AssumingI was to purchase a straightforward propertyin Shropshire mortgage fee and dispense with a survey and no conveyancing searches how much could I expect to to save on my conveyancing in Shropshire?
The sole reduction in fees you would make on is the Shropshire conveyancing searches. Your solicitor still be obliged to do everything else - money laundering, correspond with the vendors conveyancing practitioner, stamp duty submission, register the property etc. You might save a bit for them not having to register a charge but it won't be a lot.
Various web forums that I have come across warn that are the main reason for delay in Shropshire conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not figure within the top 10 causes of hindrances during the legal transfer of property. Searches are unlikely to feature in any slowing down conveyancing in Shropshire.
I am buying a new build flat in Shropshire. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below is a sample of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Shropshire
Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please supply a car parking plan. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided.
I decided to have a survey done on a property in Shropshire in advance of retaining conveyancers. I have been informed that there is a flying freehold overhang to the house. My surveyor has said that some lenders may refuse to grant a loan on such a home.
It varies from the lender to lender. HSBC has different instructions from Birmingham Midshires. Should you wish to call us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Shropshire. Conveyancing may be slightly more expensive based on your lender's requirements.
Can you offer any advice when it comes to choosing a Shropshire conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Shropshire conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Shropshire conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be useful:
What are the charges for lease extension conveyancing?
I am the registered owner of a split level flat in Shropshire, conveyancing was carried out in 1995. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Shropshire with an extended lease are worth £179,000. The average or mid-range amount of ground rent is £65 yearly. The lease runs out on 21st October 2079
With just 57 years remaining on your lease we estimate the premium for your lease extension to range between £26,600 and £30,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.