I am hoping to receive a mortgage with Santander. I would like to instruct a Licensed Conveyancer in Teignmouth. Does the Santander Conveyancing panel allow for conveyancers regulated by the CLC?
The Santander approved solicitor list is, like many other lenders, associated to the Council or Mortgage Lenders or Building Society Association, open to Licensed Conveyancers regulated by the CLC.
In what way does my ID and proof of funds have anything to do with my conveyancing in Teignmouth? Why is this being asked of me?
It is indeed that case that the requirement set out by your solicitor has nothing to do with conveyancing in Teignmouth. However these days you will not be able to complete any conveyancing process without first submitting proof of your identity. Ordinarily this takes the form of a either your passport or driving licence as well as a council tax bill. Remember if you are supplying your driving licence as evidence of ID it needs to be both the paper section as well as the photo card part, one is not acceptable without the other.
Proof of your source of monies is required under Money Laundering Regulations. You should not be offended when when this is requested of you as your conveyancer will need to have this information on file. Your Teignmouth conveyancing practitioner will require evidence of proof of funds before they are able to accept any money from you into their client account and they should also ask additional queries concerning the source of monies.
4 months have gone by following 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 residence 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.
I have been on the look out for a ground for flat up to £195,000 and identified one close by in Teignmouth I like with amenity areas and station in the vicinity, however it only has 61 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?
Should you need a home loan that many years will likely be a potential deal breaker. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of twenty four months you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
My husband and I are 17 days into a leasehold purchase having been directed to solicitors by the high street agent to execute conveyancing in Teignmouth. We are not happy. Can you you assist me in finding new lawyers?
They would have to be very bad to suggest replacing them. Has the mortgage offer been issued? If so you need to advise them of the new conveyancer and ensure the loan are re-issued. Your solicitor ideally should be on the lenders panel to avoid added expenses and delays. That should be your first question of the new solicitors. The find a solicitor tool will help you find a lender approved conveyancer for your home move in Teignmouth
Do you have any top tips for leasehold conveyancing in Teignmouth from the perspective of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Teignmouth can be reduced where you appoint lawyers the minute your agents start advertising the property and ask them to collate the leasehold information which will be required by the purchasers’ lawyers. You believe that you know the number of years left on your lease but it would be advisable verify this by asking your lawyers. A buyer’s lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is less than 80 years. In the circumstances it is important at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale. In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Teignmouth state that internal structural alterations or addition of wooden flooring necessitate a licence from the Landlord acquiescing to such alterations. Should you fail to have the paperwork to hand do not communicate with the landlord without contacting your lawyer before hand. A minority of Teignmouth leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers.
Leasehold Conveyancing in Teignmouth - Sample of Queries before Purchasing
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Please inform me if there are any major works in the planning that could increase the service charges? The majority of Teignmouth leasehold apartments will be liable to pay a service charge for maintenance of the block invoiced on behalf of the freeholder. Should you purchase the flat you will have to meet this amount, normally in instalments accross the year. This can be anything from two or three hundred pounds to thousands of pounds for large purpose-built buildings. In all likelihood there will be a rentcharge to be met yearly, normally this is not a exorbitant amount, say about £50-£100 but you should to enquire it because occasionally it could be surprisingly expensive. If a Teignmouth lease has no more than eighty years it will impact the value of the apartment. Check with your mortgage company that they are happy with remaining years on the lease. A short lease means that you will almost definitely have to extend the lease at some point and you need to have some idea of how much this would cost. Remember, in most cases you will be be obliged to have owned the property for a couple of years in order to be entitled to extend the lease.