Am I correct in assuming that the fact that my conveyancer in Exmouth is not on my mortgage company's solicitor panel that there is a problem with the quality of her conveyancing?
It would be unwise to jump to that conclusion. There are plenty of reasonable explanations. Just recently a report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should contact the Exmouth conveyancing firm and enquire why they are no longer on the approved list for your lender.
The owners have very brash sellers who has suggested a preliminary agreement with a down payment 6,000. Are such agreements sensible?
There are a couple of main downsides with signing a lock out agreement (occasionally known as a shut-out contract) is that it diverts attention away from progressing with the conveyancing transaction itself, so in the absence of it needing little or no negotiation then it could turn out to be a hindrance. It is not particularly popular by Exmouth conveyancing lawyers as a result. A further concern is the extent of the remedies available - an aggrieved buyer is not likely to win an injunction to bar the owner disposing of the property to another buyer, so the only remedy open via the agreement will be the recovery of abortive charges and, in rare situations, the additional payment of damages.
Forgive me if this question is silly but I am new to the house moving as FTB of a garden flat in Exmouth. Do I receive the keys to the premises on completion from my lawyer? If so, I will instruct a High Street conveyancing solicitor in Exmouth?
On the day of completion you will not be required to go to the conveyancers office in Exmouth. Conveyancing lawyers for you will transfer the completion advance to the seller's solicitors, and shortly after the monies have arrived, you will be called to receive the keys from the property Agents and start moving into the property. This tends to happen early afternoon.
The mortgage over my property is with Leeds Building Society for my property in Exmouth. Conveyancing has been completed some time ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Leeds Building Society?
You must advise Leeds Building Society in advance of renting your property as this is likely to be a breach of Leeds Building Society’s mortgage conditions. It may be that Leeds Building Society will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Leeds Building Society directly. It should not be necessary to do this via a Leeds Building Society conveyancing panel solicitor.
Coventry BS have agreed my home loan in principle, my bid on a flat in Exmouth has been accepted, now what?
The property agent will wish to be informed of your solicitor's details (ensure that the solicitors are on the lender’s panel). Call up Coventry BS or your financial adviser and finalise any relevant forms. Coventry BS will appoint a valuer who will get in contact with the estate agent or seller to schedule an appointment. Once carried out (assuming no problems) it takes approximately ten days for the mortgage offer to be issued. Coventry BS will send the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Exmouth.
Over the last few months I have been searching for a flat up to £245,000 and identified one round the corner in Exmouth I like with open areas and railway links nearby, the downside is that it only has 52 years unexpired on the lease. There is not much else in Exmouth suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a home loan the remaining unexpired lease term may be an issue. Reduce the price by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of twenty four months you can request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
I am are looking to find a dependable conveyancing solicitor in Exmouth to buy a home. I I am concerned about appointing the wrong one and there's many Exmouth conveyancing practices out there...how do I know which one is best to appoint?
Where you have not instructed a conveyancer previously, a trustworthy recommendation from family or friends is a preferable starting point and is often a good barometer of quality. Alternatively, take a look at the client references published on your solicitor’s website or use our search tool to choose a conveyancing solicitor in Exmouth.