I can't travel far from Felpham. I would like to know the understand why all Felpham property lawyers are not on all mortgage company panels?
Lenders point to the fact that solicitor-led fraud is considered to be responsible for millions of pounds of fraud annually.The dismissal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for mortgage companies to review their conveyancing panels, which triggered a major policy change in the sector. This resulted in lenders pruning a number of firms off their books of approved property lawyers .
Why do I have to pay up front for my conveyancing in Felpham?
If you are buying a property in Felpham your lawyer will request that you put them with funds to cover the the cost of the conveyancing searches. Ordinarily this is requested to cover the fees of the conveyancing searches. If any down payment is as part of the sale price then this should be needed shortly ahead of contracts are exchanged. The final balance that is due should be transferred a couple of days ahead of the completion date.
Please explain the implications if my lawyer’s firm is expelled from the Bank of Ireland Solicitor panel ahead of completing my conveyancing in Felpham?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Despite weeks of looking the Title Certificate and documents to my home are lost. The solicitors who did the conveyancing in Felpham 4 years ago have long since closed. What do I do?
Gone are the days when you need to hold title original deeds to evidence that you own the land or premises, given that the Land Registry have everything they need in a digital format.
How can the Landlord & Tenant Act 1954 affect my business offices in Felpham and how can your lawyers assist?
The particular law that you refer to gives protection to business lessees, giving them the a statutory right to apply to court for a continuation of occupancy when the lease reaches an end. There are certain specified grounds where a landlord can refuse a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Felpham is one of the hundreds of areas of the UK in which our lawyers are located
I am attracted to a couple of apartments in Felpham both have in the region of fifty years left on the lease term. Will this present a problem?
There are plenty of short leases in Felpham. The lease is a right to use the property for a period of time. As a lease gets shorter the value of the lease deteriorates and results in it becoming more costly to acquire a lease extension. This is why it is often a good idea to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional assistance from a solicitor and surveyor with experience in this area.
I inherited a basement flat in Felpham, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Corresponding properties in Felpham with a long lease are worth £175,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease ceases on 21st October 2082
You have 58 years remaining on your lease we estimate the price of your lease extension to be between £22,800 and £26,400 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.