I can't travel far from Teignmouth. What is the rationale as to why all Teignmouth solicitors aren't included on all bank panels?
Before the recession most banks displayed an attitude to risk which differs from the current day. The FSA in 2010 instigated a thematic review into fraud which in summary warned lenders: know the solicitors on your panel. Accordingly, mortgage companies have since soughtmore data from law firms regarding their processes and the staff employed by them and set certain criteria such as completing a minimum number of transactions. Many firms have found themselves excluded from lender panels even though they had 100% healthy track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms were never going to meet the minimum amount of transactions the mortgage companies insisted on.
Why is leasehold purchase conveyancing in Teignmouth is more expensive?
Teignmouth leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
My stepmother pointed out to me me that in buying a property in Teignmouth there could be various restrictions as to what one can do in terms of external changes to a property. Is this right?
We are aware of anumerous of properties in Teignmouth which have some sort of restriction or requirement of consent to carry out external variations. Part of the conveyancing in Teignmouth should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We had appointed conveyancers located in Teignmouth on the Co-operative solicitor panel. They have just billed me a further sum for the legal aspects of the Co-operative mortgage. Is this a supplemental conveyancing fee set by Co-operative?
As unfair as it may appear, as long as it’s in their Terms and Conditions or Quote then yes your solicitor can levy a fee for this. This fee is not set by Co-operative but by your Teignmouth conveyancer. Plenty of firms on the Co-operative panel will quote ’dealing with mortgage’ fee and others do not.
The formalities of my remortgage has taken place for my property in Teignmouth. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. How does one go about formally complaining?
Almost all lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Department at head office. We understand that complaints to a lender are sorted out effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
I have a semi-detached Georgian house in Teignmouth. Conveyancing solicitor represented me and TSB. 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 under the exact same address. I'd like to know for sure, how can I find out??
You should read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Teignmouth and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the position with your conveyancing solicitor who completed the work.
My husband and I are first time buyers - agreed a price, yet the estate agent has warned us that the seller will only issue a contract if we appoint their chosen solicitors as they are insisting on a ‘quick sale’. We would rather use a high street solicitor who is familiar with conveyancing in Teignmouth
It is highly unlikely the sellers are driving this. Should the vendor desire ‘a quick sale', taking such a hostile approach to a motivated buyer is likely to cause more damage than good. Speak to the vendors direct and make sure they comprehend that (a)you are keen to buy (b)you are ready to go, with finances arranged © you have nothing to sell (d) you wish to move quickly (e)but you intend to use your own,trusted Teignmouth conveyancing solicitors - as opposed tothe ones that will give the estate agent a introducer fee or achieve conveyancing thresholds demanded by head office.
I’m about to sell my ground floor flat in Teignmouth.Conveyancing lawyers have not yet been instructed but I have recently received a half-yearly maintenance charge invoice – Do I pay up?
It best that you discharge the invoice as normal as all ground rent and service invoices should be apportionedas part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most managing agents 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. This will smooth the conveyancing process