My husband and I are buying a 1 bedroom apartment in Totnes with a mortgage. We wish to retain our Totnes solicitor, however the mortgage company advise she’s not on their "panel". It appears that we have no option but to use one of the bank panel firms or keep our Totnes solicitor as well as pay for one of their panel firms to represent them. We feel that this is unjust; are we not able to demand that the mortgage company use our Totnes lawyer ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose 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 Totnes conveyancing solicitor to apply to be on the conveyancing panel.
Can you clarify what the consequences are if my lawyer’s firm is expelled from the Principality Solicitor panel ahead of completing my conveyancing in Totnes?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
A relative advised me that in buying a property in Totnes there could be a number of restrictions preventing external changes to a property. Is this right?
We are aware of a number of properties in Totnes which have some sort of restriction or requirement of consent to perform external variations. Part of the conveyancing in Totnes should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Completion of my remortgage has taken place for my property in Totnes. Conveyancing was a necessary evil but I would like to complain about the lender. How does one go about formally complaining?
All lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Team at head office. In most cases complaints to a lender are resolved effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
About to purchase maisonette in Totnes. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the HSBC conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Totnes property lawyer is on the HSBC conveyancing panel.
Yesterday I discovered that there is a flying freehold element on a house I have offered on a fortnight ago in what should have been a quick, no chain conveyancing. Totnes is the location of the property. What do you suggest?
Flying freeholds in Totnes are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Totnes you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Totnes may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I need to instruct a conveyancing solicitor for sale conveyancing in Totnes. I've stumble upon a site which appears to be the ideal solution If it is possible to get all the legals completed via phone that would be ideal. 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 a negotiator for a busy estate agent office in Totnes where we have witnessed a number of flat sales put at risk due to leases having less than 80 years remaining. I have received conflicting advice from local Totnes conveyancing firms. Please can you confirm whether the seller of a flat can initiate the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Leasehold Conveyancing in Totnes - Sample of Questions you should consider Prior to buying
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Make sure you discover if the the lease contains any adverse restrictions in the lease. By way of example some leases prohibit pets being permitted in in a block in Totnes. If you like the apartmentin Totnes yet your cat can’t live with you then you will be presented with a difficult choice. On the whole the outlay for major works tend not to be included within maintenance charges, albeit that some managing agents in Totnes obliged leasehold owners to pay into a reserve fund created for the specific intention of establishing a fund for major repairs or maintenance.