Am I correct in assuming that the fact that my solicitor in Buckfastleigh and Dean is not on my mortgage company's solicitor panel that there is a problem with the quality of the firm’s conveyancing?
That is most likely an incorrect assumption to make. There are plenty of reasonable explanations. A recent report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should contact the Buckfastleigh and Dean conveyancing practice and ask them why they are no longer on the approved list for your lender.
How up to date is your database of Buckfastleigh and Dean solicitors on the Principality conveyancing panel? Do Principality send you an updated list?
Buckfastleigh and Dean conveyancing firms themselves provide us confirmation that they are on the Principality conveyancing panel as opposed to being supplied with a list from Principality directly.
I'm buying my first flat in Buckfastleigh and Dean with a loan from Clydesdale. The sellers would not budge the amount so I negotiated five thousand pounds worth of additionals instead. The property agent advised me not reveal to my solicitor about the extras as it will jeopardize my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Given that I am about to part with 450k on a house in Buckfastleigh and Dean I would like to have a conversation with the conveyancer about myhome move in advance of instructing the firm. Can this be arranged?
This is something that we recommend - we would be happy to talk to you we do not take any clients on without you liaising with the solicitor due to be conducting your conveyancing in Buckfastleigh and Dean.There is no ‘factory style conveyancing’ - every client is an important person, not a file number. The solicitors that we put you in touch with believe that the figure you are calculated and presented to you for your conveyancing in Buckfastleigh and Dean should be the figure that you end up paying.
Last March I purchased a leasehold property in Buckfastleigh and Dean. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I am the registered owner of a studio flat in Buckfastleigh and Dean, conveyancing having been completed in 1997. Can you work out an approximate cost of a lease extension? Corresponding properties in Buckfastleigh and Dean with over 90 years remaining are worth £191,000. The ground rent is £55 charged once a year. The lease ceases on 21st October 2078
With just 53 years left to run we estimate the premium for your lease extension to be between £27,600 and £31,800 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.
We are in the middle of purchasing a house in Buckfastleigh and Dean. Conveyancing solicitor has phoned to say the property is "Leasehold". Should this make a difference on the salability of the property?
Buckfastleigh and Dean conveyancing does not in most situations involve leasehold houses. The crucial consideration here is the remaining lease term and the ground rent. If it's 999 years with a peppercorn rent, it's virtually freehold, so it’s unlikely to impact the marketability significantly.
On the flip side, if it's, say, Sixty years it will have a adverse effect on the value, and probably wouldn't be acceptable to the lender. The length of lease and ground rent will be specified in the lease provided to your lawyer.