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Ready to buy a new home in Totnes? Failing to check that a lawyer is on your lender’s list of approved solicitors can put your Totnes conveyancing at risk of delay or failure.

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Recently asked questions about conveyancing in Totnes

The Totnes conveyancing firm handling our Totnes conveyancing has discovered an inconsistency between the surveyor’s assumptions in the valuation report and what is in the title deeds. My lawyer says that he needs to ensure that the bank is OK with this discrepancy and is still content to lend. Is my conveyancer’s stance appropriate?

Your conveyancer must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.

Do commercial conveyancing searches reveal proposed roadworks that could affect a commercial premises in Totnes?

Its becoming the norm that commercial conveyancing solicitors in Totnes will order a SiteSolutions Highways report as it reduces the time that conveyancers spend in investigating accurate data on highways that impact buildings and development assets in Totnes. The search result provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Totnes.

For every commercial conveyancing transaction in Totnes it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately could cause delays to Totnes commercial conveyancing transactions as well as present a risk to future plans for the site. These searches are not ordered for domestic conveyancing in Totnes.

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 builder to sign contracts and commit to the purchase even before the house is completed. This is because house builders in Totnes tend to acquire 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 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 accustomed to new build conveyancing in Totnes or who has acted in the same development.

I have been advised by three or four local property agents in Totnes to select a solicitor on your site. Is there a financial upside for Estate Agents to promote your services ahead of alternative conveyancing organisations?

We don’t give any financial incentive for sending work our way. We found it would be just too difficult a fee as home movers will think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.

We own a leasehold flat in Totnes. Conveyancing was completed in 21012. I have been told that I should not allow the lease length fall too short. What is the reasoning?

Totnes residential long term leases are for a set term - normally 99 years when they commenced. However many flats in Totnes were constructed or converted in the 70’s80’s and so such leases now have under eighty years left to run. This may seem like a long time however Banks, Building Societies and other mortgage companies on the whole need leases to have at least seventy five years unexpired to be mortgageable. Accordingly when you come to sell the property you will need to extend the term of your lease if you are nearing 75 years. To enhance your property value you should be thinking about whether to extend your lease well in advance of selling the property. There are also advantages to doing so before the lease hits 80 years as when the lease is below 80 years the premium you have to pay to extend starts to increase.

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