Me and my fiance are buying a 3 bedroom apartment in Ivybridge with a mortgage. We have a Ivybridge solicitor, but the mortgage company says he's not on their "panel". We have to appoint one of the lender panel solicitors or retain our Ivybridge solicitor as well as pay for one of their panel ones to represent them. This feels very unfair; are we not able to require that the bank use our Ivybridge conveyancing practitioner ?
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. Another option that might be available is for your Ivybridge conveyancing solicitor to apply to be on the conveyancing panel.
I require conveyancing for a flat in a relatively new development (five years built) in Ivybridge. Almost all the flats are already occupied. Do I need carry out the local searches as part of conveyancing in Ivybridge?
If you getting a loan, your lender will need some (many) of the searches so you'll have no choice. If not, then Ivybridge conveyancing searches are for you to decide upon. Your lawyer, will 'advise', perhaps in the strongest possible terms, that you should have the searches done, but he or she has a professional duty to do this. One thing to bear in mind; if you are likely to sell the house one day, it may be of interest to your future buyer what the searches contain. Sometimes houses with no practical issues can still throw up adverse search results. But if you choose to instruct your lawyer to proceed without searches then your lawyer will have to follow your instructions or you will need to change to an alternative solicitor for your conveyancing in Ivybridge.
Finally the sale completed on my house in Ivybridge last April yet the purchaser is texting daily complaining that their solicitor is waiting to hear from mine. What should have happened following completion?
Following your sale your lawyer is obliged to forward the transfer documentation and all additional paperwork to the buyer’s solicitors. If applicable, your conveyancer should also confirm that the mortgage has been discharged to the buyers lawyers. There is unlikely to be post completion steps unique to conveyancing in Ivybridge.
My brother-in-law has suggested I instruct a conveyancing solicitor in Ivybridge. I need to find out if they are on the Bank of Ireland conveyancing panel. Could you advise?
The first thing you should do is e-mail your lawyer and enquire if they can act for the lender. Otherwise you should get in touch with Bank of Ireland who may be able to assist.
Are there restrictive covenants that are commonly identified as part of conveyancing in Ivybridge?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Ivybridge. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I've recently bought a leasehold house in Ivybridge. 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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure 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).
I purchased a basement flat in Ivybridge, conveyancing having been completed August 1998. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Ivybridge with an extended lease are worth £165,000. The ground rent is £50 invoiced every year. The lease expires on 21st October 2103
With only 77 years unexpired we estimate the price of your lease extension to span between £7,600 and £8,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.