Can you explain why leasehold purchase conveyancing in Plymstock is more expensive?
Plymstock leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving relevant notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
I am considering applying for a Santander mortgage for purchase of a new build (under development) in Plymstock with 65 per cent loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Santander ?
In theory, you could use a solicitor that is not on the Santander conveyancing panel, but Santander would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
Is it the case that all Plymstock solicitor firms on the Lloyds conveyancing panel are governed by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Lloyds approved list of solicitors they would need to be governed by the SRA. Some mortgage companies do allow licenced conveyancers on their panel in which case such organisation would be governed by the CLC.
It is unclear whether my bank requires a lease extension. I have telephoned my Plymstock building society branch on various occasions and was told it does not impact the mortgage offer and they will lend. My Plymstock conveyancing solicitor - who is on the lender conveyancing panel- called and was told they refuse to lend based on their published requirements. I simply don't know who is right.
Provided that the solicitor is on the bank panel, she or he must comply with the Council of Mortgage Lenders’ Handbook specifications for the lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Nottingham have agreed my mortgage in principle, my offer on a apartment in Plymstock has been accepted, what happens next?
The property agent will wish to be informed of your conveyancing practitioner's details (make sure the conveyancing practitioners are on the bank’s panel). Contact Nottingham or the broker and finish off any outstanding documentation. Nottingham will sellect a valuer who will get in contact with the selling agent or owners to arrange a time for the valuation to take place. Once conducted (assuming no problems) it takes on average ten days for the mortgage offer to be issued. Nottingham will issue the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Plymstock.
I am purchasing my first flat in Plymstock with a loan from Accord Mortgages Ltd. The sellers refused to reduce the amount so I negotiated 6k of fixtures and fittings instead. The sale representative advised me not to tell my conveyancer about the side-deal as it will affect my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in a fortnight ago in what should have been a straight forward, chain free conveyancing. Plymstock is the location of the property. Can you offer any opinion?
Flying freeholds in Plymstock are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Plymstock you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Plymstock may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
What is the average legal costs for conveyancing in Plymstock?
The average cost in 2014 for conveyancing in Plymstock was £1,419 not including Land Tax and HM Land Registry fees.