We are soon to exchange on the purchase of a house in Totnes but as a consequence of wreckage from the recent storms I have was able negotiate recompense from the owner of £2k in the form of a adjustment in the price. I had intended this to be dealt with as part of a side agreement but HSBC will not agree to this. Should they have been involved?
Any lawyer being on the HSBC approved list is required to inform HSBC of any variations to the sale price. If you prohibit your conveyancer to disclose the price change to HSBC then they would have to discontinue acting for you. In addition, HSBC and you would have to appoint a new lawyer for your conveyancing in Totnes.
We are selling our apartment in Totnes. Will the solicitor need to be required to be on the Co-operative conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Co-operative conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their specifications fairly frequently currently.
I have been told that property searches are the main reason for hinderance in Totnes house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not figure within the top 10 causes of hindrances in the conveyancing process. Local searches are not likely to feature in any holding up conveyancing in Totnes.
I used Stirling Law several years ago for my conveyancing in Totnes. I now require my file but the law firm has closed. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Totnes of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I am purchasing my first flat in Totnes with a loan from Coventry Building Society. The developers would not move on the price so I negotiated £7000 of fixtures and fittings instead. The house builders rep advised me not inform my lawyer about the extras as it will jeopardize my mortgage with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I have just appointed agents to market my garden apartment in Totnes. Conveyancing solicitors are to be appointed soon, however I have just had a half-yearly service charge demand – what should I do?
It best that you discharge the service charge as normal because all ground rent and maintenance payments will be allotted on completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I acquired a studio flat in Totnes, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Totnes with a long lease are worth £216,000. The ground rent is £50 invoiced every year. The lease comes to an end on 21st October 2090
You have 69 years left to run the likely cost is going to range between £9,500 and £11,000 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account 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 getting professional advice.