The conveyancer who assisted with my previous purchase has given a fee calculation of £995 for fixed fee conveyancing in Ferryhill. I’m selling a modern detached home for £175,000. Is this overpriced? Is it above what I should be paying for conveyancing in Ferryhill?
The quote is fractionally on the expensive side. If you shop around you may be able to decrease the fees slightly by say £100 plus VAT. On the other hand, you couldcome to rue choosing an an untested solicitor. Don't forget to check that the firm can act for your mortgage company. You can make use of our comparison tool to find a Ferryhill conveyancing practice on the banks conveyancing panel which can often include conveyancing solicitors in Ferryhill.
Can you explain why leasehold purchase conveyancing in Ferryhill costs more?
Ferryhill leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving relevant notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
is it true that all Ferryhill conveyancing solicitors on the Yorkshire BS conveyancing panel are overseen by the SRA?
As a firm of solicitors, in order to be on the Yorkshire BS conveyancing panel they would need to be overseen by the SRA. Many lenders do permit licenced conveyancers on their panel and in that case the practice would be regulated by the CLC.
We previously chose solicitors based in Ferryhill on the TSB solicitor approved list. They have just billed me a separate amount for the legal aspects of the TSB mortgage. Is this an additional conveyancing fee specified by TSB?
Provided it is contained in their Terms and Conditions or Quote then yes your property lawyer is entitled to charge a fee for this. This fee is not dictated by TSB but by your Ferryhill property lawyer. Numerous firms on the TSB panel will quote an ‘acting for lender’ fee but some firms incorporate it on their overall fee.
We were going to get a DIP from Bank of Ireland this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Bank of Ireland recommend any Ferryhill solicitors on the Bank of Ireland conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Ferryhill solicitors independently although you'll need to choose one on the Bank of Ireland conveyancing panel. The solicitor represents both you and Bank of Ireland through the process.
My wife and I are close to exchanging contracts on the sale of our home in Ferryhill and according to the buyers it appears that there is a risk of it being built on contaminated land. Any high street Ferryhill conveyancer would know this is not the case. It does beg the question why the buyers used a national conveyancing firm as opposed to a conveyancing solicitor in Ferryhill. We have lived in Ferryhill for many years we know of no issue. Do we contact our local Authority to get confirmation that there is no issue.
It would appear that you have a conveyancing firm already. What do they say? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same ailment)
I am on look out for some leasehold conveyancing in Ferryhill. Before I set the wheels in motion I require certainty as to the remaining lease term.
If the lease is registered - and almost all are in Ferryhill - 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 invested in buying a studio flat in Ferryhill, conveyancing formalities finalised 7 years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Ferryhill with an extended lease are worth £195,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease ends on 21st October 2084
You have 63 years left to run we estimate the premium for your lease extension to range between £16,200 and £18,600 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.