I had intended to instruct a property lawyer in Totnes for our house move. Our financial adviser informed us that our mortgage lenders Alliance & Leicester won't deal with them. Surely this is unduly restrictive?
Banks in the main restrict either the type or the amount of conveyancing firms on their approved list of lawyers. Typical examples of such criteria being that a firm must not be a sole practitioner. In addition to restricting the type of firm, a few banks have reduced the number of firms they permit to represent them. Be aware that Alliance & Leicester have no responsibility for the quality of advice provided by any member of Alliance & Leicester Conveyancer Panel. Mortgage fraud was a primary driver in the reduction of solicitor panels a few years ago even though there remains differing views regarding the extent of solicitor engagement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms, including some in or near Totnes only execute very few conveyances a year.
I have been told by my lawyer that defective lease insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Totnes?
The right level of defective lease indemnity insurance should be dictated by who who your lender is. It would differ for example between National Westminster Bank and Skipton Building Society. Conveyancing solicitors as opposed to members of the public take out such policies.
We previously selected conveyancers with offices in Totnes on the Yorkshire BS solicitor approved list. They are now charging me an additional sum for dealing with the Yorkshire BS mortgage. Is this a supplemental conveyancing fee set by Yorkshire BS?
As unfair as it may seem, as long as it’s in their Terms and Conditions or estimate then yes your property lawyer can charge a fee for this. This charge is not set by Yorkshire BS but by your Totnes conveyancer. Plenty of firms on the Yorkshire BS panel will quote ’dealing with mortgage’ fee but some practices incorporate it on their overall fee.
Coventry BS have agreed my mortgage in principle, my offer on a apartment in Totnes has been agreed to, what are the next steps?
Your property agent will want to be advised as to your solicitor's details (ensure that the conveyancing practitioners are on the bank’s panel). Telephone Coventry BS or the broker and finalise any appropriate forms. Coventry BS will appoint a valuer who will get in contact with the estate agent or owners to book an appointment. Once conducted (assuming no problems) it takes about a fortnight to receive the mortgage offer. Coventry BS will issue the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in Totnes.
I used Arc property Solicitors several years past for my conveyancing in Totnes. I now require my file however the law firm is no longer operating. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to assist in tracing your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Totnes of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
How does conveyancing in Totnes differ for new build properties?
Most buyers of new build residence in Totnes approach us having been asked by the developer to exchange contracts and commit to the purchase even before the house is completed. This is because builders in Totnes typically purchase the site, 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 conveyancers 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 Totnes or who has acted in the same development.
I am using a search engine for the term conveyancing in Totnes it brings up numerous property lawyersin the area. With so much choice what is the best way to find the right conveyancer for purchase transaction?
The preferential way of choosing the right conveyancer is via personal testimonial, so ask colleagues and family who have purchased a property in Totnes or the local estate agent or financial adviser. Costs for conveyancing in Totnes differ, so it's a good idea to request a minimum of four quotes from different conveyancers. Make sure that you clarify that the costs are guaranteed not to rise.