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Found 6 results

  1. I've not had a great experience with a solicitor for my first purchase of a leasehold flat with a share of freehold. I have had issues with the lack of attention to detail, passive approach to following up on items and "finding out very late" that things haven't been done by the sellers solicitor, and I have had poor clarity of advice being given given (often verbal) and not in writing. I also the solicitor choose the "easy" path rather than the "right path" i.e. I have to rely on pre-contract replies to omissions on the lease rather than correct draft mistakes in the lease, it appears there is lack of "clout" and a reluctance to point our errors and see them through to resolution and a reluctance to validate status of issues being resolved. When I selected my solicitor, I selected them being because the conveyancing firm had strong and recent evidence of positive responses as an individual and a company on Trust Pilot. I didn't choose the cheapest solicitor and I could see they have had over 7 years of post qualification experience on the Law Society website. I also spoke to the "consultant" solicitor and was pleased to know there was secretarial support for the conveyancer. Nonetheless, I have found it hard to contact her subsequently on the phone to get updates and I also get updates other than "we are waiting for the sellers solicitor". I didn't have any personal recommendations. So what could I do differently next time I purchase a property - any different approaches?
  2. Hi everyone, I’m new to the forum and I’ve just hit my first stumbling block during Covid-19. I’m in the process of acquiring my first off-plan property and the property lawyers I’m using have just emailed me to say they are ceasing trading at the end of June. I paid the full fee for their services up front and they have completed the initial exchange of contract and deposit transactions. The rest of their services would have been used nearing completion which now obviously won’t be done. Has anyone been in this situation before and do you have any advice for me/things to watch out for so that I don’t run into any problems going forward? I know I will have to get another property lawyer to continue with the purchase and that they should be able to use the details from my file with the original lawyer. I’m wondering what money/refunds and I am entitled to as all the services I have paid for haven’t been completed. Thanks in advance Rob
  3. HI there, I would like to come in contact with a reliable, efficient and trustworthy solicitor. Can you please share recommendations based on past and happy service(s) received. Thanks in advance
  4. Hello I would like to change the name on my property deeds from my individual name to my new company name (SVP.) I have spoken to my accountant about the tax related concerns which he is arranging (re capital gains etc.) The next step is to transfer the name of the deeds. I do not have a mortgage on the property. Can anyone recommend a lawyer who can do this for a reasonable fee ? Thanks
  5. Hi All I'm a newbie to the forum having this year listened to lots of the podcasts, read Rob's books and recently been to a meeting with RMP. I'm in my late 40's, run a small law firm, and have no pension provision whatsoever. So my plan is to create a passive income over the next 5 years of £100k a year, the majority of which I expect to be through property. I started my property investment journey last year. I live in London and would have liked to invest close to home but put off by prices. So the first property I did was a 6 bed HMO in Bolton. Had a few problems but good learning curve and now fully let and managed by agents and making about £900 profit a month. I have just had an offer accepted on my second property also in the North West. Its a former pub which has been converted into 4 flats, 3 x 2 bed and 1 x 1 bed. It also has 4 garages with it. The flats are all let out and the annual rent is £19,500. Purchase price is £190,000. Stamp duty and legal fees survey etc about £10,000. My plan is to buy with cash and then split the freehold title into 4 leasehold flats. From my research and speaking to local agents I believe the 2 beds should be valued around £70k and the 1 bed around £60k giving a total value of £270k. If I then get 4 mortgages on the flats at 75% LTV I should be able to extract £202,500 from the deal and leave myself with nothing left in. I appreciate I have to leave the cash in for 6 months from the date I split the titles to when I can get finance. The legal fees for splitting the title have been quoted at £1,500 and there will be 4 arrangement fees for mortgages. i will be left with the Freehold and possibly 4 garages to either develop or sell if I do not include them with the Leaseholds. I don't know what a garage is worth but they must be £5-£10k each at a guess. After mortgage and insurance I should make around £1250 profit a month from the leaseholds. Seems like a great deal to me but am I missing anything? I'd really value peoples feedback as I do not have much of a property network around me. I have not been to a meet up yet but intend to go to the one at Kings Cross in December and get chatting to some like minded people. look forward to hearing from anybody!
  6. Hi guys, I'm looking for recommendations for reliable & professional solicitors who specialise in buy to let mortgages for landlords that are (i) Self employed and (ii) purchasing via an SPV. Finding it tricky finding to find any so far, therefore your recommendations are much needed! Thanks
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