Our conveyancer has identified a defect with the lease for the apartment we are purchasing in Exmouth. The seller’s lawyers have offered title insurance as a solution. We are happy with insurance and will pay for it. Our solicitor has advised that he must be satisfied that the lender is content with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Do the Building Society Association intend to launch a searchable register to to identify practices on the Earl Shilton BS conveyancing panel for instance in Exmouth?
Lexsure has not been advised of any intention on the part of the BSA to develop such a search facility.
My lawyer has informed me that chancel insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Exmouth?
The right level of chancel indemnity insurance depends on who your lender is. It would differ for example between National Westminster Bank and Chelsea Building Society. Conveyancing practitioners as opposed to borrowers take out such policies.
We had selected conveyancers located in Exmouth on the RBS solicitor panel. They have just invoiced me a separate charge for handling the RBS mortgage. Is this a supplemental conveyancing fee set by RBS?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your conveyancer is entitled to levy a fee for this. This charge is not set by RBS but by your Exmouth lawyer. Numerous firms on the RBS panel will charge ’dealing with mortgage’ fee and others do not.
Intending to buy a house in Exmouth. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Virgin Money 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 Exmouth conveyancer is on the Virgin Money conveyancing panel.
I am buying a new build flat in Exmouth. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Exmouth
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Please confirm the Lease plans are surveyor prepared. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. There must be mutual enforceability of lessee’s covenants.
Can you provide any top tips for leasehold conveyancing in Exmouth from the perspective of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Exmouth can be avoided if you appoint lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation which will be required by the buyers’ lawyers. If you are supposed to have a share in the Management Company, you should make sure that you are holding the original share document. Arranging a re-issued share certificate can be a time consuming formality and slows down many a Exmouth conveyancing deal. If a reissued share certificate is needed, do contact the company director and secretary or managing agents (where applicable) for this as soon as possible. If there is a history of any disputes with your freeholder or managing agents it is essential that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is ongoing. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is better to reveal the dispute as over as opposed to ongoing. In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Exmouth state that internal structural alterations or laying down wooden flooring require a licence from the Landlord consenting to such works. Where you dont have the paperwork in place do not communicate with the landlord without contacting your solicitor before hand.
I bought a leasehold flat in Exmouth, conveyancing having been completed April 2002. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Exmouth with an extended lease are worth £201,000. The ground rent is £45 yearly. The lease expires on 21st October 2088
With just 64 years remaining on your lease we estimate the premium for your lease extension to range between £14,300 and £16,400 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.
Me and my fiance are looking at buying our first property in Exmouth. Please can you refer me to a cheap Exmouth conveyancer that can assist us as well as act for Kent Reliance?
LenderPanel.com is restricted to being a directory service for property lawyers who wish to be listed as being on the approved conveyancing panel for Kent Reliance in certain areas for example Exmouth . Our intention is not to recommend any specific lawyer.