I am selling my ground floor flat in Exeter and the EA has just e-mailed to advise that the buyers are appointing a new conveyancer. I am told that this is due to the fact that the bank will only work with solicitors on their approved list. On what basis would a big named mortgage company only deal with certain law firms rather the firm that they want to select to handle their conveyancing in Exeter ?
Mortgage companies have always had panels of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Banks point to the increase in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms 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 sway in the decision.
Can you help - my lawyer advises that breach of easement insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Exeter?
The appropriate level of breach of easement indemnity insurance depends on who your lender is. It would differ for example between Birmingham Midshires and Leeds Building Society. Conveyancing practitioners as opposed to members of the public take out such insurances.
We had selected solicitors locally in Exeter on the Co-operative solicitor approved list. They have just billed me a further sum for the legal aspects of the Co-operative mortgage. Is this an additional conveyancing fee set by Co-operative?
Unfortunately, so long as it is in their Terms of Engagement or estimate then yes your conveyancer may charge a fee for this. This fee is not set by Co-operative but by your Exeter conveyancer. Plenty of firms on the Co-operative panel will charge an ‘acting for lender’ fee and others do not.
Planning on purchasing a house in Exeter. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Aldermore conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Exeter conveyancing practitioner is on the Aldermore conveyancing panel.
Will commercial conveyancing searches reveal planned roadworks that may affect a commercial property in Exeter?
Many commercial conveyancing solicitors in Exeter will execute a SiteSolutions Highways report as it reduces the time that conveyancers expend in researching accurate data on highways that impact buildings and development assets in Exeter. The report sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Exeter.
For each commercial conveyancing transaction in Exeter it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately may cause delays to Exeter commercial conveyancing transactions as well as present a risk to future intentions for the site. These searches are not conducted for residential conveyancing in Exeter.
I purchased my home on 9 February and the transaction details are still not registered. Should I be concerned? My conveyancing solicitor in Exeter said it would be formalised in less than a month. Are titles in Exeter uniquely lengthy to register?
There is nothing unique when it comes to conveyancing in Exeter registration formalities. As opposed to being determined by geographic area, timeframes can differ according to who lodges the application, whether there are errors and whether the Land registry need to notify any interested persons or bodies. As of today in the region of three quarters of submission are fully addressed in less than three weeks but occasionally there can be protracted hold-ups. Historically registration occurs after the buyer is living at the property thus post completion formalities is not always an essential issue but if there is a degree of urgency associated with the registration then you or your solicitor must communicate with the Registry to express the reasoning for an expedited registration.
My cousin has urged me to appoint his conveyancers in Exeter. Should I choose my own property lawyer?
No doubt it’s preferable to find a conveyancing lawyer is to have guidance from friends or relatives who have experience in using the conveyancer you're considering.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £375,000 apartment in Exeter next week. The managing agents has quoted £372 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Exeter?
Exeter conveyancing on leasehold flats often necessitates the buyer’s solicitor sending questions for the landlord to answer. Although the landlord is under no legal obligation to address such questions the majority will be willing to do so. They may levy a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some transactions it is above £800. The management information fee invoiced by the landlord must be sent together with a summary of entitlements and obligations in respect of administration charges, without which the invoice is not strictly payable. Reality however dictates that one has no option but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
I inherited a leasehold flat in Exeter, conveyancing was carried out August 1995. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Exeter with an extended lease are worth £265,000. The average or mid-range amount of ground rent is £50 levied per year. The lease comes to an end on 21st October 2101
With only 75 years left to run the likely cost is going to range between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.