My fiance and I are buying residence in South Brent. My Solicitor is not on the mortgage company approved panel. Is it possible for me to retain my South Brent conveyancing solicitor notwithstanding that they are not on the bank panel of approved conveyancing solicitors?
You will need to appoint a conveyancing practitioner to deal with the legal work required when you take out a mortgage to purchase your home. The property lawyer will conduct all the necessary investigations on the property, make sure that you will be properly registered as the owner and ensure that all the necessary mortgage paperwork is dealt with. You can instruct a South Brent lawyer of your choosing. Nevertheless, where the lawyer appointed is not a member of the mortgage company approved list supplemental fees will arise as separate legal representation will be need by the mortgage company. Bank panel applications can be submitted, so where your conveyancer has not in the past sought membership they should take the opportunity to apply.
As a first time buyer what is the most important number one tip you can give me regarding purchase conveyancing in South Brent?
You may not hear this from too many lawyers but conveyancing in South Brent and elsewhere in Devon is often a confrontational experience. Put another way, when it comes to conveyancing there is lots of room for confrontation between you and other parties involved in the ownership transfer. For example, the seller, property agent and on occasion a lender. Appointing a solicitor for your conveyancing in South Brent should not be taken lightly as your conveyancer is your adviser, and is the ONLY party in the legal process whose role it is to protect your legal interests and to keep you safe.
There is a distinct creep of a "blame" culture- someone must be at fault for the process taking so long. You must always trust your conveyancer ahead of the other parties when it comes to the legal transfer of property.
I am purchasing my first flat in South Brent benefiting from help to buy. The developers refused to reduce the price so I negotiated £7000 of fixtures and fittings instead. The property agent advised me not inform my conveyancer about this deal as it could put at risk my mortgage with the bank. Do I keep my lawyer in the dark?.
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.
Due to the input of my in-laws I had a survey completed on a property in South Brent prior to instructing solicitors. I have been advised that there is a flying freehold overhang to the property. My surveyor advised that some mortgage companies will not grant a mortgage on a flying freehold property.
It depends who your proposed lender is. Bank of Scotland has different instructions from Birmingham Midshires. If you e-mail us we can look into this further via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in South Brent. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in South Brent to see if the conveyancing costs will increase in light of this.
I've recently bought a leasehold flat in South Brent. Do I have any liability for service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner 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. It is an essential part 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 inherited a ground floor flat in South Brent, conveyancing was carried out 7 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in South Brent with an extended lease are worth £197,000. The ground rent is £55 levied per year. The lease expires on 21st October 2074
With just 55 years left to run we estimate the premium for your lease extension to be between £31,400 and £36,200 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.