Can you explain why leasehold purchase conveyancing in Formby is more expensive?

Formby 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 appointed conveyancers based in Formby on the Yorkshire BS solicitor panel. They have just invoiced me a further fee for the legal aspects of the Yorkshire BS mortgage. Is this a supplemental conveyancing fee specified by Yorkshire BS?

Unfortunately, so long as it is in their Terms and Conditions or Quote then yes your solicitor is entitled to charge a fee for this. The fee is not set by Yorkshire BS but by your Formby conveyancing practitioner. Numerous firms on the Yorkshire BS panel will quote an ‘acting for lender’ fee but plenty of firms include it on their overall fee.

The formalities of my purchase has taken place for my property in Formby. Conveyancing was of an acceptable standard but I would like to complain about the lender. Who do I contact should I wish to lodge a complaint?

Almost all lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Team at head office. In most cases complaints to a lender are resolved very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.

About to purchase house in Formby. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Barclays conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.

They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Formby conveyancer is on the Barclays conveyancing panel.

Do I need to take out insurance to cover chancel repairs when buying a property in Formby?

Unless a prior purchase of the house completed post 12 October 2013 you could take it that lawyers handling conveyancing in Formby to continue to propose a a chancel search and or chancel repair liability insurance.

I decided to have a survey carried out on a property in Formby in advance of retaining solicitors. I have been told that there is a flying freehold aspect to the house. The surveyor advised that some banks may refuse to grant a loan on a flying freehold house.

It depends who your proposed lender is. Bank of Scotland has different instructions from Nationwide. Should you wish to call us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Formby. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Formby to see if the conveyancing will be more expensive.

Planning to sign contracts shortly on a basement flat in Formby. Conveyancing lawyers inform me that they are sending me a report on Monday. What should I be looking out for?

Your report on title for your leasehold conveyancing in Formby should include some of the following:

Additions to the flat Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice? What the implications are if you are in breach of your lease terms? Are pets allowed in the flat? Does the lease prohibit wood flooring?

Leasehold Conveyancing in Formby - Examples of Questions you should ask before buying

Can you tell me if there are any major works on the horizon that will likely increase the maintenance costs? Most Formby leasehold apartments will be liable to pay a service bill for maintenance of the building levied by the management company. Where you purchase the apartment you will have to pay this contribution, normally quarterly throughout the year. This could be anything from a couple of hundred pounds to thousands of pounds for large purpose-built buildings. There will also be a ground rent to be met annual, this is usually not a large sum, say about £50-£100 but you need to check as occasionally it could be prohibitively expensive. You should be aware if it is fewer than 80 years it will have adverse implications on the marketability of the flat. It is worth checking with your lender that they are content with residual term of the lease. Leases with fewer than 80 years remaining means that you will most likely need a lease extension sooner rather than later and you need to have some idea of how much this would cost. Remember, in most cases you will need to own the residence for a couple of years before you are entitled to extend the lease.