Am I correct in assuming that the fact that my conveyancer in Ferndown is not on my lender's solicitor panel that there is a problem with the quality of her conveyancing?
That is most likely an incorrect assumption to make. There are plenty of reasonable explanations. Just recently a report by the solicitors regulator revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack 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. Where you are concerned you should simply call the Ferndown conveyancing practice and enquire why they are no longer on the approved list for your lender.
I purchased a freehold property in Ferndown but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Ferndown and has limited impact for conveyancing in Ferndown 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 date back many centuries, but the Rent Charge Act 1977 barred the generation of new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in two weeks back in what was supposed to be a simple, no chain conveyancing. Ferndown is where the house is located. Can you shed any light on this issue?
Flying freeholds in Ferndown are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Ferndown you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Ferndown may decide 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.
I am 18 days into a freehold purchase having been referred to conveyancers by the estate agent to handle our conveyancing in Ferndown. I am not happy. Can you you assist me in finding new conveyancers?
A solicitor would need to be really poor in order to consider changing them. Has the mortgage offer been generated? In the event that it has you must advise them of the new solicitor and get the offer are issued to the new lawyers. Your new conveyancer should be on the mortgage company panel to avoid added expenses and frustration. So that should be your starting point. Our search tool will assist you in finding a bank approved solicitor for your conveyancing in Ferndown
I am on look out for some leasehold conveyancing in Ferndown. Before diving in I require certainty as to the remaining lease term.
If the lease is recorded at the land registry - and almost all are in Ferndown - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I bought a split level flat in Ferndown, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Equivalent flats in Ferndown with an extended lease are worth £197,000. The average or mid-range amount of ground rent is £55 yearly. The lease finishes on 21st October 2079
With just 54 years left to run the likely cost is going to be between £32,300 and £37,400 plus professional fees.
The figure 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 due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.
My 20yr old son is embarking on her first house purchase, he had his mortgage in principle. One the seller agreed the offer on the flat we contacted the bank to go forward with his. We were shocked to learn that mortgage companies do not accept all conveyancer, they need to be on their approved list, is this right?
Lenders normally restrict either the type or the number of conveyancing practices on their panel. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Ferndown conveyancer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Presumably not.