Am I correct in assuming that the fact that my solicitor in Fenstanton is not identified on my lender's solicitor panel that there is a problem with the standard of her conveyancing?
That is most likely a wrong assumption to make. There are plenty of reasonable explanations. Just recently a report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) low volume of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should contact the Fenstanton conveyancing practice and ask them why they are no longer on the approved list for your bank.
Our nephew is in the process of securing a new build apartment in Fenstanton with a home loan from Leeds Building Society. His conveyancer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Leeds Building Society conveyancing panel as a standard part of the process, and to the valuer when requested. 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 Leeds Building Society conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I purchased a freehold property in Fenstanton yet invoiced for rent, why is this and what is this?
It is rare for properties in Fenstanton and has limited impact for conveyancing in Fenstanton but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
Will my solicitor be making enquiries regarding flooding during the conveyancing in Fenstanton.
The risk of flooding is if increasing concern for solicitors dealing with homes in Fenstanton. There are those who acquire a house in Fenstanton, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Solicitors are not best placed to offer advice on flood risk, but there are a number of checks that may be initiated by the buyer or on a buyer’s behalf which will give them a better appreciation of the risks in Fenstanton. The standard completed inquiry forms supplied to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual inquiry of the owner to find out if the premises has ever been flooded. In the event that flooding has previously occurred which is not revealed by the owner, then a buyer could commence a legal claim for losses stemming from an inaccurate response. The purchaser’s solicitors should also conduct an environmental search. This should reveal whether there is a recorded flood risk. If so, more detailed investigations should be initiated.
My wife and I purchased a leasehold house in Fenstanton. Conveyancing and Clydesdale mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1994. The conveyancing practitioner in Fenstanton who previously acted has now retired. Any advice?
The first thing you should do is make enquiries of the Land Registry to make sure that the individual claiming to own the freehold is in fact the new freeholder. It is not necessary to instruct a Fenstanton conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I bought a leasehold flat in Fenstanton, conveyancing was carried out in 1995. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Fenstanton with an extended lease are worth £222,000. The ground rent is £50 levied per year. The lease ceases on 21st October 2092
With just 71 years left to run we estimate the premium for your lease extension to be between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending 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 are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.
We are hoping to buy a repossessed house in Fenstanton and the vendor would like to complete within a month. Can a solicitor meet that timeframe? Am I best advised to instruct a local Fenstanton firm or an online organisation that professes to complete quickly?
Visit your Fenstanton shopping parade. Pop in to 3 solicitor’s offices and request to see a conveyancing solicitor for a quote. Explain your requirements and seek a commitment on deadlines. Select the one that comes across as most efficient. You need to select a conveyancer on the panel of solicitors approved by your lender.