What is the best way to investigate if the solicitor handling my conveyancing in Kingsbridge is on the bank’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Barclays thus paying £175.00 in another set of legal bill.
Please do take advantage of the find a lender approved solicitor tool on this web page. Pick the lender and type ‘Kingsbridge’ or your preferred area and you will see numerous solicitors offices in Kingsbridge or near you.
My solicitor has informed me that lack of planning permission insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Kingsbridge?
The right level of lack of planning permission indemnity insurance depends on your lender. It would differ for example between Accord Mortgages Ltd and Skipton Building Society. Conveyancing lawyers as opposed to borrowers take out such insurances.
Are all Kingsbridge Conveyancing Quality Solicitors on the UBS conveyancing list of approved solicitors?
It is true that some lenders now make use of CQS as the starting point for Panel membership such as HSBC and Santander. The Law Society’s 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 firms wishing to join their approved list of firms.
I have finally had an offer on a maisonette in Kingsbridge agreed to, the sellers do nevertheless have a tied purchase. The vendors have placed an offer on somewhere, but it’s not yet tied up, and have viewings of other flats booked. I have instructed a local conveyancing solicitor in Kingsbridge. What do I do now? At what stage should I apply for the mortgage with TSB?
It is usual to have anxieties where there is a chain as you are unlikely to want to incur expenses too early (home loan application is approx one thousand pounds, then survey, Kingsbridge conveyancing search costs, etc). The first course of action is to check that your property lawyer is on the TSB approved list. Regarding the next phase this very much depends on the specifics of your case, attraction to the property and on the state of the market. During a rising market the majority of home buyers will apply for the mortgage with TSB and pay for the valuation and only if it was satisfactory would they request their lawyer to press on with the conveyancing in Kingsbridge.
Are there restrictive covenants that are commonly identified during conveyancing in Kingsbridge?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Kingsbridge. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Kingsbridge differ for new build properties?
Most buyers of new build residence in Kingsbridge contact us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because builders in Kingsbridge usually acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Kingsbridge or who has acted in the same development.
I am employed by a long established estate agent office in Kingsbridge where we have witnessed a few flat sales put at risk as a result of short leases. I have been given contradictory information from local Kingsbridge conveyancing firms. Please can you confirm whether the owner of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I bought a 1 bedroom flat in Kingsbridge, conveyancing formalities finalised 8 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Kingsbridge with an extended lease are worth £197,000. The ground rent is £55 invoiced every year. The lease finishes on 21st October 2081
You have 56 years unexpired we estimate the premium for your lease extension to range between £29,500 and £34,000 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use this information 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. You should not take any other action placing reliance on this information without first getting professional advice.
There are a number of houses in Kingsbridge on private roads. I am purchasing one such house. What are the pros and cons of purchasing a house on a private road?
Kingsbridge conveyancing lawyers are well versed in conveyancing houseson unadopted roads. Your property lawyer will investigate title to find any rights or responsibilities. It is possible that there is a residents association that residents pay into for the upkeep of the road. Where one exists, the road should be maintained and look better than publicly adopted.