I am purchasing a property mortgage free in Poundbury. I have been living for the last dozen years in Poundbury. Conveyancing searches are expensive. As I have knowledge of the area and road very well should I not bother getting the solicitor to do all the conveyancing searches?
Provided that you do not need a mortgage, then the vast majority of the Poundbury conveyancing searches are non-obligatory. Your solicitor will try and sway you, no-doubt strongly, that you should have searches completed, but he has a professional duty to do this. Do consider; if you are likely to dispose of the house at a future date, it will likely be be of relevance to your future purchaser what the searches determine. There are plenty of instances where premises with no practical issues can still show up negative search results. A competent conveyancing solicitor in Poundbury will provide you some helpful guidance in this regard.
There is lots of information on this site regarding conveyancing in Poundbury but can you isolate your top tip for appointing the right conveyancer in Poundbury
It would be unwise to be tempted by the cheapest Poundbury conveyancing costs illustration. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of time.
We had selected conveyancers based in Poundbury on the Yorkshire BS solicitor panel. They are now charging me a supplemental fee for dealing with the Yorkshire BS mortgage. Is this an additional conveyancing fee specified by Yorkshire BS?
As unfair as it may appear, as long as it’s in their Terms and Conditions or estimate then yes your property lawyer is entitled to charge a fee for this. The charge is not dictated by Yorkshire BS but by your Poundbury conveyancing practitioner. Numerous firms on the Yorkshire BS panel will quote an ‘acting for lender’ fee but some firms include it on their overall fee.
I have today made my last payment due on my mortgage with Virgin Money. I assume I don't need a Poundbury solicitor 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
Will my conveyancer be raising questions regarding flooding as part of the conveyancing in Poundbury.
Flooding is a growing risk for conveyancers dealing with homes in Poundbury. There are those who buy a property in Poundbury, completely aware that at some time, it may be flooded. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not qualified to offer advice on flood risk, but there are a number of searches that may be carried out by the purchaser or on a buyer’s behalf which should give them a better appreciation of the risks in Poundbury. The standard property information forms supplied to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) includes a usual inquiry of the vendor to find out if the property has suffered from flooding. In the event that the property has been flooded in past which is not notified by the owner, then a buyer may commence a legal claim for losses stemming from an incorrect reply. A buyer’s lawyers should also commission an enviro report. This should disclose if there is any known flood risk. If so, additional inquiries will need to be made.
I am purchasing my first flat in Poundbury benefiting from help to buy. The builders would not move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative told me not reveal to my solicitor about this extras as it could put at risk 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.
I need to instruct a conveyancing practitioner in Poundbury for my purchase. Is it possible to see a firm’s record with the legal regulator?
Members of the public may find published Solicitor Regulator Association (SRA) determinations stemming from investigations from 2008 onwards. Visit Check a solicitor's record. For records Pre 2008, or to check a firm's history, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, dial +44 (0)121 329 6800. The SRA may recorded call for training requirements.
I today plan to offer on a house that seems to meet my requirements, at a great price which is making it all the more appealing. I have since discovered that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Poundbury. Conveyancing lawyers have not yet been appointed. Will they explain the issues?
The majority of houses in Poundbury are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Poundbury in which case you should be looking for a Poundbury conveyancing practitioner and check that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’sconsent to carry out changes to the property. You may also be required to pay a contribution towards the maintenance of the communal areas where the house is part of an estate. Your conveyancer should report to you on the legal implications.
I acquired a 2 bed flat in Poundbury, conveyancing formalities finalised March 2002. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Poundbury with over 90 years remaining are worth £197,000. The ground rent is £55 yearly. The lease comes to an end on 21st October 2080
You have 55 years unexpired we estimate the price of your lease extension to span between £31,400 and £36,200 as well as costs.
The figure above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.