My wife and I are planning to purchase a property in Plympton and have appointed a Plympton conveyancing firm. Within the last couple of days our solicitor has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Bank of Ireland have this evening contacted us to advise us that there is now an issue as our Plympton conveyancer is not on their approved list of lawyers. Is this a problem?
Where you are buying a property needing a mortgage it is standard for the purchasers' solicitors to also act for the purchaser's lender. 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 property lawyer should contact your lender 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Plympton solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
How do I investigate if the solicitor carrying out my conveyancing in Plympton is on the bank’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Britannia thus spending £175.00 in additional legal fees.
You should make use of the search tool on this site. Pick the mortgage company and type ‘Plympton’ or your preferred area and you will see a number of lawyer offices in Plympton or by proximity to you.
How does conveyancing in Plympton differ for newly converted properties?
Most buyers of new build or newly converted property in Plympton contact us having been asked by the developer to sign contracts and commit to the purchase even before the premises is constructed. This is because house builders in Plympton typically acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Plympton or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in last month in what was supposed to be a simple, no chain conveyancing. Plympton is the location of the property. Is there any guidance you can impart?
Flying freeholds in Plympton are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Plympton you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Plympton may decide 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 residence.
Completion is due on our sale of a £275,000 garden flat in Plympton in seven days. The landlords agents has quoted £408 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Plympton?
For most leasehold sales in Plympton conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
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Answering pre-exchange questions
Where consent is required before sale in Plympton
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
Plympton Leasehold Conveyancing - Sample of Questions you should consider Prior to Purchasing
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The best form of lease arrangement is if the freehold interest is in the ownership of the leaseholders. In this scenario the leaseholders have being in charge if their destiny and even though a managing agent is frequently employed where the building is bigger than a house conversion, the managing agent acts for the leaseholders themselves. Is the freehold owned collectively by the leaseholders?
I have just appointed agents to market my ground floor apartment in Plympton.Conveyancing solicitors are to be appointed soon but I have recently had a quarterly maintenance charge demand – should I leave it to the buyer to sort out?
It best that you clear the invoice as usual because all rents and service payments should be allottedas part of the financial calculations for completion monies, so you will be reimbursed by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer unless 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. This will smooth the conveyancing process