Me and my partner are about to exchange on the purchase of a property in Saltash but as a result of wreckage from the recent storms I have managed to agree compensation from the current proprietors in the sum of six thousand pounds by way of a deduction in the price. This was going to be dealt with as part of a side agreement however Kent Reliance will not permit this. Should they have been notified?
Your conveyancer that is on a Kent Reliance conveyancing panel is duty bound to inform Kent Reliance of any variations to the sale price. If you were to refuse your property lawyer to disclose the price change to Kent Reliance then they would have to discontinue acting for you. In addition, Kent Reliance and you would have to appoint a new lawyer for your conveyancing in Saltash.
We wanted to use a conveyancing solicitor in Saltash for our house move. Our broker informed us that our bank Aldermore won't deal with them. Surely this is unduly restrictive?
Pre- 2008 most mortgage companies had an appetite for risk which was higher than today. Almost all Saltash conveyancing firms would have been on most mortgage company panels. The financial services regulator in 2010 carried out a thematic review into mortgage fraud which come to the conclusion: know the conveyancing solicitors dealt with. Consequently, mortgage companies have regularly sought more data from law firms relating to their operations and the individuals who work for them and set certain criteria such a completing on a minimum volume of transactions. Many Saltash conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Saltash is amongst the numerous locations where the solicitors showing on our search results are on the panel for Aldermore.
My aunt informed me that in purchasing a property in Saltash there may be a number of restrictions prohibiting external changes to the property. Is this right?
We are aware of anumerous of properties in Saltash which have some sort of restriction or requirement of consent to carry out external alterations. Part of the conveyancing in Saltash should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We previously chose conveyancers based in Saltash on the Co-operative solicitor approved list. They have just invoiced me a further sum for dealing with the Co-operative mortgage. Is this an additional conveyancing fee set by Co-operative?
Provided it is contained in their Terms and Conditions or estimate then yes your conveyancer may levy a fee for this. This charge is not dictated by Co-operative but by your Saltash conveyancer. Some firms on the Co-operative panel will quote ’dealing with mortgage’ fee and others do not.
I recently had an offer agreed on an apartment in Saltash. My mortgage broker pressured me to appoint their property lawyer. I paid an advanced payment of £200. Shortly after, the lawyer called me embarrassingly acknowledging that they were not on the RBS conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the RBS panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
What will a local search tell me about the property I am buying in Saltash?
Saltash conveyancing often starts with the ordering local authority searches directly from your local Authority or through a personal search organisations for example Xpress Legal The local search is essential in every Saltash conveyancing purchase; that is if you don’t want any unpleasant once you have moved into your new home. The search should reveal information on, amongst other things, details on planning applications applicable 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.
I'm buying my first flat in Saltash with a loan from Britannia. The builders would not reduce the amount so I negotiated £7000 of extras instead. The house builders rep suggested that I not disclose to my lawyer about the extras as it will jeopardize my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Last April I purchased a leasehold property in Saltash. Am I liable to pay service charges for periods before completion of my purchase?
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. It is an essential part 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 acquired a 1 bedroom flat in Saltash, conveyancing having been completed 5 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Saltash with over 90 years remaining are worth £186,000. The ground rent is £55 levied per year. The lease expires on 21st October 2079
With only 53 years left to run we estimate the price of your lease extension to range between £27,600 and £31,800 as well as costs.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.