The property market in Totnes is heating up. What can be done to quicken up the legal process?
In the event that you are under pressure to sign contracts we would recommend that your conveyancer is familiar with the area as they will make use of local connections and insight. It is even conceivable that they may have handled previoushouses in the same street. Therefore consider using a Totnes conveyancing firm. In addition, double check that the conveyancing firm is on the on the approved list for your mortgage company. It is estimated that 18% of Totnes conveyancing transactions are delayed or jeopardised after discovering a purchaser’s solicitor was not on their banks member panel. This can often result in the legal transfer of property being held up by an average of 21 days. It is understood that this issue affects in the region of 100,000 home sales annually. Most Totnes conveyancing practices can not represent certain mortgage companies so do check as early as possible.
At what point can the exchange of contracts occur in purchase conveyancing in Totnes and do I need to attend the conveyancers office?
If you are in close proximity to our conveyancing solicitors in Totnes you are welcome to attend to sign the paperwork. That being said, the law practices we work with provide a nationwide conveyancing service and provide just as comprehensive and professional a job for you when communicating with you electronically. The signing of the contract is not when everything is set in stone. Signing on the dotted line simply enables the solicitor to officially exchange at the suitable time, which is ordinarily shortly after signing. The exchange process is is usually a five minute process, although where an extended "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Totnes)to be in the office at the appropriate time.
Please help - my lawyer advises that lack of building regulations insurance is required on my purchase. What is the level of cover for Totnes conveyancing?
The right level of lack of building regulations indemnity insurance depends on your lender. It would differ for example between Birmingham Midshires and Chelsea Building Society. Conveyancing solicitors as opposed to borrowers take out such insurances.
I am due to exchange contracts on my house. I had a double glazing fitted in January 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Leeds Building Society are being problematic. The Totnes solicitor who is on the Leeds Building Society conveyancing panel is saying indemnity insurance will be fine but Leeds Building Society are requiring a building regulation certificate. Why do Leeds Building Society have a conveyancing panel if they don't accept advice from them?
It is probably the case that Leeds Building Society have referred the matter to their valuer. The reason why Leeds Building Society may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Intending to buy a house in Totnes. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Yorkshire BS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Totnes conveyancing practitioner is on the Yorkshire BS conveyancing panel.
Just had an offer accepted on a new build apartment in Totnes. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Totnes
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Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Forfeiture - bankruptcy or liquidation must not apply under this provision. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
I have been on the look out for a leasehold apartment up to £195,000 and found one close by in Totnes I like with amenity areas and railway links in the vicinity, the downside is that it only has 52 remaining years left on the lease. I can't really find anything else in Totnes suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a mortgage the shortness of the lease will be a potential deal breaker. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you could request that they commence the lease extension formalities and pass 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.
A conveyancing firm dealt with my conveyancing in Totnes seven years ago and was holding my registration documents but has since been shut down – What can I do to get hold of these?
Title deeds, as such, no longer exist as the majority of properties in Totnes are recorded electronically at Land Registry. Where you need to establish evidence of proprietorship or are selling or re-mortgaging your lawyer should obtain up to date copies of the register from the Land Registry in any case.
If you feel there may be other documents or you have any other queries please e-mail your request with details of the transaction and documents you need to filerequest@clc-uk.org. The CLC will let you know what information they have and any additional information they may need before they are in a position to identify and send the documents to you. Following an intervention it may take some time for the CLC to access archived files and documents, but your request will be actioned as quickly as possible.