The vendors of the home we are hoping to buy hired a conveyancing firm in Ilfracombe who has recommended a lock out contract with a non-refundable deposit 6,000. Are such agreements recommended for Ilfracombe conveyancing transactions?
This type of agreement is not the norm in Ilfracombe, conveyancers are not keen on them as they detract from the primary objective, namely conveyancing and if you end up losing your deposit then the solicitor at best left with an upset client and at worst a litigious one. Furthermore, there is no assurance that just because the owner has signed an exclusivity agreement they will sell to you. They may be in contravention of the contract if they receive a large enough financial inducement to do so because a wronged buyer with the benefit of a exclusivity agreement will still be duty bound to establish consequential losses from the breach and this may not equate the financial benefit that the owner may secure by reneging on the agreement, however morally condemnable the behaviour is.
I have just over seventy years left on my lease and need a lease extension for my flat in Ilfracombe. Conveyancing solicitors on the Bank of Ireland panel can deal with such extensions right?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 1/4/2025 the requirements read as follows :
Is it correct that all Ilfracombe CQS (Conveyancing Quality Scheme) solicitors are on the TSB conveyancing panel?
It is true that some banks and building societies now utilise the accreditation scheme as the kick off point for Panel approval such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their panels.
How can we know in advance if a Ilfracombe conveyancing solicitor on the Principality panel is any good?
When it comes to conveyancing in Ilfracombe getting recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always recommend that you speak with the lawyer carrying out your transaction.
At last I have had an offer on a maisonette in Ilfracombe accepted, the vendors do however have a connected purchase. The sellers have put an offer on a flat, however it’s not yet tied up, and are looking at other flats booked. I have instructed a high street conveyancing solicitor in Ilfracombe. What do I do now? At what point should I apply for the mortgage with Nationwide?
It is usual to have anxieties where there is a chain as you are unlikely to want to incur costs prematurely (home loan application is approx one thousand pounds, then valuation, Ilfracombe conveyancing search costs, etc). First, you should check that your conveyancing practitioner is on the Nationwide conveyancing panel. As to the subsequent steps this very much dictated by the uniqueness of your transaction, attraction to this property and on the state of the market. In a buoyant market many purchasers would apply for a home loan with Nationwide and pay for the valuation and only if it comes back ok would they pay their conveyancer to press on with the conveyancing in Ilfracombe.
The deeds to my property can not be found. The conveyancers who did the conveyancing in Ilfracombe 10 years ago no longer exist. What are my next steps?
Assuming the title is registered the details of your ownership will be documented by the Land Registry under a Title Number. It is easy to conduct a search at the Land Registry, identify your house and get current copies of the property title for a small fee. If the title is Leasehold then the Land Registry will in most cases hold a certified copy of the Registered Lease and again, a copy can be retrieved for £20 inclusive of VAT.
I opted to have a survey completed on a house in Ilfracombe prior to retaining conveyancers. I have been informed that there is a flying freehold aspect to the property. The surveyor has said that some lenders tend not grant a mortgage on such a home.
It depends who your proposed lender is. HSBC has different requirements from Birmingham Midshires. If you call us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Ilfracombe. Conveyancing may be slightly more expensive based on your lender's requirements.
When it comes to leasehold conveyancing in Ilfracombe what are the most common lease problems?
There is nothing unique about leasehold conveyancing in Ilfracombe. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain clauses are wrong. The following missing provisions could result in a defective lease:
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Insurance obligations Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Barnsley Building Society, and TSB 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 bought a studio flat in Ilfracombe, conveyancing having been completed 8 years ago. How much will my lease extension cost? Corresponding properties in Ilfracombe with a long lease are worth £202,000. The ground rent is £60 levied per year. The lease finishes on 21st October 2081
With just 56 years unexpired we estimate the price of your lease extension to be between £29,500 and £34,000 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.