I am purchasing a semi-detached house in Teignmouth. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Teignmouth you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Teignmouth.
Have just purchased a repossessed house at auction in Teignmouth. Conveyancing is required. What is next?
Now that you have to in every practical sense signed on the dotted line you now have to instruct a conveyancing lawyer as a matter of urgency as you will have a tight a fixed date to complete the conveyancing. An auction property should have a bespoke auction set of papers. This will include most,if not all of the paperwork that your solicitor requires. Where you are dealing with leasehold premises the legal papers should provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation pertinent to leasehold premises. You should hand this to the solicitor instructed by you at the earliest opportunity. Do make sure that your finances are organised to complete the transaction on the set completion date.
It is not clear whether my mortgage offer requires a lease extension. I have telephoned my Teignmouth bank branch on numerous occasions and was reassured it wasn't a problem and they will lend. My Teignmouth conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Your lawyer must comply with the CML Handbook Part 2 provisions for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Intending to buy a apartment in Teignmouth. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Santander conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Teignmouth conveyancing practitioner is on the Santander conveyancing panel.
Should my solicitor be making enquiries concerning flooding during the conveyancing in Teignmouth.
Flooding is a growing risk for conveyancers carrying out conveyancing in Teignmouth. Some people will acquire a property in Teignmouth, completely aware that at some time, it may be flooded. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or sell the property. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Lawyers are not qualified to offer advice on flood risk, however there are a various searches that may be initiated by the buyer or by their conveyancers which can figure out the risks in Teignmouth. The conventional set of property information forms supplied to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) contains a standard inquiry of the seller to find out if the premises has ever been flooded. If flooding has previously occurred which is not disclosed by the seller, then a buyer may bring a claim for damages as a result of such an inaccurate reply. The purchaser’s lawyers may also order an environmental search. This should reveal whether there is a recorded flood risk. If so, more detailed investigations will need to be initiated.
I am buying my first flat in Teignmouth benefiting from help to buy. The developers would not reduce the price so I negotiated £7000 of extras instead. The property agent told me not to tell my lawyer about this deal as it could put at risk my loan with the bank. 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.
Taking into account that I am about to spend hundreds of thousands of pounds on a house in Teignmouth I would like to talk to a conveyancer concerning thehome move in advance of instructing the firm. Can this be arranged?
This is something that we recommend - it is our preference to talk to you we do not take any clients on without you speaking to the lawyer who will be carrying out your property ownership legalities in Teignmouth.There is no ‘factory style conveyancing’ - each client is an important person, not a file number. The practices that we put you in touch with believe that the fees you are provided with for residential conveyancing in Teignmouth should be the amount on the final invoice that you are charged.
Back In 2001, I bought a leasehold house in Teignmouth. Conveyancing and Godiva Mortgages Ltd mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Teignmouth who acted for me is not around. Any advice?
The first thing you should do is make enquiries of HMLR to make sure that this person is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Teignmouth conveyancing firm to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I acquired a leasehold flat in Teignmouth, conveyancing having been completed in 2003. Can you work out an approximate cost of a lease extension? Similar properties in Teignmouth with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease runs out on 21st October 2080
With 55 years left to run we estimate the premium for your lease extension to range between £31,400 and £36,200 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.