My husband and I are hoping to acquire a home in Newquay and are in fact using a Newquay conveyancing practice. Within the past 48 hours our conveyancer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Bank of Ireland have this afternoon contacted us to advise us that they have now hit a problem as our Newquay solicitor is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' lawyers to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Newquay solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
I am purchasing a property and require a conveyancing solicitor in Newquay who is on the Bank of Ireland conveyancing. Could you point me in the right direction as regards a solicitor?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Bank of Ireland in certain locations such as Newquay. We dont recommend any particular firm.
My wife and I purchased a 4 bedroom Victorian property in Newquay. Conveyancing practitioner acted for me and Yorkshire Building Society. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: the first freehold, the second leasehold with the exact same property. I thought I was buying a freehold how can I check?
You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Newquay and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the position with your conveyancing practitioner who conducted the purchase.
I am purchasing a new build house in Newquay with a loan from Alliance & Leicester . The sellers refused to move on the amount so I negotiated £7000 of additionals instead. The property agent suggested that I not to tell my lawyer about this deal as it will jeopardize my mortgage with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Hoping to buy a property located in Newquay and I am already nervous. I couldn't find anything specific about Newquay. Conveyancing will be needed in due course but do you know about the Newquay area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Newquay. In the meantime here are some basic statistics that we found
My wife and I purchased a leasehold flat in Newquay. Conveyancing and The Mortgage Works mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1993. The conveyancing solicitor in Newquay who previously acted has now retired. What should I do?
First make enquiries of the Land Registry to make sure that the individual purporting to own the freehold is in fact the new freeholder. You do not need to incur the fees of a Newquay conveyancing practitioner to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I invested in buying a 2 bed flat in Newquay, conveyancing formalities finalised in 1996. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Newquay with over 90 years remaining are worth £186,000. The average or mid-range amount of ground rent is £55 levied per year. The lease runs out on 21st October 2073
With 52 years unexpired we estimate the premium for your lease extension to be between £29,500 and £34,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.