We are nearing an exchange on a property in Torquay and my parents have transferred the ten percent deposit to my solicitor. I am now advised that as the deposit has been received from someone other than me my solicitor needs to make a notification to my lender. Apparently, in also acting for the bank he must advise them that the balance of the purchase price is not just from me. I advised the lender about my parents' contribution when I applied for the home loan, so is it really appropriate for this now to hold matters up?
The conveyancer is duty bound to clarify with the bank to make sure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only report this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
Is it correct that all Torquay CQS (Conveyancing Quality Scheme) solicitors are on the Virgin Money conveyancing panel?
It is true that some lenders now make use of CQS as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their approved list of conveyancing solicitors.
When it comes to mortgage companies such as Leeds Building Society, do Torquay property lawyers have to pay a yearly amount to be on the list of approved solicitors?
We are unaware of any bank fees to register on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
I have today made my last payment due on my mortgage with Bank of Ireland. I assume I don't need a Torquay property lawyer on the Bank of Ireland panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Bank of Ireland mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Bank of Ireland mortgage from the register. Bank of Ireland, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Bank of Ireland has sent the Land Registry the discharge electronically, and
- Bank of Ireland has instructed the Land Registry to do so
I am looking for a flat up to £195,000 and found one near me in Torquay I like with a park and station in the vicinity, however it only has 61 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 mistake buying a short lease?
Should you require a mortgage that many years may be problematic. Discount the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you may request that they start the process of the extension and pass 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.
I need to retain a conveyancing solicitor for freehold conveyancing in Torquay. I've land on a web site which appears to be the perfect offering If it is possible to get all formalities done via email that would be preferable. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a great price which is making it all the more appealing. I have just discovered that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Torquay. Conveyancing solicitors have not yet been instructed. Will they explain the issues?
The majority of houses in Torquay are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Torquay so you should seriously consider shopping around for a Torquay conveyancing solicitor and be sure that they are used to transacting on 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 for example requiring the freeholder’sconsent to carry out alterations. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the property is located on an estate. Your conveyancer should appraise you on the various issues.
I acquired a studio flat in Torquay, conveyancing formalities finalised September 2008. How much will my lease extension cost? Equivalent flats in Torquay with an extended lease are worth £206,000. The ground rent is £45 per annum. The lease ceases on 21st October 2091
With 66 years remaining on your lease the likely cost is going to span between £12,400 and £14,200 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.
Been reading online that Torquay solicitors are more costly than licensed conveyancers in Torquay to use when buying a property. Am I better off using a conveyancer or a solicitor if I am buying for my home move in Torquay.
When it comes to conveyancing in Torquay the costs are unlikely to vary dramatically depending on whether the legal expert is a licenced conveyancer or solicitor.