Is there a reason why leasehold purchase conveyancing in Torquay costs more?
In short, leasehold conveyancing in Torquay and Devon usually warrants extra work compared to freehold transactions. This includes lease investigation, corresponding with the landlord concerning the service of required notices, procuring up-to-date service charge and management information, procuring the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different leaseholders have owned the lease since it was first entered into.
Does a directory service exist listing Co-operative panel conveyancers in Torquay on the Council of Mortgage Lender’s Website?
No. There is no such tool on the CML or Building Society Association sites. A small selection of lending institutions make their panel listings open the public over the internet. Where you are seeking to appoint a Torquay conveyancer on the Co-operative please use our tool.
I recently had an offer accepted on a house in Torquay. My mortgage broker recommended their conveyancers. I paid an on account payment of £200. A couple of days later, the solicitor called me to say that they were not on the Co-operative 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 Co-operative 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.
Nottingham have agreed my mortgage in principle, my bid on a house in Torquay has been agreed to, now what?
The estate agent will want to know who your solicitors are (ensure that the solicitors are on the bank’s panel). Contact Nottingham or the broker and finish off any relevant documentation. Nottingham will appoint a valuer who will get in contact with the selling agent or owners to schedule a slot for the valuation to take place. Once carried out (assuming no problems) it takes about a fortnight for the mortgage offer to be issued. Nottingham will issue the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Torquay.
It has been 4 months since my purchase conveyancing in Torquay took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Torquay differ for new build properties?
Most buyers of new build or newly converted property in Torquay approach us having been asked by the builder to sign contracts and commit to the purchase even before the premises is ready to move into. This is because house builders in Torquay 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 used to new build conveyancing in Torquay or who has acted in the same development.
I opted to have a survey carried out on a house in Torquay in advance of instructing conveyancers. I have been informed that there is a flying freehold aspect to the house. The surveyor advised that some mortgage companies tend not give a mortgage on such a property.
It depends who your proposed lender is. Lloyds has different requirements from Nationwide. Should you wish to telephone us we can investigate further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Torquay. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Torquay to see if the conveyancing will be more expensive.