Am I correct in assuming that the fact that my solicitor in Topsham is not listed on my bank's conveyancing panel that there is a problem with the quality of her conveyancing?
That would more than likely be a wrong assumption to make. There are plenty of plausible explanations. Just recently a report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should contact the Topsham conveyancing practice and ask them why they are no longer on the approved list for your mortgage company.
Should conveyancers request money up-front for my conveyancing in Topsham?
Where you are retaining lawyers for conveyancing in Topsham your solicitor will request that you place them with monies to cover the search fees. This will be the total of the cost of the Local Authority Search. When the down payment is as part of the total price then this will be needed immediately in advance of exchange of contracts. Any further balance that is due will be payable a few days ahead of the completion date.
How can we know in advance if a Topsham conveyancing solicitor on the Clydesdale panel is any good?
When it comes to conveyancing in Topsham obtaining recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advocate that you speak with the solicitor handling your transaction.
We are getting a further advance on our mortgage from UBS as we wish to conduct alterations to our property in Topsham. Are we obliged to choose a local Topsham solicitor on the UBS conveyancing panel to handle the paperwork?
UBS do not ordinarily appoint firms on their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the UBS panel.
I have paid off my mortgage with Santander. I assume I don't need a Topsham conveyancer on the Santander panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Santander 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 Santander mortgage from the register. Santander, 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 Santander has sent the Land Registry the discharge electronically, and
- Santander has instructed the Land Registry to do so
Over the last few months I have been searching for a leasehold apartment up to £195,000 and found one round the corner in Topsham I like with open areas and railway links in the vicinity, the downside is that it's only got 49 years on the lease. There is not much else in Topsham in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a mortgage that many years will likely be problematic. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of 2 years you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.
My cousin has suggested that I appoint his lawyers for conveyancing in Topsham. Do I take his recommendation?
There are no two ways about it it’s preferable to choose a conveyancing solicitor is to seek referrals from friends or family who have previously instructed the firm that you are contemplating using.
Are there common deficiencies that you encounter in leases for Topsham properties?
Leasehold conveyancing in Topsham is not unique. All leases are drafted differently and legal mistakes in the legal wording can result in certain clauses are erroneous. The following missing provisions could result in a defective lease:
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Insurance obligations
You will encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Norwich and Peterborough Building Society, and Britannia all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to pull out.
I own a ground floor flat in Topsham, conveyancing having been completed in 2012. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Topsham with over 90 years remaining are worth £165,000. The ground rent is £50 yearly. The lease ceases on 21st October 2104
With just 78 years left to run the likely cost is going to range between £7,600 and £8,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs 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 additional concerns that need to be considered 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 getting professional advice.