I am not well enough to travel far from Fairford. Please spell out why all Fairford conveyancing practitioners aren't automatically on all mortgage company panels?
Banks highlight the fact that solicitor-led fraud is considered to be responsible for millions of pounds of fraud annually.The removal of law firms from lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its conclusions included recommendations for mortgage companies to review their conveyancing panels, which triggered a major policy change in the sector. This resulted in mortgage companies culling less reputable firms off their official list of approved conveyancing practitioners .
Me and my brother have a 4 bedroom Edwardian property in Fairford. Conveyancing practitioner represented me and Skipton Building Society. I did a free Land Registry search last week and I saw a couple of entries: the first freehold, another for leasehold with the exact same property. Is it worth asking Skipton Building Society to clarify?
You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Fairford and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also question the situation with your conveyancing practitioner who conducted the purchase.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Fairford. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here are examples of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Fairford
-
Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Forfeiture - bankruptcy or liquidation must not apply under this provision.
Yesterday I discovered that there is a flying freehold element on a house I have offered on two weeks back in what was supposed to be a straight forward, no chain conveyancing. Fairford is the location of the property. What do you suggest?
Flying freeholds in Fairford are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Fairford you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Fairford may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
How simple is it to use the search facility to locate a conveyancing lawyer in Fairford on the panel for my mortgage?
Step one is to choose a mortgage company such as Yorkshire Building Society, Norwich and Peterborough Building Society or TSB then choose your preferred area a common one being Fairford. Conveyancing firms in Fairford and across England and Wales will then be identified.
I have just started marketing my basement flat in Fairford. Conveyancing has not commenced, however I have recently had a quarterly service charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should clear the service charge as usual because all ground rent and service invoices should be allotted as part of the financial calculations for completion monies, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I inherited a studio flat in Fairford, conveyancing having been completed half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Fairford with over 90 years remaining are worth £171,000. The ground rent is £50 invoiced annually. The lease terminates on 21st October 2101
With only 79 years unexpired the likely cost is going to be between £8,600 and £9,800 plus 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 a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.