Just contacted my conveyancing lawyer in Penn who completed the legal work two years ago and wanted a conveyancing estimate based on an identical type of house move (a leasehold premises and a freehold property) of almost identical values with a home loan from Barnsley Building Society. It looks as though am now being charged twice the amount. Better the devil I know or do I seek out an alternative firm of conveyancing solicitor?
The estimate does seem a little overpriced. If you you were to look around you may be able to reduce the fees slightly by perhaps £100 plus VAT. That being said, providing that you were happy with the legal work the firm offered you couldcome to regret choosing an an unknown conveyancer. Remember to ensure that the firm can also act for Barnsley Building Society. Do make use of our search tool to select a Penn conveyancing firm on the Barnsley Building Society member panel, which can often include conveyancing solicitors in Penn.
My wife and I are downsizing from our house in Penn and according to the buyers it appears that there is a possibility that the property was constructed on contaminated land. Any high street Penn lawyer would know that there is no such problem. For the life of me I don't know why the purchasers used an online conveyancing outfit rather than a conveyancing solicitor in Penn. Having lived in Penn for 4 years we know that this is a non issue. Do we get in touch with our local Authority to obtain confirmation that there is no issue.
It would appear that you have a conveyancing solicitor already. What do they say? You must enquire of 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 health insurance to cover that same sickness)
How does conveyancing in Penn differ for newly converted properties?
Most buyers of new build premises in Penn contact us having been asked by the seller to sign contracts and commit to the purchase even before the premises is built. This is because new home sellers in Penn 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 conveyancing solicitors 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 Penn or who has acted in the same development.
What makes a Penn lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Penn. Most leases are unique and drafting errors can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
A provision for the recovery of money spent for the benefit of another party. Service charge per centages that don't add up correctly leaving a shortfall
You will encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Coventry Building Society, and Godiva Mortgages Ltd all have express conveyancing instructions 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, obliging the purchaser to withdraw.
I inherited a split level flat in Penn, conveyancing formalities finalised in 2004. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Penn with a long lease are worth £197,000. The ground rent is £55 yearly. The lease expires on 21st October 2072
With 54 years remaining on your lease the likely cost is going to range between £32,300 and £37,400 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 due diligence. You should not use the figures 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 placing reliance on this information without first seeking the advice of a professional.
Are the Penn conveyancing lawyers identified as being on the bank conveyancing panel, together with their details provided by the bank?
Penn law firm practices and firms carrying out conveyancing in Penn themselves provide us confirmation that they are on the bank conveyancing panel as opposed to being supplied with a list from the bank directly.