Much to our surprise we have been told by our IFA that my Devon the law firm I have appointed is not on the bank Conveyancing panel. How can I check?
The first thing you need to do is to contact your Devon conveyancer. It is reasonable to expect your lawyer to advise you of the situation. If they are not on the panel they may be able to suggest a Devon conveyancing firm that is on the approved list of lawyers for your mortgage company.
Is there a reason why leasehold purchase conveyancing in Devon is more expensive?
Devon leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
I require fast conveyancing in Devon as I am under an ultimatum to exchange contracts within one month. A mortgage is not required. Can I avoid the conveyancing searches to save fees and time?
As you are not obtaining a mortgage you are at liberty not to have searches conducted although no solicitor would suggest that you don't. With plenty of history conveyancing in Devon the following are examples of what can show up and adversely affect future saleability: Refused Planning Applications, Overdue Fees, Overdue Grants, Road Schemes,...
I have a semi-detached Edwardian house in Devon. Conveyancing solicitor represented me and Bank of Scotland. I did a free Land Registry search last week and there are two entries: the first freehold, the second leasehold under the exact same property. If a house is not a freehold shouldn't I have been informed?
You should assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Devon and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also question the position with the conveyancing solicitor who completed the work.
I'm refinancing my existing home to a buy to let mortgage with Accord Mortgages Ltd and I will use the ballance of the raised equity as a deposit on another property. The location we are talking about is Devon. Will your lawyers be able to act for both sets of lenders and tie in the transactions?
Make use of our comparison tool on this page to be sure that the conveyancers are approved by both banks. Assuming that they are your lawyer should be able to simultaneously deal with the two conveyancing matters but you should have a chat with you lawyer and specify your expectations and needs.
When it comes to leasehold conveyancing in Devon what are the most common lease problems?
There is nothing unique about leasehold conveyancing in Devon. All leases are individual and drafting errors can sometimes mean that certain sections are missing. The following missing provisions could result in a defective lease:
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A provision to repair to or maintain parts of the premises
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Bank of Scotland, and Bank of Ireland all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the purchaser to pull out.
I inherited a 1st floor flat in Devon, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Devon with an extended lease are worth £176,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease finishes on 21st October 2105
You have 80 years unexpired the likely cost is going to be between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.