I am nearing exchange of contracts for my flat in Devon and the estate agent has just telephoned to warn that the buyers are switching conveyancer. The reason given is that the bank will only engage with property lawyers on their conveyancing panel. Why would a major lender only work with certain law firms rather the firm that they want to choose for their conveyancing in Devon ?
Banks have always had an approved set of law firms that can act for them, but in recent years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lenders point to the increase in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Some 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. Your purchasers are not going to have any impact on this.
Can you explain why leasehold purchase conveyancing in Devon is more expensive?
Devon leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
I am planning to acquire a flat and require a conveyancing solicitor in Devon who is on the The Mortgage Works conveyancing. Can you recommend a local conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for The Mortgage Works in certain locations such as Devon. We dont recommend any particular firm.
It has been five months following my purchase conveyancing in Devon completed. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm refinancing my existing house to a BTL loan with Godiva Mortgages Ltd and I will use the ballance of the raised equity towards another property. The area we are looking at is Devon. Will your lawyers be able to act for the two mortgage companies and link together the transactions?
Make use of our comparison tool on this page to be sure that the conveyancers are on the appropriate lender panels. On the basis that they are your conveyancer will be able to simultaneously deal with the two deals but you should have a chat with you solicitor and communicate your desired outcome and needs.
I am on look out for some leasehold conveyancing in Devon. Before I get started I want to be sure as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and almost all are in Devon - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I purchased a leasehold flat in Devon, conveyancing formalities finalised 10 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Devon with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 yearly. The lease comes to an end on 21st October 2079
With only 54 years unexpired we estimate the price of your lease extension to range between £32,300 and £37,400 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.