Our family solicitor has given a fee calculation of £1350 for freehold conveyancing in Exmoor. I am hoping to sell a newly refurbished detached home for £300,000. Is this too much? Is it in excess of the norm for conveyancing in Exmoor?
The estimate does seem marginally steep. If you shop around you may be able to get the conveyancing a bit cheaper by as much as a hundred pounds. On the other hand, you couldcome to regret opting for an a cheaper lawyer. If is important to ensure that the firm can represent your mortgage company. Do use our search tool to select a Exmoor conveyancing company on the lender’s approved list of lawyers which can often include conveyancing solicitors in Exmoor.
How does conveyancing in Exmoor differ for newly converted properties?
Most buyers of new build premises in Exmoor approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is finished. This is because new home sellers in Exmoor usually buy the land, 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 conveyancers 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 Exmoor or who has acted in the same development.
I'm converting the mortgage on my current home to a BTL loan with Coventry Building Society and I will use the ballance of the raised equity as a down payment on a second house. The area we are looking at is Exmoor. Will your conveyancers be able to act for both sets of banks and tie in the transactions?
Do use our comparison tool on this page to be sure that the solicitors are on the relevant lender panels. On the basis that they are your solicitor will be able to tie up the two conveyancing matters but you should talk with you solicitor and make clear your expectations and requirements.
I am tempted by the attractive purchase price for a couple of apartments in Exmoor both have about 50 years left on the leases. Will this present a problem?
There are no two ways about it. A leasehold apartment in Exmoor is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the property. The majority of purchasers and mortgage companies, leases with less than eighty 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 property 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 Exmoor 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.
I own a garden flat in Exmoor, conveyancing formalities finalised 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? Similar flats in Exmoor with a long lease are worth £180,000. The ground rent is £65 charged once a year. The lease ceases on 21st October 2078
You have 59 years remaining on your lease we estimate the premium for your lease extension to span between £20,900 and £24,200 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.
I am buying a garden maisonette in Exmoor. Conveyancing solicitor has been awaiting, from the seller, building insurance paperwork. This afternoon I was advised that the vendor needs to forward the insurance documents for the flat above as well. Why does my conveyancing practitioner need to see the insurance for the flat above? Is it strictly required? We have been stalled for the previous fortnight…
It is not impossible in leasehold conveyancing in Exmoor to discover Conveyancing in Exmoor in a minority of cases reveals that the lease requires the leasehold owners to insure their individual flats rather than the landlord insuring the whole property - which is clearly preferable. Do clarify with your conveyancing practitioner but it would seem that your solicitor is attempting to establish that the entire building is insured. Insuring a ground floor flat is no help when it comes to rebuilding after a fire if the other flat cannot be reconstructed as a result of lack of insurance cover.