I am in a contract race with another prospective purchaser for a property in Plymouth. What can be done to quicken up the legal process?
First, If the seller is applying time constraints for your conveyancing it is advisable to make sure that your lawyer is familiar with the area as they will make use of local contacts and know-how. It is possible that they may have transacted previoushouses in the same neighbourhood. Therefore consider using a Plymouth conveyancing firm. Second, check that the conveyancing firm is on the on the approved list for your mortgage company. It is believed that 18% of Plymouth conveyancing deals are held up or derailed after finding out that a purchaser’s conveyancer was not on their banks member panel. This can often result in the conveyancing being frustrated by an average of 21 days. It is said that this issue affects in the region of 100,000 home moves annually. Many Plymouth conveyancing firms can not represent certain lenders so do check as early as possible.
What does my ID and proof of funds have anything to do with my conveyancing in Plymouth? Why is this being asked of me?
Plymouth conveyancing solicitors as well as nationwide property practitioners throughout the UK have a duty under Anti-terror and anti-money-laundering rules to verify the identity of any client in order to ensure that clients are who they say they are.
Conveyancing clients will need to produce two forms of certified identification; proof of identity (typically a Passport or Driving Licence) and evidence of address (typically a Bank Statement less than 3 months old).
Confirmation of source of monies is also required in accordance with the money laundering laws as conveyancers are required to investigate that the money you are utilising to buy a property (be it the exchange deposit or the total purchase price if you are a cash purchaser) has originated from a reputable source (such as employment savings) and is not the product of illegitimate behaviour.
Does a directory service exist listing Bank of Ireland panel solicitors in Plymouth on the UK Finance Lenders’ Handbook Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association sites. A small selection of mortgage companies make their panel listings visible on the web. If you are seeking to appoint a Plymouth property lawyer on the Bank of Ireland please use our facility.
The formalities of my remortgage has taken place for my property in Plymouth. Conveyancing was of an acceptable standard but I would like to complain about the lender. How do I make a complaint?
Most banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Department at head office. We understand that complaints to a lender are sorted out effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
After much negotiation I have agreed a price on a house in Plymouth. My mortgage broker suggested a conveyancing practitioner. I paid an on account payment of £150. A couple of days later, the property lawyer contacted me sheepishly admitting that they were not on the Bank of Ireland conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Bank of Ireland panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
How does conveyancing in Plymouth differ for newly converted properties?
Most buyers of new build residence in Plymouth contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is constructed. This is because builders in Plymouth 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 property lawyers 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 Plymouth or who has acted in the same development.
I am attracted to a two maisonettes in Plymouth both have about 50 years remaining on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Plymouth is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the premises. For most purchasers and lenders, leases with under eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Plymouth conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I invested in buying a split level flat in Plymouth, conveyancing having been completed 7 years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Plymouth with a long lease are worth £176,000. The ground rent is £50 invoiced every year. The lease terminates on 21st October 2100
You have 80 years remaining on your lease we estimate the premium for your lease extension to span between £8,600 and £9,800 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.