I am nearing exchange of contracts for my ground floor flat in Newton Abbot and the estate agent has just telephoned to say that the purchasers are swapping property lawyer. The reason given is that the mortgage company will only engage with solicitors on their conveyancing panel. Why would a big named mortgage company only deal with certain lawyers rather the firm that they want to select to handle their conveyancing in Newton Abbot ?
Mortgage companies have always had panels of law firms they are content to work with, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lending institutions point to the increase in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to keep an eye on. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are not going to have any sway in the decision.
I just acquired a house at auction in Newton Abbot. Conveyancing is required. What are my next steps?
Having exchanged you now have to hire the services of a conveyancing lawyer as a matter of priority as you will have a fast approaching a drop dead date to complete the conveyancing. An auction property should have an associated auction set of papers. This will include the copy title deeds, local authority and drainage searches. If you have purchased leasehold premises the conveyancing papers may contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation relating to leasehold premises. You must hand this to the lawyer instructed by you ASAP. Do make sure that that you have the requisite funding in order to complete on the on the contractual date .
Is it the case that all Newton Abbot CQS (Conveyancing Quality Scheme) solicitors are on the Co-operative conveyancing panel?
A selection of lenders now make use of the accreditation scheme as the kick off point for Panel membership such as HSBC and Santander. CQS membership however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of conveyancing solicitors.
We previously selected solicitors with offices in Newton Abbot on the Leeds Building Society solicitor panel. They are now charging me a separate fee for dealing with the Leeds Building Society mortgage. Is this an additional conveyancing fee specified by Leeds Building Society?
Unfortunately, so long as it is in their Terms of Engagement or estimate then yes your conveyancer may levy a fee for this. The fee is not set by Leeds Building Society but by your Newton Abbot conveyancer. Plenty of firms on the Leeds Building Society panel will levy ’dealing with mortgage’ fee and others do not.
What can a local search tell me concerning the house my wife and I buying in Newton Abbot?
Newton Abbot conveyancing often starts with the applying for local authority searches directly from your local Authority or via a personal search company for instance PSG The local search is essential in every Newton Abbot conveyancing purchase; that is if you wish to avoid any unpleasant once you have moved into your property. The search should provide data on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic areas.
Are there restrictive covenants that are commonly identified as part of conveyancing in Newton Abbot?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Newton Abbot. 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…’
I am looking for a flat up to £235,500 and identified one close by in Newton Abbot I like with open areas and station nearby, however it's only got 52 years unexpired on the lease. I can't really find anything else in Newton Abbot suitable, so just wondered if I would be making a mistake purchasing a short lease?
If you need a home loan that many years will be an issue. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least 2 years you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.
What are your top tips when it comes to finding a Newton Abbot conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for your lease extension (regardless if they are a Newton Abbot conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Newton Abbot conveyancing practices prior to 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 why not? How familiar is the firm with lease extension legislation?
Newton Abbot Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to buying
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Are any of leasehold owners in dispute over their service charge liability? What is the the remaining lease term? It would be a good idea to investigate if there are any onerous restrictions in the lease. For instance plenty of leases prohibit pets being allowed in in a block in Newton Abbot. If you love the propertyin Newton Abbot however your dog can’t move with you then you will be presented with a difficult compromise.