My wife and I are looking to acquire a property in Cullompton and have instructed a Cullompton conveyancing practice. Within the past 48 hours our conveyancer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Godiva Mortgages Ltd have this afternoon contacted us to advise us that there is now an issue as our Cullompton lawyer is not on their approved list of lawyers. Is this a problem?
Where you are buying a property requiring a mortgage it is normal for the purchasers' lawyers to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Cullompton lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
We are approaching an exchange on a property in Cullompton and my parents have sent the ten percent deposit to my solicitor. I am now told that as the deposit has been received from someone other than me my conveyancer needs to make a notification to my mortgage company. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is coming from anyone other than me. I disclosed to the lender regarding my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
Your conveyancing practitioner is obliged to check with mortgage company to ensure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only reveal this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
My wife and I are buying a house in Cullompton. It might be a silly question but how we can trust a lawyer? At some point we will need to put our life savings into their account. What is the protection we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I am assisting my step-mother sell her flat in Cullompton. Does the conveyancer commission the energy assessment or do I organise this?
Following the demise of Home Packs, energy performance certificates was maintained a compulsory element of selling a house. An energy performance certificate must be commissioned before the property is put on the market. It is not a task that conveyancers normally arrange. If you are using a Cullompton conveyancing lawyer they may help arrange energy assessments given their relationships with reputable Cullompton energy assessors
My wife and I have organised a further advance on our mortgage from Nottingham as we want to conduct improvements to our house in Cullompton. Are we obliged to select a local Cullompton solicitor on the Nottingham conveyancing panel to deal with the paperwork?
Nottingham don't usually instruct firms on their conveyancing panel to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Nottingham list.
I am purchasing a new build house in Cullompton with a mortgage from Nottingham Building Society. The sellers refused to move on the amount so I negotiated £7000 of fixtures and fittings instead. The house builders rep suggested that I not reveal to my conveyancer about this deal as it could affect my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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.
My fiance and I may need to let out our Cullompton ground floor flat temporarily due to a career opportunity. We used a Cullompton conveyancing firm in 2002 but they have since shut and we did not have the foresight to get any guidance as to whether the lease allows us to sublet. How do we find out?
A lease governs relations between the landlord and you the leaseholder; specifically, it will set out if subletting is not allowed, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. Most leases in Cullompton do not contain subletting altogether – such a provision would undoubtedly devalue the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.
I bought a ground floor flat in Cullompton, conveyancing formalities finalised in 2008. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Cullompton with a long lease are worth £211,000. The ground rent is £50 invoiced every year. The lease finishes on 21st October 2091
With only 68 years left to run we estimate the premium for your lease extension to range between £9,500 and £11,000 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.