I am under pressure from the owner of a property in Plymouth to complete within four weeks. What can I do to expedite the legal process?
Where the seller is applying a tight deadline for your conveyancing it is advisable to make sure that your conveyancer is familiar with the area as they will make use of local contacts and know-how. It is possible that they would have transacted previoushouses in the same road. Therefore consider using a Plymouth conveyancing lawyer. Second, be sure that the conveyancing firm is on the member panel. It is understood that just under twenty per cent of Plymouth conveyancing deals are delayed or derailed after discovering a purchaser’s lawyer was not on their mortgage lender’s member panel. In many cases this discovery resulted in the transaction being delayed by almost three weeks. It is believed that this issue affects in the region of 100,000 home sales annually. Almost all Plymouth conveyancing firms can not represent certain banks so do check at the outset.
We are planning to acquire a property and require a conveyancing solicitor in Plymouth who is on the Co-operative solicitor panel. Can you recommend a local firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Co-operative . We don't recommend any particular firms conducting conveyancing in Plymouth.
is it true that all Plymouth solicitor practices on the Santander conveyancing panel are governed by the SRA?
As a firm of solicitors, in order to be on the Santander conveyancing panel they would need to be overseen by the SRA. Many banks do allow licenced conveyancers on their panel and in such a situation the firms would be regulated by the CLC.
I am purchasing a property in Plymouth. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender TSB be concerned?
As you are obtaining a mortgage with TSB your lawyer must comply with the formal instructions contained in Section two of UK Finance Lenders’ Handbook for TSB. The CML Handbook sets out minimum provisions for solar panel roof-space leases, and conveyancers are required to report to TSB where a lease does not satisfy these requirements. The requirements relate to the installation of panels on properties nationwide and is not restricted to Plymouth.
The mortgage over my property is with Yorkshire BS for my property in Plymouth. Conveyancing was finalised a year ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Yorkshire BS?
Your original mortgage agreement with Yorkshire BS will provide that you need their approval prior to renting your property as this is likely to be a breach of Yorkshire BS’s mortgage conditions. It may be that Yorkshire BS will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Yorkshire BS directly. It should not be necessary to do this via a Yorkshire BS conveyancing panel lawyer.
It has been 3 months since my purchase conveyancing in Plymouth completed. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £180,000. 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 property 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.
I'm purchasing my first flat in Plymouth with a mortgage from Clydesdale. The builders refused to reduce the price so I negotiated £7000 of additionals instead. The sale representative suggested that I not to tell my solicitor about the side-deal as it may affect my loan with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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 have just started marketing my garden apartment in Plymouth. Conveyancing lawyers have not yet been instructed, but I have recently received a half-yearly maintenance charge invoice – what should I do?
The sensible thing to do is clear the maintenance contribution as usual as all ground rent and maintenance charges should be allotted on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
Plymouth Conveyancing for Leasehold Flats - Sample of Queries Prior to Purchasing
-
You should be aware that where the lease has less than 80 years it will affect the value of the flat. Check with your mortgage company that they are happy with residual term of the lease. Leases with less than 80 years remaining means that you will almost definitely need a lease extension at some point and you need to have some idea of what this will be. For most Plymouthlease extensions you would be be obliged to have been the owner of the premises for two years before you are eligible to extend the lease. What is the maintenance charge and ground rent on the apartment?