Me and my partner are soon to complete buying a property in Totnes but as a result of wreckage from the recent storms I have was able negotiate recompense from the seller of six thousand pounds in the form of a reduction in the price. This was going to be dealt with as part of the conveyancing process however Bank of Ireland will not agree to this. Should they have been informed?
Your property lawyer that is on the Bank of Ireland approved list is duty bound to advise Bank of Ireland of any amendments to the purchase price. If you prohibit your conveyancer to notify the reduction to Bank of Ireland then they would have to discontinue acting for you. In addition, Bank of Ireland and you would have to appoint a new lawyer for your conveyancing in Totnes.
As someone clueless as to conveyancing in Totnes what is your top tip you can give me for the ownership transfer in Totnes
You may not hear this from too many lawyers but conveyancing in Totnes and elsewhere in England and Wales is an adversarial process. Put another way, when it comes to conveyancing there is an abundance of opportunity for confrontation between you and others involved in the legal transfer of property. E.g., the seller, selling agent and even potentially your lender. Selecting a lawyer for your conveyancing in Totnes is a critical decision as your conveyancer is your adviser, and is the ONLY party in the transaction whose responsibility is to act in your best interests and to keep you safe.
We are witnessing a definite ongoing adversarial element to conveyancing- someone must be at fault for the process taking so long. You your first instinct should be to trust your lawyer above all other parties when it comes to the legal assignment of property.
we are a couple who are buying a newly converted apartment in Totnes with a loan from Santander.We would like to retain our Totnes conveyancing practitioner but Santander says his firm is not listed on their "panel". It seems we have no choice but to instruct a Santander panel firm or keep our high street solicitor and pay for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that Santander use our lawyer?
Unfortunately,no. The home loan offered to you is subject to its various provisions, one of which will be that lawyers needs to be on the Santander conveyancing panel. in the past, most lenders had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Santander
My wife and I purchasing a victorian detached house in Totnes. The intention is to carry out a loft conversion at the property.Will legal work on the property include investigations to determine if these alterations were previously refused?
Your property lawyer should review the registered title as conveyancing in Totnes can sometimes identify restrictions in the title documents which restrict certain alterations or require the consent of another owner. Many extensions need local authority planning permissions and approval in accordance building regulations. Certain locations are designated conservation areas and special planning restrictions apply which frequently prevent or affect extensions. It would be wise to check these issues with a surveyor ahead of any purchase.
Please help - my lawyer advises that lack of right of way insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Totnes?
The appropriate level of lack of right of way indemnity insurance depends on your lender. It would differ for example between Santander and Norwich and Peterborough Building Society. Conveyancing practitioners as opposed to members of the public take out such policies.
We have agreed to purchase a house in Totnes. A rare aspect is that the roof has a solar panel. Lloyds have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Lloyds your lawyer must follow the formal requirements outlined in Part 2 of UK Finance Lenders’ Handbook for Lloyds. The CML Handbook contains minimum provisions for solar panel roof-space leases, and solicitors are required to report to Lloyds where a lease does not comply with these specifications. The specifications relate to the installation of panels on properties nationwide and is not limited to Totnes.
Just had an offer accepted on a new build flat in Totnes. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Totnes
The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Forfeiture - bankruptcy or liquidation must not apply under this provision. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
I've recently bought a leasehold flat in Totnes. Am I liable to pay service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I invested in buying a garden flat in Totnes, conveyancing having been completed in 2008. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Totnes with a long lease are worth £180,000. The ground rent is £65 charged once a year. The lease expires on 21st October 2079
With 58 years left to run we estimate the price of your lease extension to be between £22,800 and £26,400 as well as legals.
The figure above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.