Unfortunately I am unable to travel far from Torquay. Please explain the reason why all Torquay conveyancing practitioners aren't included on all bank panels?
As unjust as it may appear for banks to limit who can represent them, from the public’s or conveyancer’s point of view, the the contrary view is that lending institutions are becoming ever more anxious and consider it vital to protect them from mortgage fraud. As a result of this concern lenders are limiting their panel of approved conveyancing lawyers to a size that they are happy to control.
My god-son is purchasing a house that has just been built in Torquay with a mortgage from Skipton. His lawyer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The document is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Skipton conveyancing panel as a standard part of the process, and to the surveyor when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Skipton conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We are expecting a mortgage offer soon. The lender mentioned the mortgage came with free conveyancing. Is the implication that I have to use their panel solicitor as I would much rather appoint a specialised conveyancing solicitor in Torquay?
You should check but the chances are that give you one of their panel lawyers if you take up the "fee-free" offer. Speak to the lender and explore if they allow a monetary alternative. It is not unheard for a lender to give a £250 cashback as an alternative in which case that money can go towards the cost for your conveyancing solicitor near Torquay.
My father has suggested that I appoint his lawyers for conveyancing in Torquay. Do I take his advice?
Much as we are happy to recommend a Torquay conveyancing lawyer the best way to select a conveyancing lawyer is to seek feedback from friends or family who have previously instructed the solicitor that you are are thinking of instructing.
Last October I purchased a leasehold property in Torquay. Am I liable to pay service charges relating to a period prior to my ownership?
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. However, 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).
Torquay Conveyancing for Leasehold Flats - Examples of Queries Prior to buying
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Please note that where the lease has less than eighty years it will impact the salability of the apartment. Check with your lender that they are content with the length of the lease. A short lease means that you will most likely need a lease extension sooner rather than later and you need to have some idea of how much this would cost. Remember, in most cases you will need to own the residence for 24 months in order to be eligible to exercise a lease extension. In the main the cost for major works are not wrapped into the service charges, although there some managing agents in Torquay ask leasehold owners to contribute towards a sinking fund created for the specific intention of building a fund for larger works. Does this lease have more than 90 years left?
Why do Torquay conveyancing costs differ for leasehold and freehold properties?
Leasehold conveyancing in Torquay more often than not will involve additional work such as checking the lease, liaising with the landlord, obtaining up to date rent receipts, landlord’s consents, management company’s accounts amongst other tasks.