I am not in a position to travel far from Yelverton. Is there a reason why all Yelverton conveyancers are not on all bank panels?
Banks ordinarily restrict either the nature or the number of conveyancing solicitors on their panel. Frequent examples of such criteria being that the organisation must have at least two partners. As well as restricting the type of firm, some have made a decision to reduce the size of their panel they allow to act for them. You should note that lenders have no accountability for the quality of service supplied by any Yelverton solicitor on their panel. Increases in mortgage fraud was the main trigger for the rationalisation of solicitor panels from 2008 even though there are differing thoughts about the extent of solicitor involvement in some of that fraud. Data via HM Land Registry indicates that thousands of conveyancing firms only transact a couple of conveyances a year. Those supporting conveyancing panel pruning ask why conveyancing firms deserve any entitlement to be listed on a conveyancing panel when it is apparent that property law is not their speciality?
I am considering applying for a Aldermore mortgage for purchase of a new build (under development) in Yelverton with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Aldermore ?
In theory, you could use a solicitor that is not on the Aldermore conveyancing panel, but Aldermore would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
I am buying a new build house in Yelverton with a mortgage from Bank of Ireland. The developers would not budge the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative told me not reveal to my lawyer about this extras as it will affect my loan with the lender. Should I keep quiet?.
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 decided to have a survey carried out on a property in Yelverton in advance of appointing lawyers. I have been advised that there is a flying freehold overhang to the house. Our surveyor advised that some banks tend not grant a loan on a flying freehold house.
It varies from the lender to lender. Lloyds has different requirements from Nationwide. If you e-mail us we can look into this further with the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Yelverton. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Yelverton to see if the conveyancing will be more expensive.
We expect to complete the disposal of our £450,000 maisonette in Yelverton on Monday in a week. The freeholder has quoted £396 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Yelverton?
Yelverton conveyancing on leasehold flats often requires the buyer’s solicitor sending enquiries for the landlord to answer. Although the landlord is not legally bound to answer such questions most will be content to assist. They are at liberty to invoice a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The administration charge levied by the landlord must be sent together with a synopsis of rights and obligations in relation to administration fees, without which the invoice is technically not due. Reality however dictates that you have little option but to pay whatever is demanded if you want to sell the property.
I purchased a split level flat in Yelverton, conveyancing was carried out 7 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Yelverton with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease ends on 21st October 2079
With just 55 years left to run we estimate the premium for your lease extension to span between £31,400 and £36,200 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.
I purchased a flat in Yelverton last 30/8/2023 and to date it is still not registered with HM Land Registry. It was part of a development site and my conveyancing practitioner told me that it may take twelve months to register. I have called HMLR directly and they say that the initial application was cancelled due to questions not being addressed in time. Do I need to be concerned?
It is your property lawyer that you must contact in order to satisfy any questions which have arisen as part of the registration process for your Yelverton property. Normal Yelverton conveyancing practice includes an undertaking on the part of the previous owner’s solicitor that they will assist in resolving any question raised by HMLR so it may be a case of taking action to enforce that undertaking in some way.