It has come to my attention via my estate agent that my Torquay lawyer is not on the bank Solicitor panel. What can I do to be sure that this is correct?
You need to call your Torquay conveyancer. It is reasonable to expect your lawyer to inform you of the situation. Where they are not on the panel they may be able to suggest a Torquay conveyancing firm that is on the approved list of lawyers for your bank.
A colleague recommended that where I am purchasing in Torquay I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is usually quoted for as part of the standard Torquay conveyancing searches. It is not a small report of about 40 pages, listing and detailing important information about Torquay around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Torquay Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Torquay Education with maps and statistics, Local Amenities and other useful information concerning Torquay.
I have been on the look out for a flat up to £235,500 and identified one close by in Torquay I like with a park and transport links nearby, however it only has 52 remaining years left on the lease. I can't really find anything else in Torquay in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
If you need a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of 2 years you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.
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At this site get a fixed fee costs illustration via a Solicitor or Licensed Conveyancer that understands the nuances of your conveyancing in Torquay. As opposed to estate agents and many comparison sites we do not charge firms a commission if you choose them for your conveyancing in Torquay
I today plan to offer on a house that seems to be perfect, at a great figure which is making it all the more appealing. I have subsequently found out that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Torquay. Conveyancing solicitors have not yet been instructed. Will they explain the issues?
Most houses in Torquay are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Torquay in which case you should be shopping around for a Torquay conveyancing practitioner and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’sconsent to conduct alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your solicitor will report to you on the legal implications.
Leasehold Conveyancing in Torquay - Examples of Queries Prior to Purchasing
Best to be warned whether redecorating or some other major work is coming up to be shared amongst the tenants and may well dramatically impact the level of the service charges or necessitate a specific invoice. You will want to find out as much as possible about the company managing the block as they will impact your use and enjoyment of the property. Being a leasehold owner you are often in the clutches of the managing agents from a financial perspective and when it comes to daily matters such as the tidiness of the communal areas. Don't be afraid to ask prospective neighbours what they think of them. On a final note, be sure you understand the dates that you are obliged pay the maintenance charge to the appropriate party and precisely how they are spending that money. Is anyone aware of any major works in the planning that will likely increase the maintenance charges?
I pay a service charge for my property in Torquay. Due to losing my job and other issues I slipped into arrears with payments. The managing agents agreed a payment plan but there remains about £3000 left in arrears.
I am under pressure to dispose of the property and I am nervous that this could jeopardize the sale if I have to settle the amount due now. I'd like to sell up and subsequently pay them back with the proceeds - is this practicable?
It would be wise to clarify with the lawyer handling your Torquay conveyancing but it may be possible to arrange for the outstanding amount to be attributed to the buyers. The final price due would be reduced to reflect the amount of debt they take on. They would then pay the arrears once they are the owners.