My wife and I are only a couple days away from an exchange on a house in Buckfastleigh and my mum and dad have transferred the exchange deposit to my solicitor. I am now told that as the deposit has not arrived from me my conveyancing practitioner needs to make a notification to my lender. I am advised that, in also acting for the lender he must inform them that the balance of the purchase price is coming from anyone other than me. I advised the lender concerning my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
The property lawyer is duty bound to check with mortgage company to ensure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only notify this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
Why do I have to pay up front for my conveyancing in Buckfastleigh?
Where you are retaining lawyers for conveyancing in Buckfastleigh your solicitor will ask you put them with monies to cover the the cost of the conveyancing searches. Ordinarily this is needed to cover the fees of the conveyancing searches. If any deposit is payable against the sale price then this should be needed shortly prior to exchange of contracts. The closing balance that is due will be payable a few days prior to the day of completion.
Our lender has suggested a law firm on their panel based in Buckfastleigh but I would rather choose a conveyancing lawyer in Buckfastleigh or nearer to where I live. Can you help?
Not all Buckfastleigh conveyancing practitioners are on all lender’s conveyancing panel. Use our search tool to identify a Buckfastleigh conveyancing solicitor on the on the bank panel.
Should my conveyancer be asking questions concerning flooding as part of the conveyancing in Buckfastleigh.
Flooding is a growing risk for conveyancers dealing with homes in Buckfastleigh. Plenty of people will buy a property in Buckfastleigh, completely expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to offer advice on flood risk, however there are a number of searches that may be undertaken by the purchaser or by their conveyancers which will give them a better appreciation of the risks in Buckfastleigh. The conventional set of property information forms supplied to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual question of the vendor to find out whether the premises has suffered from flooding. If the premises has been flooded in past which is not revealed by the seller, then a buyer may issue a compensation claim stemming from an misleading reply. The purchaser’s solicitors will also commission an environmental report. This should reveal whether there is a recorded flood risk. If so, further investigations will need to be made.
We're novice buyers - agreed a price, yet the property agent told us that the owners will only go ahead if we use their recommended solicitors as they want an ‘expedited deal’. My instinct tells me that we should use a high street solicitor with experience of conveyancing in Buckfastleigh
We suspect that the seller is not behind this ultimatum. If they require ‘a quick sale', alienating a serious buyer is going to damage their objectives. Try to communicate with the sellers directly and make sure they comprehend that (a)you are genuine buyers (b)you are excited to move forward, with finances in place © you are chain free (d) you wish to move quickly (e)but you are going to instruct your own,trusted Buckfastleigh conveyancing lawyers - not the ones that will earn the negotiator at the agency a commission or meet his conveyancing targets demanded by senior management.
Can you provide any top tips for leasehold conveyancing in Buckfastleigh with the aim of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Buckfastleigh can be bypassed if you instruct lawyers as soon as your agents start advertising the property and ask them to put together the leasehold information which will be required by the buyers’ lawyers. If there is a history of any disputes with your landlord or managing agents it is essential that these are resolved before the property is marketed. The buyers and their solicitors will be reluctant to purchase a property where a dispute is unresolved. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is better to present the dispute as over rather than unresolved. In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Buckfastleigh leases often stipulate that internal structural alterations or laying down wooden flooring require a licence issued by the Landlord acquiescing to such alterations. Where you dont have the consents in place you should not contact the landlord without contacting your solicitor in the first instance. Some Buckfastleigh leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers. If you hold a share in a the Management Company, you should make sure that you are holding the original share certificate. Arranging a duplicate share certificate is often a time consuming formality and slows down many a Buckfastleigh conveyancing transaction. Where a reissued share certificate is necessary, do contact the company director and secretary or managing agents (where applicable) for this sooner rather than later.
I inherited a garden flat in Buckfastleigh, conveyancing was carried out in 2007. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Buckfastleigh with an extended lease are worth £260,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease runs out on 21st October 2099
With only 74 years unexpired we estimate the price of your lease extension to be between £8,600 and £9,800 plus legals.
The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.