I am nearing exchange of contracts for my home in Bovey Tracey and the estate agent has just telephoned to say that the purchasers are changing their property lawyer. The reason given is that the mortgage company will only engage with solicitors on their conveyancing panel. On what basis would a major mortgage company only deal with specific lawyers rather the firm that they want to appoint for their conveyancing in Bovey Tracey ?

Lenders have always had panels of law firms that can represent them, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.

Lenders point to the increase in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are not going to have any sway in the decision.

We just had an offer accepted to purchase with Coventry BS. We have called around locally but am struggling to find a Bovey Tracey conveyancing firm on the Coventry BS approved list. Could you assist?

Feel free to take advantage of the search tool on this site. Please choose the lender and type Bovey Tracey or your preferred area and you will discover a number of lawyer located in Bovey Tracey or nearest you.

Are there restrictive covenants that are commonly identified as part of conveyancing in Bovey Tracey?

Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Bovey Tracey. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’

I am a negotiator for a long established estate agency in Bovey Tracey where we have witnessed a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have received contradictory information from local Bovey Tracey conveyancing solicitors. Could you clarify whether the vendor of a flat can instigate the lease extension process for the buyer?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.

An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

Bovey Tracey Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to Purchasing

Does the lease have onerous restrictions? Many Bovey Tracey leasehold apartments will have a service bill for maintenance of the building levied on behalf of the management company. Where you buy the apartment you will have to pay this contribution, normally quarterly during the year. This could vary from a few hundred pounds to thousands of pounds for blocks with lifts and large common areas. There will also be a rentcharge to be met yearly, this is usually not a large figure, say around £50-£100 but you should to check as sometimes it can be prohibitively expensive. It is important to be aware whether window replacement or some other significant cost is due in the near future to be shared amongst the leasehold owners and will dramatically impact the level of the service costs or necessitate a specific payment.

I am purchasing a house and cash is in place. I have provided solicitor with two distinct forms of photo identification, bank statement, numerous utility bills. Now he requires a copy from a probate lawyer advising that the funds are in place and that it has come from inheritance and not selling fake watches.

For some years now requires conveyancing solicitors as well as banks, building societies and other financial institutes to obtain satisfactory evidence of the identity of the client. This is because solicitors who deal with money and property on behalf of their clients can be used by criminals wishing to launder money. In order to comply with the law of money laundering, your Bovey Tracey conveyancing lawyer will need to obtain evidence of your identity as as well as make sure that your funds are legitimate.