I am purchasing a newly built duplex in Silverton and my lawyer is advising me that she has to the mortgage company to reveal incentives from the seller. I am on a tight deadline to exchange contracts and I would rather not delay deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I had intended to instruct a property lawyer in Silverton for our house purchase. Our broker has since advised us that our bank Godiva Mortgages Ltd won't deal with them. Why is this not regarded as unduly restrictive?
Lenders in the main imposes restrictions either the type or the amount of conveyancing solicitors on their approved list of lawyers. Typical examples of such restriction(s) being that a law practice must have two or more partners. In addition to restricting the profile of firm, some have reduced the amount of firms they allow to act for them. Be aware that Godiva Mortgages Ltd have no responsibility for the quality of advice provided by any member of Godiva Mortgages Ltd Conveyancer Panel. Mortgage fraud was a key driver in the reduction of conveyancing panels a few years ago even though there are differing opinions regarding the extent of solicitor engagement in some of that fraud. Data from the Land Registry indicate that hundreds of law firms, including some in or near Silverton only carry out one or two conveyances a year.
Will commercial conveyancing searches disclose impending roadworks that could impact a commercial premises in Silverton?
Many commercial conveyancing solicitors in Silverton will carry out a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in looking into accurate data on highways that impact buildings and development assets in Silverton. The report sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Silverton.
For every commercial conveyancing transaction in Silverton it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately can result in delays to Silverton commercial conveyancing deals as well as present a risk to future plans for the site. These searches are not ordered for domestic conveyancing in Silverton.
It has been four months following my purchase conveyancing in Silverton took place. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £170,000. 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 asset 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.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Silverton. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here is a sample of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Silverton
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Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. There must be mutual enforceability of lessee’s covenants.
What are your top tips when it comes to finding a Silverton conveyancing practice to carry out our lease extension conveyancing?
When appointing a property lawyer for lease extension works (regardless if they are a Silverton conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Silverton conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be useful:
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What are the legal fees for lease extension conveyancing? Can they put you in touch with clients in Silverton who can give a testimonial?
I invested in buying a 1st floor flat in Silverton, conveyancing was carried out in 1996. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Silverton with over 90 years remaining are worth £202,000. The ground rent is £60 per annum. The lease ceases on 21st October 2082
With 57 years remaining on your lease we estimate the premium for your lease extension to range between £28,500 and £33,000 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account 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.