I hired a local lawyer for our conveyancing in Somerset recently. Upon checking the Ts and Cs I seewe are liable for fees even if the sale aborts. Would I be best advised to instruct a web based lawyer promising no completion no cost conveyancing in Somerset?
It is usually ‘give and take’ in that if "No Completion No Fee" is advertised then the conveyancing charges will tend to be be higher to neutralise the transactions that abort. Dont forget that these schemes generally do not protect you from outlay e.g. Somerset conveyancing search charges.
My Somerset lawyer has uncovered a difference when comparing the information in the valuation report and what is in the legal papers for the property. My lawyer has advised that he is obliged to ensure that the bank is happy with this discrepancy and is still content to lend. Is my solicitor’s approach appropriate?
Your solicitor must comply with the UK Finance Lenders’ Handbook specifications 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 both parties.
My friend suggested that if I am purchasing in Somerset I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is usually included in the estimate for your Somerset conveyancing searches. It is a large document of about 40 pages, listing and setting out important information about Somerset around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Somerset Education with plans and statistics, Local Amenities and other useful data regarding Somerset.
I am looking for a leasehold apartment up to £195,000 and found one round the corner in Somerset I like with a park and station in the vicinity, the downside is that it only has 51 remaining years left on the lease. There is not much else in Somerset suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a home loan that many years will be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least twenty four months you can request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.
I was advised by a couple of local selling agents in Somerset to find a property lawyer on your site. Is there a financial incentive for Estate Agents to recommend your lawyers over and above a competitor’s?
We don’t offer any commission for sending work our way. We thought it would be too underhand a fee because members of the public would think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.