Me and my husband are buying a leasehold flat in Woodcote. My property lawyer has never been on on the mortgage company approved panel. Can I still retain my Woodcote conveyancing solicitor even though they are not on the lender panel?
One will need to have a conveyancer to deal with the formalities when you need a loan to buy your home. The conveyancing practitioner will carry out all the essential legal checks on the property, ensuring that you will be properly registered as the owner and ensure that all the necessary mortgage documentation is in place. You could select a Woodcote conveyancer of your choosing. Nevertheless, if the solicitor appointed is not a member of the lender solicitor panel additional costs will be incurred as separate legal representation will be need by the mortgage company. Lender panel applications can be submitted, so if your lawyer has not previously sought membership they can do so.
My Woodcote solicitor has spotted a difference when comparing the information in the valuation survey and what is revealed within the title deeds. My lawyer informs me that he is duty bound to ensure that the bank is happy with this discrepancy and is still content to lend. Is my solicitor’s approach appropriate?
Your property lawyer must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Given that I am about to part with hundreds of thousands of pounds on a garden flat in Woodcote I wish to have a conversation with the conveyancer concerning theconveyancing prior to appointing the firm. Can this be arranged?
We could not agree more - we would be pleased to talk to you we do not take any clients on without you liaising with the solicitor who will be carrying out your property ownership legalities in Woodcote.There is no ‘factory style conveyancing’ - every client is an important person, not a matter reference. The practices that we put you in touch with believe that the figure you are provided with for your conveyancing in Woodcote should be the figure that you end up paying.
I've recently bought a leasehold house in Woodcote. Am I liable to pay service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I purchased a split level flat in Woodcote, conveyancing formalities finalised November 1999. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Woodcote with over 90 years remaining are worth £195,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease terminates on 21st October 2088
With just 63 years unexpired we estimate the premium for your lease extension to span between £16,200 and £18,600 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.
When it comes to my conveyancing in Woodcote should I be charged VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Woodcote conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the conveyancer's time in submitting the funds this way.