I can't travel far from Lifton. Please explain the reason why all Lifton solicitors are not on all lender panels?
As unjust as it may seem for mortgage companies to restrict who can act for them, from the public’s or solicitor’s perspective, the flip side is that lending institutions are increasingly anxious and consider it vital to protect them against illegal activities. As a result of this concern banks have consolidated their conveyancing panel to a manageable size.
My husband and I are acquiring a brand new flat in Lifton and my conveyancer is advising me that she has to the lender to reveal incentives from the seller. I am on a tight deadline to exchange contracts and I have no desire to delay the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Are the Lifton conveyancing solicitors identified as being on the Virgin Money conveyancing panel, together with their details provided by Virgin Money?
Lifton conveyancing firms themselves provide us confirmation that they are on the Virgin Money conveyancing panel as opposed to being supplied with a list from Virgin Money directly.
Should my conveyancer be raising questions concerning flooding as part of the conveyancing in Lifton.
The risk of flooding is if increasing concern for solicitors specialising in conveyancing in Lifton. There are those who buy a property in Lifton, fully expectant that at some time, it may be flooded. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or sell the property. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Conveyancers are not qualified to give advice on flood risk, however there are a numerous searches that may be carried out by the purchaser or on a buyer’s behalf which can give them a better appreciation of the risks in Lifton. The conventional set of property information forms given to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) includes a standard inquiry of the owner to determine if the property has suffered from flooding. In the event that the residence has been flooded in past and is not disclosed by the seller, then a buyer could issue a legal claim for losses stemming from an misleading reply. A purchaser’s lawyers should also commission an enviro search. This should higlight whether there is a recorded flood risk. If so, additional inquiries will need to be initiated.
My wife and I purchased a leasehold house in Lifton. Conveyancing and Nationwide Building Society mortgage went though with no issue. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1991. The conveyancing solicitor in Lifton who acted for me is not around. What should I do?
First contact the Land Registry to be sure that the individual claiming to own the freehold is indeed the new freeholder. It is not necessary to instruct a Lifton conveyancing practitioner to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I purchased a 1 bedroom flat in Lifton, conveyancing formalities finalised November 2012. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Lifton with over 90 years remaining are worth £216,000. The average or mid-range amount of ground rent is £50 per annum. The lease ends on 21st October 2095
You have 69 years remaining on your lease we estimate the premium for your lease extension to range between £9,500 and £11,000 as well as 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 in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.
We are in the process of purchasing a house in Lifton. Can the property lawyer have the amount we are are buying for a secret from the likes of Zoopla. Is this possible and how?
HM Land Registry are legally obliged to specify price paid data on a register of the title for domestic properties countrywide which includes homes in Lifton. The register of title is an open document, so HMLR would be breaching their statutory duty excluded specific homes such as the property in Lifton.
In essence you can ask HMLR to withhold the price paid entry yet the response will be in the negative.