We are buying a 2 bedroom apartment in Kingsbridge with a mortgage. We wish to retain our Kingsbridge conveyancer, but the lender says she’s not on their "panel". We have to appoint one of the mortgage company panel solicitors or keep our Kingsbridge conveyancer as well as pay for one of their panel firms to act for them. This seems very unfair; is there anything we can do?
Unfortunately,no. The mortgage offered to you 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 Kingsbridge conveyancing solicitor to apply to be on the conveyancing panel.
We had selected conveyancers locally in Kingsbridge on the TSB solicitor panel. They have just billed me a supplemental charge for handling the TSB mortgage. Is this an additional conveyancing fee specified by TSB?
Provided it is contained in their Terms of Engagement or Quote then yes your lawyer can levy a fee for this. The fee is not dictated by TSB but by your Kingsbridge solicitor. Some firms on the TSB panel will quote ’dealing with mortgage’ fee but some practices incorporate it on their overall fee.
It is not clear whether my bank requires a lease extension. I have called my Kingsbridge building society branch on various occasions and was told they are content with the situation and they would lend. My Kingsbridge conveyancing solicitor - who is on the bank conveyancing panel- called and was told they refuse to lend in accordance with their published requirements. Who do I believe?
Your lawyer has to comply with the Council of Mortgage Lenders’ Handbook Part 2 requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am selling my house. I had a double glazing fitted in February 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, TSB are being problematic. The Kingsbridge solicitor who is on the TSB conveyancing panel is saying indemnity insurance will be fine but TSB are insisting on a building regulation certificate. Why do TSB have a conveyancing panel if they don't accept advice from them?
It is probably the case that TSB have referred the matter to their valuer. The reason why TSB may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Should my lawyer be asking questions concerning flooding as part of the conveyancing in Kingsbridge.
Flooding is a growing risk for solicitors carrying out conveyancing in Kingsbridge. There are those who buy a house in Kingsbridge, completely aware that at some time, it may be flooded. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or dispose of the property. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Conveyancers are not qualified to give advice on flood risk, however there are a various checks that may be carried out by the buyer or on a buyer’s behalf which can figure out the risks in Kingsbridge. The conventional set of property information forms supplied to a buyer’s lawyer (where the Conveyancing Protocol is adopted) contains a usual question of the seller to discover if the property has suffered from flooding. In the event that the property has been flooded in past and is not revealed by the owner, then a buyer could commence a legal claim for losses stemming from an misleading answer. A purchaser’s solicitors will also carry out an environmental report. This should disclose whether there is any known flood risk. If so, additional inquiries will need to be initiated.
It has been 2 months since my purchase conveyancing in Kingsbridge concluded. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Due to the guidance of my in-laws I had a survey completed on a house in Kingsbridge before appointing conveyancers. I have been advised that there is a flying freehold element to the house. My surveyor has said that some mortgage companies tend not issue a mortgage on such a property.
It depends who your proposed lender is. Lloyds has different instructions for example to Birmingham Midshires. If you call us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Kingsbridge. Conveyancing will be smoother if you use a solicitor in Kingsbridge especially if they regularly deal with such properties in Kingsbridge.
What makes a Kingsbridge lease unmortgageable?
There is nothing unique about leasehold conveyancing in Kingsbridge. Most leases are unique and legal mistakes in the legal wording can result in certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:
Repairing obligations to or maintain parts of the building
You could have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Bank of Scotland, and Aldermore all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to withdraw.
Kingsbridge Leasehold Conveyancing - A selection of Queries before buying
Be sure to find out if there are any onerous prohibitions in the lease. By way of example plenty of leases prohibit pets being allowed in in a block in Kingsbridge. If you love the flatin Kingsbridge however your cat can’t move with you then you will be presented with a difficult determination. If a Kingsbridge lease has less than eighty years it will have adverse implications on the marketability of the flat. Check with your bank that they are willing to to proceed given the lease term. A short lease means that you will almost definitely need a lease extension at some point and it is worth discovering how much this would cost. Remember, in most cases you would be required to have owned the premises for 24 months in order to be eligible to exercise a lease extension.