Me and my partner are intending to acquire a 1 bedroom apartment in Teignmouth with a mortgage. We would like to retain our Teignmouth solicitor, but the bank advise she’s not on their "panel". We have to appoint one of the lender panel solicitors or continue with our Teignmouth conveyancing practitioner and pay for one of their panel firms to act for them. We feel that this is inequitable; is there anything we can do?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Teignmouth conveyancing lawyer to apply to be on the conveyancing panel.
We are getting a further advance on our home loan from RBS as we wish to conduct renovations to our home in Teignmouth. Are we obliged to choose a nearby Teignmouth solicitor on the RBS conveyancing panel to handle the legals?
RBS do not ordinarily require firms on their conveyancing panel to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the RBS panel.
We expect to receive a OIP from TSB this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do TSB recommend any Teignmouth solicitors on the TSB conveyancing panel, or is it better to go independently?
You will need to appoint Teignmouth solicitors independently although you'll need to choose one on the TSB conveyancing panel. The solicitor represents both you and TSB through the process.
After shopping around on the internet I have found a Teignmouth lawyer having checked that they are on the Bank of Ireland conveyancing panel. Does my lawyer arrange the survey of the property?
Bank of Ireland will need an independent valuation of the property. Your lawyer will not arrange this. Usually Bank of Ireland will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Teignmouth surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Should our conveyancer be raising enquiries concerning flooding during the conveyancing in Teignmouth.
The risk of flooding is if increasing concern for solicitors dealing with homes in Teignmouth. There are those who purchase a property in Teignmouth, fully expectant that at some time, it may suffer from flooding. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Solicitors are not best placed to impart advice on flood risk, however there are a numerous searches that can be undertaken by the purchaser or on a buyer’s behalf which should give them a better appreciation of the risks in Teignmouth. The conventional set of completed inquiry forms given to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual question of the vendor to discover whether the property has historically flooded. If the premises has been flooded in past which is not revealed by the seller, then a purchaser could bring a compensation claim resulting from an incorrect reply. The buyer’s conveyancers should also carry out an environmental search. This will higlight whether there is any known flood risk. If so, further inquiries should be conducted.
How does conveyancing in Teignmouth differ for new build properties?
Most buyers of new build premises in Teignmouth approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is constructed. This is because developers in Teignmouth typically buy 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 property lawyers 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.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on two weeks back in what was supposed to be a quick, no chain conveyancing. Teignmouth is the location of the property. Is there any advice you can impart?
Flying freeholds in Teignmouth are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Teignmouth you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Teignmouth may ascertain 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.
I am employed by a busy estate agent office in Teignmouth where we have experienced a few flat sales jeopardised as a result of short leases. I have received inconsistent advice from local Teignmouth conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I acquired a 2 bed flat in Teignmouth, conveyancing was carried out May 2009. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Teignmouth with a long lease are worth £176,000. The ground rent is £50 invoiced every year. The lease finishes on 21st October 2102
With only 80 years unexpired the likely cost is going to range between £8,600 and £9,800 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.