We wish to acquire a newly converted flat in Babbacombe with a residential mortgage from Nationwide Building Society.We have a Babbacombe conveyancing solicitor but Nationwide Building Society says he's not on their approved list of member firms. we are left little option but to use a Nationwide Building Society panel firm or retain our high street solicitor and pay for a Nationwide Building Society panel lawyer to act for them. We feel as though this is unjust; Can we not simply insist that Nationwide Building Society use our lawyer?
Unfortunately,no. The loan issued to you contains terms and conditions, a common one being that solicitors must be on the Nationwide Building Society approved list. in the past, most banks 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 solicitors to apply to be on the conveyancing panel for Nationwide Building Society
I bought my home on 12 March and the transaction details is not yet on the land registry website. Any reason for this? My conveyancing solicitor in Babbacombe said it will be dealt with inside ten days. Are titles in Babbacombe particularly slow to register?
As far as conveyancing in Babbacombe registration is no faster or slower than anywhere else in England and Wales. As opposed to being determined by geographic area, timescales can vary depending on the party submitting the application, whether it is in order and whether the Land registry communicate with any other persons or bodies. At present roughly three quarters of such applications are fully addressed in less than three weeks but occasionally there can be protracted hold-ups. Registration occurs once the new owner has moved in to the property thus registration formalities is not typically an essential issue but where it is urgent that the the registration takes place urgently then you or your lawyers can contact the land registry and explain the circumstances.
How does conveyancing in Babbacombe differ for new build properties?
Most buyers of new build property in Babbacombe come to us having been asked by the developer to sign contracts and commit to the purchase even before the property is completed. This is because developers in Babbacombe tend to buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Babbacombe or who has acted in the same development.
I decided to have a survey carried out on a house in Babbacombe before instructing conveyancers. I have been advised that there is a flying freehold overhang to the property. The surveyor has said that some lenders may not give a loan on such a home.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Nationwide. If you call us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Babbacombe. Conveyancing may be slightly more expensive based on your lender's requirements.
Last July I purchased a leasehold house in Babbacombe. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure 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 am the registered owner of a leasehold flat in Babbacombe, conveyancing having been completed May 2003. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Babbacombe with an extended lease are worth £181,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease terminates on 21st October 2076
With only 50 years left to run the likely cost is going to range between £32,300 and £37,400 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.