My husband and I are buying a brand new duplex in Launceston and my solicitor is advising me that she is duty bound to the lender to disclose incentives from the developer. The Estate Agents are hassling me to exchange and I don't want to delay deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
My fiance and I are purchasing a 3 bedroom apartment in Launceston with a mortgage from Yorkshire Building Society.We use our Launceston conveyancing solicitor but Yorkshire Building Society says she’s not on their "panel". we are left little option but to use a Yorkshire Building Society panel firm or retain our preferred solicitor and pay for a Yorkshire Building Society panel lawyer to act for them. This seems very unfair; Can we not simply insist that Yorkshire Building Society use our lawyer?
No, not really. The home loan offered to you is subject to its terms and conditions, a common one being that solicitors must be on the Yorkshire Building Society solicitor panel. in the past, most banks had large numbers of solicitors 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. A further alternative is for your solicitors to apply to be on the conveyancing panel for Yorkshire Building Society
We are purchasing a victorian detached house in Launceston. The intention is to convert the garage to a playroom at the property.Will legal conveyancing on the property involve investigations to see if these alterations are prohibited?
Your property lawyer will review the registered title as conveyancing in Launceston can on occasion reveal restrictions in the title deeds which prohibit certain changes or need the consent of a 3rd party. Many works need local authority planning permissions and approval in compliance with building regulations. Many locations are designated conservation areas and special planning restrictions apply which often prevent or impact extensions. It would be sensible to check these things with a surveyor ahead of any purchase.
The formalities of my remortgage has taken place for my property in Launceston. Conveyancing was of an acceptable standard but I would like to complain about the lender. Who do I contact should I wish to lodge a complaint?
All banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Department at head office. Ordinarily complaints to a lender are sorted out very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
I recently had an offer accepted on an apartment in Launceston. My mortgage broker suggested a property lawyer. I paid an upfront payment of £150. A couple of days later, the property lawyer called me to say that they were not on the Nationwide conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Nationwide panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I have been on the look out for a leasehold apartment up to £245,000 and identified one close by in Launceston I like with amenity areas and station nearby, the downside is that it's only got 52 years unexpired on the lease. There is not much else in Launceston for this price, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a mortgage the remaining unexpired lease term may be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of 2 years you may ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
What does commercial conveyancing in Launceston cover?
Non domestic conveyancing in Launceston covers a broad range of advice, given by regulated solicitors, relating to business property. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of tenancies.
Last January I purchased a leasehold house in Launceston. Am I liable to pay service charges relating to a period prior to my ownership?
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. A critical element of leasehold conveyancing for your conveyancer to ensure 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 bought a 2 bed flat in Launceston, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Launceston with an extended lease are worth £255,000. The ground rent is £45 levied per year. The lease expires on 21st October 2094
With just 73 years unexpired we estimate the premium for your lease extension to be between £8,600 and £9,800 plus professional fees.
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 comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.