Souldinstructing a Redhill conveyancing solicitor make the legal process smoother?
Generally conveyancing lawyers in your area will enjoy excellent relationships with your local authority, which can assist with the Redhill conveyancing searches that your conveyancer will require. It also helps if they enjoy existing relationships with the Land Registry overseeing your area Redhill, other property lawyers in the neighbourhood and Redhill Estate Agents.
Do I have to attend the offices of the solicitor to sign the mortgage deed? If so, I will instruct a firm who offer conveyancing in Redhill so that I can pop in to their offices when needed.
These days conveyancing panel lawyers for banks conduct all of the work through Royal Mail, internet or over phone calls. This enables them to undertake the legal work for your home move no matter where you live in the country. That being said you should see if you have the option of attending the offices of your conveyancing lawyer if you prefer.
We previously chose conveyancers located in Redhill on the UBS solicitor approved list. They are now charging me an additional charge for handling the UBS mortgage. Is this a supplemental conveyancing fee specified by UBS?
Unfortunately, so long as it is in their Terms and Conditions or estimate then yes your conveyancing practitioner can charge a fee for this. The charge is not dictated by UBS but by your Redhill property lawyer. Some firms on the UBS panel will levy an ‘acting for lender’ fee and others do not.
I'm at the point of viewing apartments in Redhill and I am about to put in an offer. Is it advisable to have a conveyancing practitioner on ‘stand by’? I intend to finance via a mortgage with Principality.
It would be prudent to start your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their details on to the selling agent. Given that you are seeking a mortgage with Principality, make sure you remember to check that your lawyer is on the Principality conveyancing panel.
I currently have a mortgage with UBS for my property in Redhill. Conveyancing was finalised 12 months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform UBS?
Your original mortgage agreement with UBS will provide that you need their approval before renting your property as this is likely to be a breach of UBS’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact UBS directly. It should not be necessary to do this via a UBS conveyancing panel solicitor.
I note that there are debates on Chancel Insurance on online forums. Do I need chancel insurance when buying a residence in Redhill? or I am told that there is a law dating back centuries that means some house owners living in a parish church boundary will be compelled to pay for repairs to the chancel in proximity to the church. Is this relevant for conveyancing in Redhill?
Unless a previous purchase of the house took place after 12 October 2013 you can expect solicitors handling conveyancing in Redhill to continue to propose a a chancel search and or insurance against a claim.
I am looking at a two maisonettes in Redhill both have in the region of forty five years left on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Redhill is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the value of the premises. For most purchasers and banks, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Redhill conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I invested in buying a 2 bed flat in Redhill, conveyancing formalities finalised in 2004. Can you work out an approximate cost of a lease extension? Comparable flats in Redhill with a long lease are worth £206,000. The ground rent is £45 charged once a year. The lease finishes on 21st October 2085
You have 66 years remaining on your lease we estimate the price of your lease extension to span between £11,400 and £13,200 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.