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Recently asked questions about conveyancing in Fenham

Are the Fenham conveyancing solicitors identified as being on the Yorkshire BS conveyancing panel, together with their details provided by Yorkshire BS?

Fenham conveyancing firms themselves provide us confirmation that they are on the Yorkshire BS conveyancing panel as opposed to being supplied with a list from Yorkshire BS directly.

A colleague advised me that in purchasing a property in Fenham there could be various restrictions as to what one can do in terms of external changes to a property. Is this right?

We are aware of a number of properties in Fenham which have some sort of restriction or requirement of consent to carry out external alterations. Part of the conveyancing in Fenham should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.

I am being told by my conveyancer that flying freehold insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Fenham?

The right level of flying freehold indemnity insurance should be dictated by who your lender. It would differ for example between Birmingham Midshires and Chelsea Building Society. Conveyancing solicitors as opposed to members of the public take out such policies.

I currently have a mortgage with Leeds Building Society for my property in Fenham. Conveyancing has been completed 12 months ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Leeds Building Society?

Your original mortgage agreement with Leeds Building Society will provide that you need their approval in advance of letting out your property as this is likely to be a breach of Leeds Building Society’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Leeds Building Society directly. It should not be necessary to do this via a Leeds Building Society conveyancing panel lawyer.

How does conveyancing in Fenham differ for new build properties?

Most buyers of new build or newly converted property in Fenham approach us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is built. This is because developers in Fenham 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 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 used to new build conveyancing in Fenham or who has acted in the same development.

Due to complete next month on a leasehold property in Fenham. Conveyancing solicitors inform me that they will have a report out to me tomorrow. What should I be looking out for?

Your report on title for your leasehold conveyancing in Fenham should include some of the following:

    Whether the lease restricts you from letting out the property, or having a home office for business Responsibility for maintaining the window frames The landlord’s rights to access the flat. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided. The physical extent of the premises. This will be the property itself but might incorporate a roof area or cellar if relevant. You would want to be sent a copy of the lease
For details of the information to be included in your report on your leasehold property in Fenham please enquire of your lawyer in ahead of your conveyancing in Fenham.

I acquired a garden flat in Fenham, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Fenham with over 90 years remaining are worth £176,000. The ground rent is £50 per annum. The lease comes to an end on 21st October 2099

With just 80 years remaining on your lease the likely cost is going to range between £8,600 and £9,800 as well as professional fees.

The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.

Are Fenham conveyancing solicitors duty bound by the Law Society to issue transparent conveyancing costs?

Inbuilt into the Solicitors Code of Conduct are specific rules and regulations as to how the Solicitors Regulation Authority (SRA) allow solicitors to publicise their fees to clients.The Law Society have a practice note giving advice on how to publicise transparent charges to avoid breaching any such rule. Practice notes are not legal advice issued by the Law Society and is not intended as the only standard of good practice a conveyancing solicitor should adhere to. The Practice Note does, however, constitute the Law Society’s perspective of acceptable practice for publicising conveyancing charges, and accordingly it’s a recommended read for any solicitor or conveyancer in Fenham or or elsewhere in the country.

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Find out more about how flying freehold can affect your the value of a property.