My IFA has asked me for my Totnes law firm’s panel reference for the Santander conveyancing panel. Can you suggest how I obtain this. I have e-mailed my local Totnes office but they have not responded to me.
Have you tried contacting your Totnes lawyer about this?. Most Totnes conveyancing firms will retain a file or database of lender panel information which would include, if applicable, their conveyancing panel details for each mortgage company.
Why is leasehold purchase conveyancing in Totnes is more expensive?
In summary, leasehold conveyancing in Totnes and elsewhere usually requires extra hours of investigation compared to freehold transactions. This includes lease investigation, corresponding with the landlord concerning serving required notices, procuring up-to-date service charge and management information, securing the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first entered into.
Do the Building Society Association intend to launch a search tool with a view to to identify law firms on the Darlington Building Society conveyancing panel for example in Totnes?
We are not aware of any intention on the part of the BSA to promote such a register.
I have been on the look out for a ground for flat up to £245,000 and found one round the corner in Totnes I like with amenity areas and railway links in the vicinity, the downside is that it only has 49 years on the lease. There is not much else in Totnes suitable, so just wondered if I would be making a mistake purchasing a short lease?
If you need a home loan the shortness of the lease may be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of 2 years you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
I am a couple of weeks into a leasehold purchase having been referred to conveyancers by the local agent to perform conveyancing in Totnes. I am am very disappointed with the level of service. Could you help me find new lawyers?
They would need to be really poor in order to consider changing them. Has the mortgage offer been sent? If so you will need to advise them of the new contact details and ensure the loan are issued to the new lawyers. The conveyancer should be on the banks approved list to avoid escalating fees and delays. That should be your starting point. The search tool can help you find a bank approved solicitor for your home move in Totnes
I want to sublet my leasehold flat in Totnes. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
The lease governs the relationship between the landlord and you the flat owner; specifically, it will say if subletting is prohibited, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Totnes do not contain strict prohibition on subletting – such a clause would undoubtedly devalue the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
I bought a 2 bed flat in Totnes, conveyancing having been completed in 1995. 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? Equivalent properties in Totnes with an extended lease are worth £206,000. The ground rent is £45 yearly. The lease runs out on 21st October 2091
With just 67 years left to run the likely cost is going to be between £10,500 and £12,000 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.