My husband and I are planning to acquire a home in Torquay and have instructed a Torquay conveyancing firm. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Skipton Building Society have this afternoon contacted us to advise us that there is now an issue as our Torquay lawyer is not on their approved list of lawyers. What do we do from here?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' lawyers to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Torquay lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
My wife and I have recently purchased a property in Torquay. We have noticed several problems with the house which we suspect were omitted in the conveyancing searches. Is there anything we can do? What searches should? have been ordered as part of conveyancing in Torquay?
It is not clear from the question as what problems have arisen and if they are relate to conveyancing in Torquay. Conveyancing searches and due diligence initiated during the legal transfer of property are supposed to help avoid problems. As part of the legal transfer of property, a seller completes a form referred to as a Seller’s Property Information Form. answers proves to be incorrect, you may have a misrepresentation claim against the vendor for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Torquay.
As someone not used to the Torquay conveyancing process what’s your top tip you can impart concerning the legal transfer of property in Torquay
You may not hear this from too many lawyers but conveyancing in Torquay and elsewhere in England and Wales is an adversarial experience. In other words, when it comes to conveyancing there is lots of opportunity for friction between you and others involved in the legal transfer of property. For instance, the seller, estate agent and even potentially a lender. Appointing a solicitor for your conveyancing in Torquay should not be taken lightly as your conveyancer is your adviser, and is the ONLY party in the process whose responsibility is to look after your best interests and to protect you.
Sometimes a third party with a vested interest will try and persuade you that you should follow their advice. For example, the estate agent may claim to be helping by claiming that your conveyancer is dragging his heels. Or your financial adviser may try to convince you to do take action that is against your conveyancers guidance. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
We just had an offer accepted to buy with Melton Mowbray Building Society. I went into a couple of local solicitors yet cant to find a Torquay conveyancing firm on the Melton Mowbray Building Society approved list. Could you help?
Feel free to make use of the search tool on this site. Pick the building society and type Torquay or your location and you will be presented with numerous solicitors located in Torquay or near you.
I have justbeen informed that Arc property Solicitors have closed. They carried out my conveyancing in Torquay for a purchase of a leasehold apartment 18 months ago. How can I be sure that my home is registered correctly in the name of the previous owner?
The quickest method to check if the property is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Torquay conveyancing specialists.
We expect to complete the disposal of our £225,000 maisonette in Torquay in six days. The management company has quoted £336 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Torquay?
Torquay conveyancing on leasehold flats usually requires the buyer’s conveyancer sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to respond to these enquiries the majority will be content to assist. They may levy a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some cases it is in excess of £800. The administration charge demanded by the landlord must be accompanied by a summary of rights and obligations in relation to administration fees, otherwise the charge is technically not due. Reality however dictates that you have little option but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
I invested in buying a leasehold flat in Torquay, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Torquay with a long lease are worth £195,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease ceases on 21st October 2084
You have 63 years unexpired we estimate the premium for your lease extension to span between £16,200 and £18,600 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.