I am acquiring a newly built apartment in Teignmouth and my conveyancer is informing me that she has to the bank to reveal incentives from the seller. I am on a tight deadline to exchange contracts and my preference is not to prolong deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
3 months have gone by since my purchase conveyancing in Teignmouth took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £215,000. 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.
How does conveyancing in Teignmouth differ for new build properties?
Most buyers of new build or newly converted property in Teignmouth approach us having been asked by the developer to exchange contracts and commit to the purchase even before the house is finished. This is because new home sellers in Teignmouth tend to purchase 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 used to new build conveyancing in Teignmouth or who has acted in the same development.
I am looking for a leasehold apartment up to £305k and identified one round the corner in Teignmouth I like with a park and station nearby, however it only has 52 years on the lease. I can't really find anything else in Teignmouth for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a home loan that many years will be an issue. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least twenty four months you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
I was pointed in your direction by a number of selling agents in Teignmouth to choose a conveyancer on your site. What’s the financial incentive for Estate Agents to recommend your services over a competitor’s?
We refuse to give any financial incentive for directing people in our direction. We found it would be just too difficult to pay a commission as a client could think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
Frank (my husband) and I may need to let out our Teignmouth basement flat for a while due to a career opportunity. We instructed a Teignmouth conveyancing firm in 2004 but they have since shut and we did not think at the time seek any advice as to whether the lease permits subletting. How do we find out?
Some leases for properties in Teignmouth do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
Leasehold Conveyancing in Teignmouth - Examples of Queries before buying
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Is anyone aware of any major works in the planning that could increase the service fees? Its a good idea to discover as much as you can concerning the company managing the building as they can either make living at the property much simpler or uncomfortable. Being a leasehold owner you are frequently at the mercy of the managing agents both financially and when it comes to every day matters like the tidiness of the communal areas. Don't be shy to ask other tenants if they are happy with their service. Finally, be sure you understand the dates that the service charges are due to the appropriate party and precisely what it includes. How many of the leaseholders are in arrears for their service charge payments?