We are acquiring a new build flat in Topsham and my lawyer is telling me that she has to the lender to disclose incentives from the builder. I am under pressure to sign contracts and my preference is not to delay deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
When it comes to lenders such as Bank of Ireland, do Topsham property lawyers incur a yearly amount to be on the conveyancing panel?
We are unaware of any bank fees to be on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
Completion of my remortgage has taken place for my property in Topsham. Conveyancing was a necessary evil but I feel I should register my dissatisfaction about the lender. How does one go about formally complaining?
Most lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Team at head office. We understand that complaints to a lender are resolved effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
I am due to exchange contracts on my apartment. I had a double glazing fitted in October 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Principality are being a right pain. The Topsham solicitor who is on the Principality conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Principality are insisting on a building regulation certificate. Why do Principality have a conveyancing panel if they don't accept advice from them?
It is probably the case that Principality have referred the matter to their valuer. The reason why Principality may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Despite weeks of looking the Title Certificate and documents to my home can not be found. The solicitors who did the conveyancing in Topsham 10 years ago no longer exist. What do I do?
Gone are the days when you need to have the physical deeds to prove you own the land or property, given that the Land Registry hold details of all registered land or property electronically.
What makes a Topsham lease unacceptable for security purposes?
Leasehold conveyancing in Topsham is not unique. All leases are individual and legal mistakes in the legal wording can result in certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:
Clauses dealing with recovering service charges for expenditure on the building or common parts. Repairing obligations to or maintain parts of the premises
You will have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Barnsley Building Society, and Godiva Mortgages Ltd all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to pull out.
I purchased a garden flat in Topsham, conveyancing formalities finalised 7 years ago. How much will my lease extension cost? Comparable flats in Topsham with a long lease are worth £171,000. The average or mid-range amount of ground rent is £50 yearly. The lease ends on 21st October 2101
You have 79 years remaining on your lease we estimate the premium for your lease extension to range between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered 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.
What is the reason for my conveyancing practitioner requiring numerous items of ID before I can commence with my conveyancing in Topsham?
Topsham lawyers are required by the Law Society, SRA, the Land Registry and current Money Laundering legislation to certify that the have checked the identity of their clients. It will also be a requirement of your lender if you are taking a mortgage. Furthermore they have to complete various forms, particularly those relating to Land Tax and need to have information such as your full names, NI number and DOB.