Recently contacted my conveyancing lawyer in Sydenham Hill who completed the legal work two years ago asking for a conveyancing costs illustration based on an identical type of home move (a leasehold premises and a freehold premises) of almost identical values with a home loan from Virgin Money. I am now being charged double. Should I look for a cheaper internet property lawyer?
The costs illustration is slightly on the steep side. If you you were to look around you may be able to get the conveyancing a bit cheaper by perhaps £125. That being said, providing that you were pleased with the conveyancing the firm gave you maylive to regret choosing an an untested solicitor. If is important to check the firm can also act for Virgin Money. You can utilise our search tool to choose a Sydenham Hill conveyancing firm on the Virgin Money conveyancing panel, which can often include conveyancing solicitors in Sydenham Hill.
Is there a reason why leasehold purchase conveyancing in Sydenham Hill costs more?
Sydenham Hill leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving relevant notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
We had chosen conveyancing lawyers based in Sydenham Hill on the Leeds Building Society solicitor approved list. They have just invoiced me a supplemental amount for handling the Leeds Building Society mortgage. Is this an additional conveyancing fee set by Leeds Building Society?
Provided it is contained in their Terms and Conditions or estimate then yes your solicitor can levy a fee for this. This charge is not dictated by Leeds Building Society but by your Sydenham Hill property lawyer. Plenty of firms on the Leeds Building Society panel will quote ’dealing with mortgage’ fee but many firms incorporate it on their overall fee.
I have today made my last payment due on my mortgage with TSB. I assume I don't need a Sydenham Hill lawyer on the TSB panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your TSB mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the TSB mortgage from the register. TSB, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where TSB has sent the Land Registry the discharge electronically, and
- TSB has instructed the Land Registry to do so
It is unclear whether my mortgage offer requires a lease extension. I have telephoned my Sydenham Hill bank branch on numerous occasions and was told it does not affect the mortgage offer and they will lend. My Sydenham Hill conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they would not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
As long as the lawyer is on the bank panel, they must comply with the CML Handbook specifications for the lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Over the last few months I have been searching for a flat up to £245,000 and found one near me in Sydenham Hill I like with amenity areas and transport links nearby, however it only has 52 years unexpired on the lease. There is not much else in Sydenham Hill in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a mortgage that many years will be a potential deal breaker. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
Hoping to buy a property located in Sydenham Hill and I am already nervous. I couldn't find anything specific about Sydenham Hill. Conveyancing will be needed in due course but do you know about the Sydenham Hill area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Sydenham Hill. In the meantime here are some basic statistics that we found