We are due to exchange buying a property in Exeter but as a consequence of wreckage from the recent storms I have managed to agree reparation from the owner in the sum of £3k by way of a adjustment in the price. I had intended this to be dealt with as part of a side agreement yet Virgin Money are not allowing this. Should they have been informed?
Your lawyer being on a Virgin Money conveyancing panel is obliged to disclose to Virgin Money of any changes to the purchase price. If you prohibit your solicitor to notify the price change to Virgin Money then they would have to discontinue acting for you. In addition, Virgin Money and you would have to appoint a new conveyancer for your conveyancing in Exeter.
What is the best way to find out if the solicitor carrying out my conveyancing in Exeter is on the lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Nationwide Building Society thus spending £187.00 plus VAT in further legal charges.
You should take advantage of the search tool on this page. Pick the lender and type ‘Exeter’ or your location and you will see numerous conveyancers based in Exeter or nearest you.
Should our conveyancer be asking questions regarding flooding as part of the conveyancing in Exeter.
The risk of flooding is if increasing concern for lawyers dealing with homes in Exeter. There are those who buy a property in Exeter, completely aware that at some time, it may suffer from flooding. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or sell the property. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Solicitors are not best placed to give advice on flood risk, however there are a various searches that can be initiated by the buyer or on a buyer’s behalf which will figure out the risks in Exeter. The standard completed inquiry forms given to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) includes a usual inquiry of the vendor to find out whether the property has suffered from flooding. In the event that flooding has previously occurred which is not revealed by the vendor, then a purchaser may issue a legal claim for losses as a result of such an inaccurate reply. The buyer’s solicitors will also conduct an environmental search. This should indicate if there is a recorded flood risk. If so, more detailed investigations will need to be conducted.
2 months have elapsed following my purchase conveyancing in Exeter took place. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £160,000. 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.
Should I go with a Exeter conveyancing practitioner based in the vicinity that I am hoping to buy? I have an old university friend who can execute the legal formalities but they are based a couple of hundredkilometers away.
The benefit of a high street Exeter conveyancing firm is that you can visit the firm to execute documents, hand in your identification documents and pester them where appropriate. They will also have local knowledge which is a benefit. That being said nothing is more important than finding someone that will pull out all the stops for you. If you know people who used your friend and the majority were happy that must surpass using an unknown Exeter conveyancing lawyer just because they are round the corner.
I work for a reputable estate agency in Exeter where we see a number of flat sales jeopardised as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Exeter conveyancing firms. Please can you shed some light as to whether the owner of a flat can start the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I bought a garden flat in Exeter, conveyancing formalities finalised in 2007. Can you work out an approximate cost of a lease extension? Equivalent flats in Exeter with over 90 years remaining are worth £191,000. The ground rent is £55 per annum. The lease finishes on 21st October 2079
You have 53 years unexpired we estimate the price of your lease extension to span between £27,600 and £31,800 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.