I am in the throes of transferring my current residential home loan to a BTL TSB mortgage. The bank has said that I need a conveyancer as part of the process. I spoke to my previous Totnes conveyancing firm who dealt with the legals when I initially acquired the premises. The fee calculation issued of £470 has taken me by surprise as I am not require purchase conveyancing - it’s just a bog-standard refinance.
The estimate fees are a tad high. If you you were to look around you could shave off some of the expense by say £125. That being said, if you were pleased with the legal work the firm gave you maylive to rue choosing an an unknown lawyer. Don't forget to be sure the firm can represent TSB. Do make use of our search tool to locate a Totnes conveyancing firm on the TSB approved list of lawyers, which can often include conveyancing solicitors in Totnes.
My fiance and I changing mortgage lender for our penthouse in Totnes with Nationwide. We have a son 19 who lives at home. Our solicitor requested us to identify any adults other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the property is forfeited by the lender. I have a couple of questions (1) Is this form unique to the Nationwide conveyancing panel as he did not need to sign this form when we remortgaged 4 years ago (2) Does our son by signing this compromise his rights to inherit the property?
First, rest assured that your Nationwide conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Nationwide. This is solely used to protect Nationwide if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Nationwide had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Are the Totnes conveyancing solicitors identified as being on the Nottingham conveyancing panel, together with their details provided by Nottingham?
Totnes conveyancing firms themselves provide us confirmation that they are on the Nottingham conveyancing panel as opposed to being supplied with a list from Nottingham directly.
we are a couple who are buying a 3 bedroom flat in Totnes with a loan from Bank of Ireland.We like our Totnes conveyancing lawyer but Bank of Ireland advised that his firm is not on their "panel". It seems we are left with little choice but to instruct a Bank of Ireland panel firm or retain our high street solicitor and pay for a Bank of Ireland panel lawyer to represent them. We feel as though this is unjust; is there anything we can do?
No, not really. The mortgage offered to you contains terms and conditions, a common one being that conveyancers needs to be on the Bank of Ireland conveyancing panel. Until recently, most mortgage companies had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Bank of Ireland
I am close to exchanging contracts on the sale of our house in Totnes and according to the buyers it appears that there is a risk of it being constructed on contaminated land. Any high street Totnes lawyer would know that there is no such problem. For the life of me I don't know why the purchasers used a national conveyancing firm as opposed to a conveyancing solicitor in Totnes. Having lived in Totnes for 4 years we know that this is a non issue. Is it a good idea to get in touch with our local Authority to get clarification that there is no issue.
It would appear that you have a conveyancing firm already. Are they able to advise? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
There are a lot of houses in Totnes on unadopted lanes. I am acquiring one such property. Are there any benefits to purchasing a house on a privately owned road?
Totnes conveyancing solicitors will be familiar with conveyancing homeson unadopted roads. The property lawyer should review the title to identify any rights or liabilities. In many cases there is a residents association that proprietors make annual payments to maintain the road. If there is one, the road will likely be maintained and look nicer than council maintained.