My lawyer in Southam is not listed on the TSB Approved Panel. Is it possible for me to use my prefered solicitor notwithstanding that they are not on the TSB approved list?
The limited options available to you here include:
- Complete the purchase with your existing Southam lawyers but TSB will need to instruct a solicitor on their panel. This will inevitably rack up the total legal fees as well as cause delays.
- Get an alternative lawyer to act in the purchase, not forgetting to check they are Convince your conveyancer to do everything within their powers to join the TSB conveyancing panel
A relative informed me that in buying a property in Southam there could be various restrictions prohibiting external alterations to a property. Is this right?
There are anumerous of properties in Southam which have some sort of restriction or requirement of consent to perform external variations. Part of the conveyancing in Southam should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We previously selected solicitors with offices in Southam on the Leeds Building Society solicitor approved list. They have just billed me an additional amount for the legal aspects of the Leeds Building Society mortgage. Is this a supplemental conveyancing fee set by Leeds Building Society?
As unfair as it may appear, as long as it’s in their Terms and Conditions or Quote then yes your solicitor may levy a fee for this. This charge is not set by Leeds Building Society but by your Southam solicitor. Some firms on the Leeds Building Society panel will levy an ‘acting for lender’ fee and others do not.
It is unclear whether my bank requires a lease extension. I have telephoned my Southam bank branch on numerous occasions and was told it wasn't a problem and they would lend. My Southam conveyancing solicitor - who is on the bank conveyancing panel- called to say that they refuse to lend in accordance with their published requirements. Who do I believe?
The conveyancer has to comply with the CML Handbook Part 2 specifications for your bank. Unless your lawyer obtains specific confirmation in writing that the bank 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 bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
It has been five months since my purchase conveyancing in Southam concluded. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Southam differ for new build properties?
Most buyers of new build property in Southam contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because new home sellers in Southam typically buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Southam or who has acted in the same development.
I own a leasehold flat in Southam. Conveyancing and Bank of Scotland mortgage are in place. I have received a letter from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1998. The conveyancing practitioner in Southam who acted for me is not around. Do I pay?
First contact the Land Registry to make sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Southam conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Southam Leasehold Conveyancing - Examples of Questions you should consider Prior to Purchasing
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Does the lease have onerous restrictions? Please note that where the lease has less than 80 years it will affect the value of the apartment. Check with your bank that they are willing to go ahead with the loan given the lease term. A short lease means that you will probably have to extend the lease sooner rather than later and it is worth finding out how much this would cost. Remember, in most cases you would be be obliged to have been the owner of the residence for a couple of years before you are eligible to extend the lease. Make sure you discover if there is anything that is prohibited in the lease. For example it is reasonably common in Southam leases that pets are not allowed in in a block in Southam. If you love the propertyin Southam but your cat is not allowed to move with you then you will be presented with a hard choice.
Should I stop my mortgage payments with TSB once a completion date for my sale in Southam has been agreed?
No, you should maintain paying any mortgage payments to TSB pending the mortgage being repaid from the proceeds of sale as part of your Southam conveyancing.