I am progressing with the sale of my house in Ferndown and the EA has just e-mailed to warn that the buyers are appointing a new law firm. I am told that this is due to the fact that the mortgage company will only work with property lawyers on their approved list. On what basis would a major mortgage company only work with specific solicitors rather the firm that they want to select to handle their conveyancing in Ferndown ?
UK lenders have always had an approved set of law firms that can act for them, but in recent years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Mortgage companies point to the increase in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to keep an eye on. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are unlikely to have any sway in the decision.
My wife and I are due to complete buying a house in Ferndown but as a consequence of wreckage from the recent storms I have was able negotiate reparation from the vendor in the sum of £2k by way of a adjustment in the price. This was going to be dealt with as part of the conveyancing process yet Yorkshire BS are not allowing this. Why were they involved?
The conveyancer that is on the Yorkshire BS approved list is duty bound to advise Yorkshire BS of any amendments to the sale price. If you prohibit your conveyancer to report the reduction to Yorkshire BS then they would have to discontinue acting for you. In addition, Yorkshire BS and you would have to appoint a new conveyancer for your conveyancing in Ferndown.
It is 10 years ago since I bought my property in Ferndown. Conveyancing lawyers have recently been appointed on the sale but I can't locate my title deeds. Is this a problem?
You need not be too concerned. Firstly there is a chance that the deeds will be retained by your mortgage company or they could be in the possession of the conveyancers who acted in the purchase. Secondly in most cases the land will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing lawyers acquiring current official copies of the land registers. Nearly all conveyancing in Ferndown involves registered property but in the rare situation where your home is unregistered it adds to the complexity but is resolvable.
I have been told that property searches are the main reason for delay in Ferndown conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of hindrances during the legal transfer of property. Local searches are not likely to be the root cause of slowing down conveyancing in Ferndown.
How does conveyancing in Ferndown differ for newly converted properties?
Most buyers of new build property in Ferndown approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is ready to move into. This is because builders in Ferndown usually buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Ferndown or who has acted in the same development.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £250,000 flat in Ferndown in 8 days. The landlords agents has quoted £408 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Ferndown?
Ferndown conveyancing on leasehold apartments normally requires the purchaser’s solicitor sending enquiries for the landlord to answer. Although the landlord is not legally bound to answer these enquiries most will be willing to do so. They are entitled to charge a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some situations it is above £800. The administration charge demanded by the landlord must be sent together with a summary of entitlements and obligations in respect of administration charges, without which the invoice is not strictly payable. Reality however dictates that you have no option but to pay whatever is requested of you should you wish to sell the property.
Ferndown Leasehold Conveyancing - Sample of Questions you should consider Prior to Purchasing
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Generally speaking the cost for major works are not included within maintenance charges, although some managing agents in Ferndown obliged leasehold owners to pay into a sinking fund created for the specific intention of establishing a fund for larger works. What prohibitions are there in the Ferndown Lease? Are any of leasehold owners in dispute over their service charge liability?