At what point does exchange of contracts take place for residential conveyancing in South Petherton and Lambrook and am I required to be at the conveyancers office?
If you are near to our conveyancing solicitors in South Petherton and Lambrook you are invited in to sign contracts. That being said, the law practices we recommend supply a national conveyancing service and give as equally diligent and professional a job for you when dealing with you by post or email. The signing of the contract is not when everything is set in stone. Signing on the dotted line simply enables the solicitor to address the formalities when the time is right, which will usually be very shortly after signing. The procedure is is usually a five minute process, although where a lengthy "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in South Petherton and Lambrook)to be in the office available at the end of the phone to exchange contracts.
Can you clarify what the consequences are if my lawyer’s firm is removed from the Santander Solicitor panel ahead of completing my conveyancing in South Petherton and Lambrook?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I need some expedited conveyancing in South Petherton and Lambrook as I am under a deadline to exchange contracts within 4 weeks. Fortunately I do not require a mortgage. Is it possible to decline from having conveyancing searches to save fees and time?
As you are not taking a home loan you are at free not to have searches carried out although no law firm would recommend that you don't. Drawing on our experience of conveyancing in South Petherton and Lambrook the following are instances of issues that can be revealed and adversely affect market value: Refused Planning Applications, Outstanding Fees, Outstanding Grants, Road Schemes,...
I'm buying a new build house in South Petherton and Lambrook with a loan from Barclays Direct. The developers refused to reduce the price so I negotiated £7000 of fixtures and fittings instead. The sale representative told me not inform my lawyer about the side-deal as it will impact my mortgage with the lender. Do I keep my lawyer in the dark?.
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.
We're novice buyers - agreed a price, but the agent told us that the vendor will only move forward if we appoint their preferred solicitors as they want a ‘quick sale’. Our preferred option is to instruct a family solicitor with experience of conveyancing in South Petherton and Lambrook
It is highly unlikely the owners are driving this. Should the vendor want ‘a quick sale', alienating a serious buyer is going to damage their objectives. Contact the sellers directly and explain that (a)you are serious buyers (b)you are excited to move forward, with finances arranged © you do not need to sell (d) you intend to proceed fast (e)however you will continue to instruct your own,trusted South Petherton and Lambrook conveyancing solicitors - not the ones that will earn the estate agent a commission or meet his conveyancing targets demanded by senior management.
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great price which is making it all the more appealing. I have since discovered that it's a leasehold rather than freehold. I am assuming that there are issues buying a house with a leasehold title in South Petherton and Lambrook. Conveyancing solicitors have not yet been appointed. Will they explain the issues?
Most houses in South Petherton and Lambrook are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area who can assist with the conveyancing process. It is clear that you are purchasing in South Petherton and Lambrook in which case you should be looking for a South Petherton and Lambrook conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a service charge towards the maintenance of the communal areas where the property is located on an estate. Your lawyer will appraise you on the various issues.
I inherited a ground floor flat in South Petherton and Lambrook, conveyancing was carried out December 1999. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in South Petherton and Lambrook with an extended lease are worth £165,000. The average or mid-range amount of ground rent is £50 levied per year. The lease expires on 21st October 2102
With 77 years left to run the likely cost is going to span between £7,600 and £8,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.