My partner’s uncle is a solicitor. I suspect that I will receive mate’s pricing for conveyancing, but if not, what level of fees would I typically be looking at for conveyancing in Fairwater?
It’s sensible to look for multiple conveyancing quotes. Do use our search tool on this page. You will notice that fees will vary but service levels do are distinct between solicitors as is the case with the vast majority of professional services.
We are buying a property and the conveyancer has identified Chancel Repair for which the property could be liable given it’s proximity to the area of such a church. She has mentioned insurance. Is this strictly necessary for conveyancing in Fairwater
Unless a previous acquisition of the property took place post 12 October 2013 you can expect conveyancing practitioners handling conveyancing in Fairwater to continue to recommend a chancel search and or chancel repair liability insurance.
How does conveyancing in Fairwater differ for newly converted properties?
Most buyers of new build residence in Fairwater approach us having been asked by the seller to exchange contracts and commit to the purchase even before the property is completed. This is because builders in Fairwater tend to acquire 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 conveyancing solicitors 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 Fairwater or who has acted in the same development.
I am tempted by the attractive purchase price for a two flats in Fairwater both have approximately fifty years left on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Fairwater is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the value of the property. The majority of buyers and mortgage companies, leases with under 75 years become less and less attractive. On a more positive 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 residence 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 Fairwater 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. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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 purchased a 1 bedroom flat in Fairwater, conveyancing was carried out 8 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 Fairwater with a long lease are worth £181,000. The average or mid-range amount of ground rent is £55 levied per year. The lease ends on 21st October 2070
With only 51 years remaining on your lease we estimate the price of your lease extension to range between £30,400 and £35,200 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.
How and when do I incur stamp duty payable for my conveyancing in Fairwater?
Most conveyancing practitioners will complete a Land Transaction Return Form on your behalf during your Fairwater purchase transaction for signature. After completion your lawyer will submit your Land Transaction Return Form to the Inland Revenue and - assuming they have the money - settle any tax bill due on your behalf.