I am approaching an exchange on a property in Paignton and my parents have transferred the 10% deposit to my solicitor. I am now informed that as the deposit has not arrived from me my solicitor needs to make a notification to my mortgage company. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I informed the bank regarding my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
Your lawyer is duty bound to check with mortgage company to ensure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only reveal this to your bank if you agree, failing which, your lawyer must cease to continue acting.
Just bought a semi-detached house in Paignton , What is the estimated time for the Land Registry to record my ownership? My Paignton conveyancing solicitor has been painfully slow, so I want to be sure the land registry aspects are dealt with.
As far as conveyancing in Paignton registration is no faster or slower than the rest of the country. Rather than based on location, timescales can vary depending on the party submitting the application, whether it is in order and if the Land registry must send notices to any 3rd parties. Currently roughly three quarters of submission are fully addressed within two weeks but some can be subject to protracted delays. Historically registration occurs after the new owner is living at the premises thus 'speed' is not usually top priority but where there is a degree of urgency associated with the registration then you or your conveyancer must contact the land registry and explain the circumstances.
I'm buying a new build house in Paignton with the aid of help to buy. The developers refused to reduce the amount so I negotiated 6k of fixtures and fittings instead. The property agent told me not inform my solicitor about the extras as it will put at risk my mortgage with the lender. 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.
I've recently found out that there is a flying freehold issue on a house I have offered on two weeks back in what should have been a straight forward, chain free conveyancing. Paignton is where the house is located. Can you offer any guidance?
Flying freeholds in Paignton are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Paignton you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Paignton 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.
My husband and I are 14 days into a leasehold purchase having been recommend to a firm by the selling agent to carry out the conveyancing in Paignton. I am am extremely dissatisfied with the level of service. Can you help me find new conveyancers?
A solicitor would need to be very poor in order to consider diss instructing them. Has your loan offer been issued? In the event that it has you must inform them of the new contact details and get the offer are re-issued. Your new conveyancer needs to be on the banks panel to avoid added charges and complications. So that should be your first question of the new solicitors. Our search tool can assist you in finding a bank approved conveyancer for your home move in Paignton
I work for a reputable estate agency in Paignton where we see a few leasehold sales put at risk as a result of short leases. I have received conflicting advice from local Paignton conveyancing solicitors. Please can you clarify whether the seller of a flat can instigate the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I bought a split level flat in Paignton, conveyancing was carried out in 2007. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Paignton with a long lease are worth £202,000. The ground rent is £60 invoiced every year. The lease terminates on 21st October 2082
You have 57 years left to run the likely cost is going to span between £28,500 and £33,000 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.