I am nearing exchange of contracts for my house in Bodmin and the estate agent has just text me to warn that the buyers are switching solicitor. The excuse is that the mortgage company will only deal with solicitors on their conveyancing panel. On what basis would a leading mortgage company only work with certain solicitors rather the firm that they want to appoint for their conveyancing in Bodmin ?
Banks have always had an approved set of law firms that can represent them, but in the past few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Mortgage companies justify this action to a rise in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are unlikely to have any sway in the decision.
My partner and I are refinancing our maisonette in Bodmin with Nottingham. We have a son approaching twenty who lives with us. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the flat is forfeited by the lender. I have two questions (1) Is this form unique to the Nottingham conveyancing panel as he did not need to sign this form when we bought 3 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Nottingham 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 Nottingham. This is solely used to protect Nottingham 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 Nottingham 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.
I purchased a freehold property in Bodmin but still pay rent, why is this and what is this?
It is rare for properties in Bodmin and has limited impact for conveyancing in Bodmin but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the creation of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
Just acquired a detached house in Bodmin , how long will it take for the Land Registry to register the transfer to my name? My Bodmin conveyancing solicitor has been painfully slow, so I want to be sure the land registry aspects are concluded.
There is nothing unique when it comes to conveyancing in Bodmin registration formalities. Rather than based on location, timescales can differ depending on the party submitting the application, whether there are errors and if the Land registry communicate with any interested persons or bodies. As of today approximately three quarters of such applications are completed within two weeks but some can be subject to protracted delays. Registration occurs once the buyer is living at the property so an expedited registration is not always top priority yet if there is a degree of urgency associated with the registration then you or your solicitor should speak with the land registry and explain the circumstances.
My business partner and I are looking to lease a unit on a shopping parade. Can you recommend solicitors offering no-move-no fees for commercial conveyancing in Bodmin for below £2000?
We are happy to recommend firms who have specialist knowledge of commercial conveyancing in Bodmin, including the sale and acquisition of businesses as well as simply premises. If you are intending to purchase or sell a shop, pub, restaurant, office, retail premises or a complete business we can find you the right firm. Regarding the fees this will depend on the structure and heads of terms of the deal. Please provide us with your contact information or telephone so as to enable us to furnish you with a detailed commercial conveyancing quote.
I own a leasehold flat in Bodmin. Conveyancing and Yorkshire Building Society mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Bodmin who acted for me is not around. Any advice?
First make enquiries of HMLR to be sure that this person is indeed the new freeholder. You do not need to incur the fees of a Bodmin conveyancing firm to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I purchased a basement flat in Bodmin, conveyancing having been completed in 1999. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Bodmin with a long lease are worth £171,000. The ground rent is £50 invoiced annually. The lease comes to an end on 21st October 2100
With just 79 years unexpired we estimate the price of your lease extension to span between £8,600 and £9,800 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.