We are purchasing a 2 bedroom flat in Exeter with a mortgage. We like our Exeter solicitor, however the bank advise he's not on their "panel". It appears that we have little choice but to appoint one of the bank panel conveyancing practices or continue with our Exeter solicitor as well as pay for one of their panel lawyers to act for them. We regard this is inequitable; is there anything we can do?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Exeter conveyancing lawyer to apply to be on the conveyancing panel.
I am assisting my niece sell her property in Exeter. Does the conveyancer arrange an energy performance certificate or it is for the seller to coordinate?
After the demise of Home Packs, energy assessments became a required element of selling a house. An EPC should be commissioned prior to the property being placed on the market. It is not a task that conveyancers normally arrange. Where you are instructing a Exeter conveyancing lawyer they might help arrange energy performance certificates due to their relationships with long established local accredited person
Is there a list of Santander panel conveyancers in Exeter on the Building Society Association’s Website?
Unfortunately not yet. There is no such facility on the Council of Mortgage Lenders or Building Society Association websites. A small selection of lenders make their panel listings visible over the internet. If you are in need of a Exeter solicitor on the Santander please use our facility.
How can we know in advance if a Exeter conveyancing solicitor on the Co-operative panel is any good?
When it comes to conveyancing in Exeter seeking recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advocate that you speak with the solicitor carrying out your transaction.
How does conveyancing in Exeter differ for newly converted properties?
Most buyers of new build or newly converted property in Exeter come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is finished. This is because builders in Exeter usually purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Exeter or who has acted in the same development.
I have been on the look out for a ground for flat up to £235,500 and found one round the corner in Exeter I like with amenity areas and railway links in the vicinity, however it only has 52 years on the lease. There is not much else in Exeter in this price bracket, so just wondered if I would be making a mistake buying a short lease?
Should you need a home loan the shortness of the lease may be problematic. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for at least 2 years you can ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this.
Last June I purchased a leasehold property in Exeter. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation 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. A critical element 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).
Exeter Leasehold Conveyancing - Examples of Questions you should consider Prior to Purchasing
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Who manages the building? You should be aware if it is fewer than 80 years it will affect the salability of the flat. It is worth checking with your mortgage company that they are happy with residual term of the lease. A short lease means that you will almost definitely have to extend the lease at some point and you need to have some idea of what this would cost. Remember, in most cases you would need to own the residence for 24 months in order to be entitled to extend the lease.
Our lawyer in Exeter has discovered a a legal deficiency with the lease for the apartment we are buying in Exeter. The seller’s lawyers have put forward defective title insurance as a workaround. We are happy with insurance and will pay for it. Our solicitor has advised that as he is on the lender conveyancing panel he must be satisfied that the lender is happy with this solution. Are we the client or is the bank?
Just because you have a mortgage offer from the lender does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Exeter conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the mortgage company are the client. These conveyancing instructions have to be complied with by the lender conveyancing panel who has to balance acting for you and the lender