Please explain the implications if my lawyer’s firm is removed from the Nationwide Solicitor panel ahead of completing my conveyancing in Totnes?
The first thing to point out is that, this is a very rare occurrence. 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.
When it comes to mortgage companies such as TSB, do Totnes solicitors have to pay a fee to be on the list of approved solicitors?
We are not aware of any bank fees to register on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
Can I be sure that the Totnes conveyancing solicitor on the Principality panel is any good?
When it comes to conveyancing in Totnes getting recommendations is a good start. 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 advertising the lowest fees. We would always suggest that you speak with the lawyer conducting your conveyancing.
Two weeks ago we had a mortgage agreed in principle with HSBC. Totnes conveyancing practitioners were chosen. What is the average time that one could expect to receive a mortgage offer from HSBC?
Some lenders take longer than others. Have HSBC completed the survey? Have you advised HSBC as to your lawyers' details and checked that your lawyers are on the HSBC conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I've recently found out that there is a flying freehold element on a house I have offered on two weeks back in what was supposed to be a simple, no chain conveyancing. Totnes is where the house is located. Can you offer any assistance?
Flying freeholds in Totnes are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Totnes you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Totnes may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
We're novice buyers - agreed a price, yet the property agent has warned us that the owners will only issue a contract if we instruct the agent's recommended conveyancers as they are insisting on an ‘expedited deal’. Our preferred option is to instruct a local conveyancer accustomed to conveyancing in Totnes
It is improbable the vendors are behind this. Should the seller require ‘a quick sale', alienating a genuine purchaser is not the way to achieve this. Contact the vendors directly and make the point that (a)you are motivated purchasers (b)you are excited to move forward, with mortgage lined up © you are chain free (d) you intend to proceed fast (e)but you will continue to appoint your preferred Totnes conveyancing firm - rather thanthose that will give their negotiator at the agency a kickback or meet his conveyancing figures pre-set by head office.
Last June I purchased a leasehold house in Totnes. Do I have any liability for service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I own a ground floor flat in Totnes, conveyancing formalities finalised in 2007. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Totnes with over 90 years remaining are worth £195,000. The ground rent is £45 charged once a year. The lease runs out on 21st October 2088
With just 63 years left to run the likely cost is going to span between £16,200 and £18,600 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a reasonable price which is making it more attractive. I have just discovered that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Totnes. Conveyancing advisers have not yet been appointed. Will they explain the issues?
The majority of houses in Totnes are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Totnes in which case you should be shopping around for a Totnes conveyancing practitioner and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’spermission to carry out changes to the property. You may also be required to pay a service charge towards the upkeep of the communal areas where the property is part of an estate. Your lawyer will appraise you on the various issues.