We were about to instruct a conveyancing solicitor in Newton Abbot endorsed by you but stumbled across some other costs illustrations on the internet appear less pricey – why is this?
There are numerous conveyancing outfits offering at first sight what seems to be the cheapest conveyancing in Newton Abbot. We suggest that you think long and hard about how important this transaction is to you that you are willing to be penny wise pound foolish over the quality of the legal work. Some hide additional charges deep into the terms of engagement. The solicitors that we put forward for conveyancing in Newton Abbot will notbehave this way.
My solicitor has discovered a a problem with the lease for the apartment we are purchasing in Newton Abbot. The other side have put forward defective title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancing practitioner says that he must ensure that the mortgage company is happy with this solution. Who is the client here, us or the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your solicitor will have no choice but to discontinue acting for you.
We note that you have a search directory listing firms on the Santander conveyancing panel. Do companies pay you a commission if I appoint them for our conveyancing in Newton Abbot?
We are a listing service only for law firms wishing to communicate if they are on the Santander conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Newton Abbot.
Should my solicitor be asking questions concerning flooding as part of the conveyancing in Newton Abbot.
Flooding is a growing risk for solicitors dealing with homes in Newton Abbot. There are those who purchase a property in Newton Abbot, fully aware that at some time, it may be flooded. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or sell the premises. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Conveyancers are not qualified to offer advice on flood risk, however there are a various searches that may be initiated by the buyer or by their conveyancers which can figure out the risks in Newton Abbot. The conventional set of information sent to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard question of the vendor to discover whether the property has ever been flooded. In the event that flooding has previously occurred and is not revealed by the seller, then a buyer may bring a claim for damages as a result of such an inaccurate response. The purchaser’s lawyers may also carry out an enviro search. This will reveal whether there is any known flood risk. If so, more detailed inquiries should be initiated.
I have been on the look out for a flat up to £305k and found one round the corner in Newton Abbot I like with a park and railway links in the vicinity, the downside is that it's only got 61 years on the lease. There is not much else in Newton Abbot suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a mortgage that many years may be a potential deal breaker. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least twenty four months you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this.
Why is it not possible to complete our conveyancing in Newton Abbot on May bank holiday?
Because on completion the money will pass between the banks of the buyer and seller's lawyer and at present this can only take place on a working day. So you can't complete on a weekend either.