It is 10 years ago since I bought my property in Teignmouth. Conveyancing lawyers have now been instructed on the sale but I am unable to track down my title documents. Will this cause complications?
You need not be too concerned. Firstly there is a chance that the deeds will be retained by the lender or they could stored with the conveyancers who acted in the purchase. Secondly the likelihood is that the property will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing lawyers acquiring up to date copy of the land registers. Nearly all conveyancing in Teignmouth involves registered property but in the unlikely event that your property is not registered it is more of a problem but is not insurmountable.
I happen to be the sole recipient of my late grandmother’s will with all property in now in my sole name, including the house in Teignmouth. The Teignmouth property was put into my name in February. I want to move. I understand that there is a CML six month 'rule', which means that my proprietorship may be considered the same way as though I had purchased the property in February. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be impacted by that. Some lenders would take a practical view as this clause is principally there to pick up on the purchase and immediately sell or the wholesaling and assigning of property.
When it comes to mortgage companies such as Clydesdale, do Teignmouth conveyancing practitioners have to pay an annual charge to be on the list of approved solicitors?
We are not aware of any lender fees to register on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
I recently had an offer accepted on an apartment in Teignmouth. My mortgage broker pressured me to appoint their property lawyer. I paid an upfront payment of £175. A few days later, the conveyancing practitioner contacted me embarrassingly acknowledging that they were not on the Bank of Ireland 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 Bank of Ireland 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.
The deeds to my property are lost. The lawyers who conducted the conveyancing in Teignmouth 4 years ago are no longer around. What are my next steps?
These day there are duplicates made of almost everything, and your conveyancer should know exactly where to find all the suitable documentation so you may buy or dispose of your property without any difficulty. If copies can’t be located, your lawyer may be able to arrange cover in the form of insurance or indemnities protecting you against future claims on your premises.
Just had an offer accepted on a new build flat in Teignmouth. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here are examples of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Teignmouth
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please supply a car parking plan. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided.
Due to the input of my in-laws I had a survey completed on a house in Teignmouth ahead of retaining lawyers. I have been told that there is a flying freehold aspect to the property. Our surveyor advised that some banks tend refuse to grant a loan on this type of home.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Birmingham Midshires. If you contact us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Teignmouth. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Teignmouth to see if the conveyancing costs will increase in light of this.
I am a negotiator for a long established estate agency in Teignmouth where we have experienced a few leasehold sales derailed as a result of short leases. I have received contradictory information from local Teignmouth conveyancing firms. Could you clarify whether the owner of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I own a 1st floor flat in Teignmouth, conveyancing having been completed 9 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Teignmouth with a long lease are worth £170,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease comes to an end on 21st October 2103
You have 78 years left to run the likely cost is going to range between £7,600 and £8,800 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.