I had intended to instruct a property lawyer in Plymstock for our home move. Our financial adviser informed us that our mortgage lenders HSBC Bank won't deal with them. Why is this not regarded as unfair competition?
Mortgage Companies in the main imposes restrictions either the type or the volume of conveyancing firms on their member panel. Typical examples of such restriction(s) being that a firm must not be a sole practitioner. In addition to restricting the type of firm, some have decided to limit the amount of solicitor practices they use to represent them. Be aware that HSBC Bank have no responsibility for the quality of advice provided by any member of HSBC Bank Conveyancer Panel. Mortgage fraud was a primary driver in the rationalisation of solicitor panels a few years ago even though there remains differing opinions about the level of solicitor engagement in some of that fraud. Figures from the Land Registry reveal that hundreds of law firms, including some in or near Plymstock only carry out a couple conveyances per annum.
We have agreed to purchase a house in Plymstock. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Skipton be concerned?
Given that your lender is Skipton your lawyer must follow the formal requirements set out in Part two of UK Finance Lenders’ Handbook for Skipton. The Council of Mortgage Lenders’ Handbook contains minimum requirements for solar panel roof-space leases, and lawyers are required to report to Skipton where a lease does not comply with these conditions. The requirements relate to the installation of panels on properties in England and Wales and is not limited to Plymstock.
I have decided to exercise my right to buy my property in Plymstock off the council. I have a mortgage offer with Nationwide. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Nationwide, you will need to appoint a solicitor on the Nationwide conveyancing panel.
HSBC have agreed my home loan in principle, my offer on a apartment in Plymstock has been agreed to, what happens next?
The estate agent will need to be advised as to your lawyer's details (ensure that the conveyancers are on the lender’s approved list). Contact HSBC or the financial adviser and complete any outstanding paperwork. HSBC will instruct a valuer who will get in contact with the estate agent or vendor to book a slot for the valuation to happen. Once carried out (assuming no problems) it takes on average ten days for the mortgage offer to be issued. HSBC will send the offer to you and your property lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Plymstock.
Will commercial conveyancing searches disclose planned roadworks that may affect a commercial land in Plymstock?
Its becoming the norm that commercial conveyancing solicitors in Plymstock will perform a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in investigating accurate data on highways that impact buildings and development assets in Plymstock. The report sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Plymstock.
For each commercial conveyancing transaction in Plymstock it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately may result in delays to Plymstock commercial conveyancing transactions as well as present a risk to future intentions for the site. These searches are not ordered for residential conveyancing in Plymstock.
The deeds to my house are lost. The solicitors who did the conveyancing in Plymstock 5 years ago no longer exist. What are my next steps?
Assuming the title is registered the information relating to your ownership will be documented by the Land Registry with a Title Number. It is easy to carry out a search at the Land Registry, identify your house and obtain current copies of the property title for a small fee. If the title is Leasehold then the Land Registry will in most cases hold a file copy of the Registered Lease and again, a copy can be ordered for £20 inclusive of VAT.
Due to the input of my in-laws I had a survey completed on a house in Plymstock prior to appointing lawyers. I have been advised that there is a flying freehold element to the property. The surveyor has said that some banks may not give a mortgage on such a house.
It depends who your proposed lender is. Lloyds has different instructions for example to Nationwide. If you e-mail us we can check with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Plymstock. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Plymstock to see if the conveyancing costs will increase in light of this.
I've recently bought a leasehold flat in Plymstock. Am I liable to pay service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I purchased a leasehold flat in Plymstock, conveyancing was carried out April 2004. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Plymstock with an extended lease are worth £170,000. The ground rent is £50 invoiced annually. The lease expires on 21st October 2103
You have 78 years unexpired the likely cost is going to range between £7,600 and £8,800 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. 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. Please do not take any other action based on this information without first getting professional advice.