Unfortunately I am unable to travel far from Totterdown. I would like to know the reason why all Totterdown property lawyers are not on all mortgage company panels?
Lenders normally restrict either the type or volume of conveyancing solicitors on their approved list of lawyers. Frequent examples of such criteria being that the firm must have at least two partners. As well as restricting the type of firm, some banks such as HSBC made a decision to restrict the size of their panel they use to act for them. It is worth noting that mortgage companies have no liability for the quality of advice supplied by any Totterdown conveyancing practitioner on their approved list. Mortgage fraud was the key driver in the culling of solicitor panels from 2008 notwithstanding that there are contrary views about whether solicitors sat at the center of that fraud. Data published by HMLR reveal that thousands of law practices only transact less than three conveyances annually. Those advocating conveyancing panel cuts ask why conveyancing firms should have any entitlement to be listed on a bank panel when clearly conveyancing is not their speciality?
Our son-in-law is in the process of securing a newly built flat in Totterdown with a mortgage from TSB. His solicitor has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The document is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the TSB conveyancing panel as a standard part of the process, and to the valuer when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the TSB conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
My solicitor has informed me that lack of right of way insurance is needed on my purchase. What is the level of cover for Totterdown conveyancing?
The right level of lack of right of way indemnity insurance should be dictated by who who your lender is. It would differ for example between HSBC Bank and Chelsea Building Society. Conveyancing solicitors as opposed to members of the public take out such insurances.
I am buying a property in Totterdown. An unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Coventry BS be concerned?
Given that you are obtaining a mortgage with Coventry BS your lawyer must check the conveyancing requirements set out in Section 2 of UK Finance Lenders’ Handbook for Coventry BS. The Council of Mortgage Lenders’ Handbook sets out minimum conditions for solar panel roof-space leases, and lawyers are required to report to Coventry BS where a lease fails to comply with these conditions. The requirements relate to the installation of panels on properties nationwide and is not isolated to Totterdown.
Having digested plenty of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Totterdown solicitor - who is on the TSB conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
TSB will need an independent valuation of the property. Your lawyer will not arrange this. Usually TSB will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancing practitioner will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Totterdown postcode. As you are getting a mortgage with TSB, you could contact them to see if they have a list of approved surveyors in Totterdown.
Do commercial conveyancing searches disclose proposed roadworks that could affect a commercial premises in Totterdown?
Many commercial conveyancing solicitors in Totterdown will conduct a SiteSolutions Highways report as it reduces the time that conveyancers expend in investigating accurate data on highways that impact buildings and development assets in Totterdown. The report sets out definitive data 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 Totterdown.
For each commercial conveyancing transaction in Totterdown it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately can result in delays to Totterdown commercial conveyancing deals as well as present a risk to future intentions for the site. These searches are not conducted for domestic conveyancing in Totterdown.
I have recently realised that I have 68 years unexpired on my lease in Totterdown. I now want to extend my lease but my landlord is missing. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to find the freeholder. For most situations an enquiry agent may be useful to try and locate and to produce a report to be used as proof that the freeholder can not be located. It is wise to seek advice from a property lawyer both on investigating the landlord’s absence and the vesting order request to the County Court overseeing Totterdown.
I am the registered owner of a ground floor flat in Totterdown, conveyancing was carried out in 2007. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Totterdown with over 90 years remaining are worth £211,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease terminates on 21st October 2091
You have 67 years remaining on your lease the likely cost is going to be between £10,500 and £12,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.