I am buying a newly constructed flat in Montacute and my solicitor is advising me that she is duty bound to the bank to disclose incentives from the developer. I am under pressure to exchange and I have no desire to prolong matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Me and my partner are purchasing a house in Montacute. I might seem paranoid but how we can trust a lawyer? At some point we will need to deposit our life savings into their account. What protection do we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Is it the case that all Montacute CQS (Conveyancing Quality Scheme) solicitors are on the Clydesdale conveyancing list of approved solicitors?
Some major banks and building societies now utilise CQS as the starting point for Panel membership such as HSBC and Santander. CQS membership however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to join their approved list of conveyancing solicitors.
I have today made my last payment due on my mortgage with Virgin Money. I assume I don't need a Montacute property lawyer on the Virgin Money panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Virgin Money mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Virgin Money mortgage from the register. Virgin Money, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Virgin Money has sent the Land Registry the discharge electronically, and
- Virgin Money has instructed the Land Registry to do so
My partner and I are downsizing from our house in Montacute and the buyers lawyers are claiming that there is a possibility that the property was constructed land that was not decontaminated. Any high street Montacute lawyer would know that there is no such problem. For the life of me I don't know why the purchasers instructed an internet conveyancing firm rather than a conveyancing solicitor in Montacute. We have lived in Montacute for 5 years we know of no issue. Should we contact our local Authority to seek clarification need.
It sounds as though you may have a conveyancing lawyer currently acting for you. Are they able to advise? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
Are there restrictive covenants that are commonly identified as part of conveyancing in Montacute?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Montacute. 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 Montacute differ for new build properties?
Most buyers of new build property in Montacute come to us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is built. This is because new home sellers in Montacute tend to acquire the land, 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 property lawyers 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 used to new build conveyancing in Montacute or who has acted in the same development.
Can you offer any advice when it comes to finding a Montacute conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for lease extension works (regardless if they are a Montacute conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Montacute conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be helpful:
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If they are not ALEP accredited then what is the reason? What are the charges for lease extension conveyancing?
I purchased a ground floor flat in Montacute, conveyancing was carried out 9 years ago. Can you work out an approximate cost of a lease extension? Corresponding properties in Montacute with an extended lease are worth £171,000. The average or mid-range amount of ground rent is £50 yearly. The lease expires on 21st October 2104
With 79 years left to run the likely cost is going to be between £8,600 and £9,800 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.