I am considering applying for a RBS mortgage for purchase of a newly converted (under development) in Looe with 60% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for RBS ?
In theory, you could use a solicitor that is not on the RBS conveyancing panel, but RBS would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
Me and my partner are purchasing a apartment in Looe. It might be a silly question but how we can trust a lawyer? On completion day we will need to put funds into their account. What is the protection we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
We expect to receive a AIP from Nationwide this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Nationwide recommend any Looe solicitors on the Nationwide conveyancing panel, or is it better to go independently?
You will need to appoint Looe solicitors independently although you'll need to choose one on the Nationwide conveyancing panel. The solicitor represents both you and Nationwide through the process.
Kent Reliance have agreed my mortgage in principle, my bid on a flat in Looe has been accepted, what happens next?
Your property agent will need to know who your solicitors are (be sure the conveyancing practitioners are on the lender’s approved list). Call up Kent Reliance or the financial adviser and complete any appropriate forms. Kent Reliance will appoint a valuer who will get in touch with the selling agent or seller to arrange an appointment. Once carried out (assuming no problems) it takes approximately a week to get a mortgage offer. Kent Reliance will send the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in Looe.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Looe?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Looe. 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 found out that there is a flying freehold issue on a house I put an offer in two weeks back in what was supposed to be a quick, chain free conveyancing. Looe is the location of the property. Can you shed any light on this issue?
Flying freeholds in Looe are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Looe you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Looe may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
How do I use the search app to locate a conveyancing practitioner in Looe on the approved list for my bank?
First select a lender such as Lloyds TSB Bank, Norwich and Peterborough Building Society or Platform Home Loans Ltd then choose your location for instance Looe. Conveyancing firms in Looe and further afield will then be identified.
Helen (my wife) and I may need to sub-let our Looe garden flat for a while due to taking a sabbatical. We used a Looe conveyancing firm in 2003 but they have closed and we did not think at the time seek any advice as to whether the lease permits subletting. How do we find out?
Notwithstanding that your previous Looe conveyancing solicitor is not available you can review your lease to check if you are permitted to let out the property. The accepted inference is that if the lease is non-specific, subletting is allowed. There may be a precondition that you are obliged to seek consent via your landlord or some other party in advance of subletting. The net result is you not allowed to sublet in the absence of first obtaining consent. The consent must not not be unreasonably withheld. If your lease does not allow you to sublet you will need to ask your landlord for their consent.
I inherited a leasehold flat in Looe, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Looe with a long lease are worth £207,000. The average or mid-range amount of ground rent is £60 invoiced annually. The lease runs out on 21st October 2082
With just 57 years unexpired we estimate the premium for your lease extension to be between £28,500 and £33,000 plus legals.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.