Recently been in touch with my conveyancing solicitor in Liverpool who conducted the legals 18 months ago requesting a conveyancing estimate based on an identical type of home move (a leasehold property and a freehold premises) of similar values with a mortgage from Bank of Scotland. I am now being charged double. Should I look for an alternative conveyancer?
The charges appear a little high. If you you were to look around you may be able to get the conveyancing a bit cheaper by say £100 plus VAT. On the other hand, providing that you were satisfied with the conveyancing the firm provided you maylive to rue choosing an a cheaper lawyer. Don't forget to ensure the firm can act for Bank of Scotland. Do use our search tool to select a Liverpool conveyancing firm on the Bank of Scotland approved list of lawyers, which can often include conveyancing solicitors in Liverpool.
In what way does my ID and proof of funds have anything to do with my conveyancing in Liverpool? Is this really warranted?
In order to comply with Money Laundering Regulations any Liverpool conveyancing firm will require proof of identity in all conveyancing matters. This is normally satisfied by provision of a passport and an original bank statement or utility bill evidencing your correct address.
Under Money Laundering Regulations, conveyancing solicitors are obliged by law to check not just the ID of conveyancing clients but also the origin of the money that they receive in respect of any matter. An unwillingness to disclose this will lead to your lawyer ending their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers are duty bound to notify the appropriate authorities should they consider that any monies received by them may contravene the Money Laundering Regulations.
Do commercial conveyancing searches reveal impending roadworks that could impact a commercial estate in Liverpool?
Many commercial conveyancing solicitors in Liverpool will execute a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in investigating accurate data on highways that impact buildings and development assets in Liverpool. The report provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Liverpool.
For every commercial conveyancing transaction in Liverpool it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately may result in delays to Liverpool commercial conveyancing transactions as well as present a risk to future plans for the site. These searches are not conducted for residential conveyancing in Liverpool.
I decided to have a survey carried out on a property in Liverpool ahead of instructing solicitors. I have been told that there is a flying freehold aspect to the house. Our surveyor advised that some banks may refuse to give a loan on this type of property.
It depends who your proposed lender is. Lloyds has different requirements from Birmingham Midshires. Should you wish to call us we can look into this further with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Liverpool. Conveyancing may be slightly more expensive based on your lender's requirements.
Are there frequently found deficiencies that you encounter in leases for Liverpool properties?
Leasehold conveyancing in Liverpool is not unique. Most leases are individual and drafting errors can sometimes mean that certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:
A duty to insure the building A provision to repair to or maintain elements of the building
You could have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Barnsley Building Society, and Aldermore all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.
I bought a leasehold flat in Liverpool, conveyancing formalities finalised 3 years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Liverpool with an extended lease are worth £197,000. The ground rent is £55 invoiced annually. The lease comes to an end on 21st October 2073
With only 55 years remaining on your lease we estimate the price of your lease extension to span between £31,400 and £36,200 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.