Our Wadebridge solicitor has identified an inconsistency between the assumptions in the home valuation survey and what is in the title deeds. My lawyer says that he is obliged to ensure that the bank is happy with this discrepancy and is content to go ahead. Is my lawyer’s course or action legitimate?
Your solicitor must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
Last month we had a mortgage agreed in principle with RBS. Wadebridge conveyancing practitioners were chosen. How long does it take for RBS to send the offer to the conveyancer?
There is no definitive answer here. Have RBS done the survey? Have you advised RBS as to your lawyers' details and checked that your lawyers are on the RBS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I am currently in the process of buying my council flat in Wadebridge. I have a mortgage agreed with Santander. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Santander, you will need to appoint a solicitor on the Santander conveyancing panel.
Santander have agreed my home loan in principle, my bid on a house in Wadebridge has been agreed to, what happens next?
Your estate agent will want to be informed of your lawyer's details (ensure that the solicitors are on the bank’s approved list). Telephone Santander or your financial adviser and finish off any relevant forms. Santander will appoint a valuer who will get in touch with the estate agent or vendor to schedule a slot for the valuation to occur. Once conducted (assuming no problems) it takes about ten days for the mortgage offer to be issued. Santander will send the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Wadebridge.
I have todaybeen informed that Arc property Solicitors have closed. They conducted my conveyancing in Wadebridge for a purchase of a freehold house 18 months ago. How can I establish that my home is not still registered in the name of the former proprietor?
The easiest way to check if the premises is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Wadebridge conveyancing specialists.
I am looking for a conveyancing practitioner in Wadebridge for my house move. Is there any facility to check a firm’s complaints history with the profession’s regulator?
You can see documented Solicitor Regulator Association (SRA) decisions stemming from inquisitions started on or after 1 January 2008. Visit Check a solicitor's record. To find information about the period before 1 January 2008, or to check a solicitors record, ring 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For callers outside the UK, dial +44 (0)121 329 6800. The regulator sometimes recorded call for training requirements.
I am looking at a couple of maisonettes in Wadebridge both have about 50 years remaining on the leases. Will this present a problem?
There is no doubt about it. A leasehold flat in Wadebridge is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the property. For most buyers and mortgage companies, leases with under 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Wadebridge conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I am the registered owner of a basement flat in Wadebridge, conveyancing formalities finalised 3 years ago. How much will my lease extension cost? Comparable properties in Wadebridge with a long lease are worth £216,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease expires on 21st October 2094
With just 69 years remaining on your lease the likely cost is going to range between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the mortgage company conveyancing panel. My lawyer has said that they are on the mortgage company approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the mortgage company conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the mortgage company solicitor panel.