to Let Bank of Ireland mortgage. The bank has said that I need a solicitor as part of the process. I had a chat my former County Durham conveyancing firm who dealt with the legals when I initially acquired the property. The quote sent of £450 plus VAT is an eye-watering amount to do this as its a remortgage than a sale or purchase.
The estimate fees appear a tad high. If you are happy to expend time comparing charges you might trim some of the expense by as much as £125. On the other hand, if you were content with the legal work the firm provided you mightcome to regret opting for an a cheaper solicitor. Don't forget to enquire the conveyancer can act for Bank of Ireland. Do use our search tool to select a County Durham conveyancing firm on the Bank of Ireland approved list of lawyers, which can often include conveyancing solicitors in County Durham.
I am soon to exchange on the purchase of a property in County Durham but as a result of wreckage from a small fire at the property I have managed to agree recompense from the vendor in the sum of £2k taking the form of a reduction in the price. This was going to be addressed as part of amending the contract yet Coventry BS will not permit this. Why were they notified?
Any solicitor being on a Coventry BS approved list is required to disclose to Coventry BS of any changes to the purchase price. If you were to refuse your conveyancer to disclose the reduction to Coventry BS then they would have to discontinue acting for you. In addition, Coventry BS and you would have to appoint a new lawyer for your conveyancing in County Durham.
Should commercial conveyancing searches disclose impending roadworks that could affect a commercial site in County Durham?
Many commercial conveyancing solicitors in County Durham will conduct a SiteSolutions Highways report as it reduces the time that conveyancers expend in researching accurate data on highways that impact buildings and development assets in County Durham. The report provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in County Durham.
For every commercial conveyancing transaction in County Durham it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately could result in delays to County Durham commercial conveyancing deals as well as pose a risk to future plans for the site. These searches are not ordered for residential conveyancing in County Durham.
In what way does the Landlord & Tenant Act 1954 affect my commercial premises in County Durham and how can your lawyers assist?
The 1954 Act provides protection to business tenants, granting the right to apply to court for a continuation of occupancy when the lease reaches an end. There are limited grounds that a landlord can refrain from granting a lease renewal and the rules are complex. Fees are different for commercial conveyancing. County Durham is one of our hundreds of areas of the UK in which the firms we work with have offices
Last October I purchased a leasehold property in County Durham. Am I liable to pay service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
County Durham Conveyancing for Leasehold Flats - A selection of Questions you should ask Prior to buying
Does the lease contain onerous restrictions? How is the lease structured? How much is the yearly service fee and ground rent?