I was recommended to a conveyancer who has given a fee estimate £1400 for leasehold conveyancing in Great Yarmouth. I am hoping to sell a modern detached home for £175,000. Is this over the top? Is it above the average fee for conveyancing in Great Yarmouth?
The costs illustration is slightly on the expensive side. If you are willing to spend time scrutinising charges you might shave off some of the cost by as much as £125. That being said, you couldlive to rue opting for an an untested solicitor. If is important to check the solicitor can represent your bank. You can utilise our search tool to choose a Great Yarmouth conveyancing practice on the banks conveyancing panel which can often include conveyancing solicitors in Great Yarmouth.
What happens if my lawyer’s firm is expelled from the UBS Solicitor panel ahead of completing my conveyancing in Great Yarmouth?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I just bought a property at auction in Great Yarmouth. Conveyancing is necessary. What are my next steps?
Now that you are legally bound yourself to purchase you now have to retain a conveyancing practitioner soon as you are facing a pending deadline in which to complete the property. An auction property should have a bespoke legal set of papers. This will likely include most,if not all of the paperwork that your solicitor requires. If you have purchased leasehold premises the legal papers may contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork specific to a leasehold property. You must pass this on to your appointed conveyancing solicitor at the earliest opportunity. Do make sure that you have funds organised to complete on the date specified in the contract.
I am expecting a AIP from Virgin Money this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Virgin Money recommend any Great Yarmouth solicitors on the Virgin Money conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Great Yarmouth solicitors independently although you'll need to choose one on the Virgin Money conveyancing panel. The solicitor represents both you and Virgin Money through the process.
I'm in the process of looking at flats in Great Yarmouth and I am about to put in an offer. Is it sensible to have my conveyancing practitioner on ‘stand by’? I will be getting a mortgage with Skipton.
You should start obtaining conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their contact information on to the estate agent. Given that you are obtaining a mortgage with Skipton, make sure you remember to check that your lawyer is on the Skipton conveyancing panel.
Due to the input of my in-laws I had a survey completed on a house in Great Yarmouth in advance of appointing lawyers. I have been advised that there is a flying freehold aspect to the property. My surveyor advised that some lenders will not grant a mortgage on this type of home.
It depends who your proposed lender is. HSBC has different requirements from Nationwide. If you call us we can check with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Great Yarmouth. Conveyancing will be smoother if you use a solicitor in Great Yarmouth especially if they are accustomed to such properties in Great Yarmouth.
I am employed by a reputable estate agent office in Great Yarmouth where we see a number of leasehold sales derailed as a result of short leases. I have been given conflicting advice from local Great Yarmouth conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can instigate the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I inherited a 1st floor flat in Great Yarmouth, conveyancing was carried out 8 years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Great Yarmouth with an extended lease are worth £181,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease ends on 21st October 2069
You have 50 years remaining on your lease we estimate the price of your lease extension to range between £31,400 and £36,200 as well as costs.
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 in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.