My fiance and I are looking to acquire a house in Bovey Tracey and have instructed a Bovey Tracey conveyancing practice. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Nationwide Building Society have this morning contacted us to inform me that there is now an issue as our Bovey Tracey lawyer is not on their conveyancing panel. Is this a problem?
When purchasing a property with the benefit of a mortgage it is normal for the purchasers' lawyers to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Bovey Tracey solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
We're in Bovey Tracey, First time buyers purchasing with a mortgage (lender is Nationwide , and our lawyer is on the Nationwide conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Nationwide conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer 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.
I used Arc property Solicitors a few years ago for my conveyancing in Bovey Tracey. Now, I need my documents however the law firm is no longer operating. What do I do?
Do contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Bovey Tracey of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I have been on the look out for a leasehold apartment up to £195,000 and identified one round the corner in Bovey Tracey I like with a park and railway links nearby, however it only has 49 remaining years left on the lease. There is not much else in Bovey Tracey for this price, so just wondered if I would be making a grave error acquiring a short lease?
If you need a mortgage the remaining unexpired lease term will be an issue. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of twenty four months you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.
I am in need of some leasehold conveyancing in Bovey Tracey. Before diving in I would like to find out the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Bovey Tracey - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I am the registered owner of a split level flat in Bovey Tracey, conveyancing formalities finalised 4 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Bovey Tracey with a long lease are worth £206,000. The ground rent is £45 levied per year. The lease ends on 21st October 2092
With 66 years remaining on your lease we estimate the premium for your lease extension to range between £11,400 and £13,200 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.
I am an executor of my recently deceased parent's Will, with a property in Bovey Tracey which will be marketed. The bungalow has never been registered at the Land Registry and I'm advised that some EAs will insist that it is in place before they'll proceed. What's the mechanism for this?
In the situation you refer to it seems sensible to seek to register in the names of the personal representative(s) as named in the probate and in their capacity as PRs. HMLR’s online guidance explains how to register for the first time and what is required re the deeds and forms. You would need to include and official copy of the probate as well and complete the form FR1 to refer to the PRs as the applicant.