I decided to go with a Gedling based firm for our conveyancing in Gedling recently. Upon checking the Terms I notewe are on the hook for charges even if the movefalls through. Should I ditch them and use a web based lawyer promoting no-sale-no-fee conveyancing in Gedling?
Generally there is a compromise along the lines that if "No Completion No Fee" is offered then the conveyancing charges will generally be higher to counteract those cases that do not go ahead. You should be mindful that such deals generally do not cover expenditure e.g. Gedling conveyancing search fees.
I have been told that property searches are the primary cause of delay in Gedling conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of a review by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of hindrances in the conveyancing process. Searches are unlikely to be the root cause of slowing down conveyancing in Gedling.
Due to the input of my in-laws I had a survey completed on a property in Gedling prior to appointing lawyers. I have been informed that there is a flying freehold overhang to the property. The surveyor advised that some lenders tend refuse to issue a loan on this type of premises.
It depends who your proposed lender is. Lloyds has different requirements from Birmingham Midshires. If you contact us we can look into this further via the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Gedling. Conveyancing may be slightly more expensive based on your lender's requirements.
How simple is it to use your search tool to locate a conveyancing lawyer in Gedling on the panel for my lender?
First select a bank such as Yorkshire Building Society, Virgin Money or Godiva Mortgages Ltd then specify your preferred area a common one being Gedling. Conveyancing firms in Gedling and beyond should be listed.
Last June I purchased a leasehold house in Gedling. Do I have any liability for service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous lessee 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. A critical element 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).
I own a basement flat in Gedling, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Gedling with over 90 years remaining are worth £175,000. The ground rent is £65 invoiced annually. The lease expires on 21st October 2076
With just 58 years unexpired the likely cost is going to range between £23,800 and £27,400 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.