Is there a reason why leasehold purchase conveyancing in Holywell costs more?
In short, leasehold conveyancing in Holywell and elsewhere usually necessitates more due diligence compared to freehold conveyancing. This includes lease investigation, corresponding with the landlord about serving applicable notices, procuring current service charge and management information, securing the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first entered into.
We're in Holywell, FTBs purchasing with a mortgage (lender is Nottingham , and our lawyer is on the Nottingham conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Nottingham conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
We previously appointed solicitors based in Holywell on the Principality solicitor approved list. They are now charging me a supplemental charge for the legal aspects of the Principality mortgage. Is this a supplemental conveyancing fee set by Principality?
Unfortunately, so long as it is in their Terms and Conditions or Quote then yes your solicitor may charge a fee for this. The charge is not dictated by Principality but by your Holywell property lawyer. Plenty of firms on the Principality panel will levy an ‘acting for lender’ fee but some firms include it on their overall fee.
After shopping around on the internet I have found a Holywell conveyancing practitioner having made sure that they are on the Clydesdale conveyancing panel. Does my lawyer arrange the survey of the property?
Clydesdale will need an independent valuation of the property. Your lawyer will not arrange this. Usually Clydesdale will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Holywell postcode. As you are getting a mortgage with Clydesdale, you could contact them to see if they have a list of approved surveyors in Holywell.
I have finally had an offer on a flat in Holywell agreed to, but there is a chain. The sellers have offered on somewhere, but it’s not been accepted yet, and have viewings of other flats booked. I have selected a local conveyancing solicitor in Holywell. What should be my next step? At what stage do I apply for the mortgage with UBS?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is in the region of £1k, then survey, Holywell conveyancing search charges, etc). First, you should ensure that your conveyancer is on the UBS conveyancing panel. As to the subsequent stages this very much dictated by the circumstances of your transaction, desire for the property and on the state of the market. During a hot market some purchasers would apply for a home loan with UBS and arrange for the valuation and only if it comes back ok would they ask their property lawyer to proceed with the conveyancing in Holywell.
Due to the guidance of my in-laws I had a survey completed on a property in Holywell in advance of appointing lawyers. I have been informed that there is a flying freehold aspect to the property. My surveyor has said that some mortgage companies will refuse to grant a mortgage on a flying freehold property.
It depends who your proposed lender is. Bank of Scotland has different requirements from Nationwide. Should you wish to telephone us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Holywell. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Holywell to see if the conveyancing will be more expensive.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £225,000 garden flat in Holywell in seven days. The managing agents has quoted £396 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Holywell?
Holywell conveyancing on leasehold flats normally involves the buyer’s conveyancer submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to answer such questions most will be willing to do so. They may levy a reasonable administration fee for answering enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some transactions it is above £800. The administration charge required by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration charges, without which the charge is technically not due. In reality you have little option but to pay whatever is requested of you if you want to exchange contracts with the buyer.
I bought a 1st floor flat in Holywell, conveyancing was carried out in 2002. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Holywell with an extended lease are worth £165,000. The ground rent is £50 invoiced annually. The lease finishes on 21st October 2102
You have 77 years unexpired we estimate the premium for your lease extension to be between £7,600 and £8,800 as well as 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 investigations. Do not use the figures in tribunal or court proceedings. There may be other 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 based on this information without first seeking the advice of a professional.