Please help. My Exminster solicitor is assuring me that he has toconduct Exminster conveyancing searches resulting from the fact thatthe firm are on the Virgin Moneyconveyancing panel. These Exminster searches cost a lot of money can this be avoided?
Unfortunately both you and your lawyer have little choice here. Given that you are taking out a loan with a bank your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your conveyancer would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements . Even if you were a cash buyer you would be ill advised not to carry out Exminster conveyancing searches.
I purchased a freehold premises in Exminster yet pay rent, why is this and what is this?
It is rare for properties in Exminster and has limited impact for conveyancing in Exminster 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 date back hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
My lender has suggested solicitors on their panel based in Exminster but I would rather instruct a conveyancing lawyer in Exminster or nearer to where I live. Are you able to help?
The minority of Exminster conveyancing practices are on all lender’s conveyancing panel. Please make the most of our search tool to find a Exminster conveyancing conveyancer on the on the lender panel.
Should our solicitor be raising enquiries about flooding as part of the conveyancing in Exminster.
The risk of flooding is if increasing concern for lawyers dealing with homes in Exminster. There are those who buy a property in Exminster, completely expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Lawyers are not best placed to give advice on flood risk, however there are a numerous searches that can be carried out by the buyer or by their solicitors which will give them a better appreciation of the risks in Exminster. The conventional set of information given to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) contains a standard question of the owner to find out whether the premises has suffered from flooding. In the event that the residence has been flooded in past which is not revealed by the vendor, then a buyer could issue a claim for damages resulting from an inaccurate response. A purchaser’s conveyancers will also carry out an environmental report. This should disclose whether there is a recorded flood risk. If so, additional inquiries will need to be made.
I'm buying my first flat in Exminster with the aid of help to buy. The developers would not budge the amount so I negotiated five thousand pounds worth of extras instead. The house builders rep suggested that I not reveal to my solicitor about this extras as it will adversely affect my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Over the last few months I have been searching for a ground for flat up to £235,500 and found one near me in Exminster I like with open areas and station nearby, the downside is that it only has 52 years on the lease. There is not much else in Exminster for this price, so just wondered if I would be making a grave error buying a short lease?
Should you require a home loan the shortness of the lease will likely be problematic. Discount the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for at least twenty four months you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.