Can you clarify what the consequences are if my solicitor is expelled from the Santander Conveyancing panel ahead of completing my conveyancing in Ferryhill?
First, this is very unlikely to happen. 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 for a fee.
A friend pointed out to me me that in buying a property in Ferryhill there may be a number of restrictions preventing external changes to a property. Is this right?
We are aware of a number of properties in Ferryhill which have some sort of restriction or requirement of consent to execute external variations. Part of the conveyancing in Ferryhill should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Please help - my lawyer advises that chancel insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Ferryhill?
The right level of chancel indemnity insurance depends on your lender. It would differ for example between Santander and The Royal Bank of Scotland. Conveyancing solicitors as opposed to borrowers take out such insurances.
I am the only recipient of my late grandmother’s estate and I have everything in my name now, including the house in Ferryhill. The Ferryhill property was put into my name in March. I plan to dispose of the house. I understand that there is a CML six month 'rule', which means that my proprietorship could be regarded the same way as if I'd bought the property in March. Is the property unsalable for six months?
The CML handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be affected by that. How practical a view lenders take of it, depend on the mortgage company as this obligation primarily exists to capture subsales or the wholesaling and assigning of properties.
I purchased my home on 6 August and my personal details is yet to be on the land registry website. Any reason for this? My conveyancing solicitor in Ferryhill advises it will be formalised in less than a month. Are titles in Ferryhill uniquely lengthy to register?
There is nothing unique when it comes to conveyancing in Ferryhill registration formalities. As opposed to being determined by geographic area, timescales can differ depending on the party submitting the application, whether there are errors and whether the Land registry communicate with any other persons or bodies. Currently roughly 80% of such applications are fully addressed in less than three weeks but some can be subject to protracted hold-ups. Registration occurs after the purchaser has moved in to the premises so 'speed' is not usually primary concern yet if there is a degree of urgency associated with the registration then you or your lawyers can speak with the land registry and explain the circumstances.
I am buying a new build house in Ferryhill with a loan from Alliance & Leicester . The sellers would not budge the amount so I negotiated five thousand pounds worth of extras instead. The estate agent suggested that I not to tell my lawyer about the deal as it would jeopardize my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Is it possible to swap firm as I have to select a firm on the Britannia conveyancing panel. I hired a family conveyancing solicitor in Ferryhill round the corner but he is not accepted by Britannia
It would be our pleasure to assist you select a conveyancing solicitor in Ferryhill on the Britannia panel. Please note that the property lawyers that we work with do not pay us a referral fee if you instruct them and are registered with the SRA who oversee all conveyancing solicitors in Ferryhill. In utilising the find a conveyancing solicitor tool on this website, you can compare and instruct different solicitors and conveyancers both nationally and in Ferryhill.
I've found a house that seems to be perfect, at a great price which is making it all the more appealing. I have subsequently found out that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Ferryhill. Conveyancing advisers have are about to be appointed. Will they explain the issues?
Most houses in Ferryhill are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Ferryhill in which case you should be looking for a Ferryhill conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’sconsent to conduct alterations. You may also be required to pay a service charge towards the maintenance of the estate where the property is located on an estate. Your lawyer will advise you fully on all the issues.
I own a garden flat in Ferryhill, conveyancing was carried out in 2012. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Ferryhill with over 90 years remaining are worth £202,000. The ground rent is £60 charged once a year. The lease comes to an end on 21st October 2082
With 57 years unexpired we estimate the price of your lease extension to range between £28,500 and £33,000 plus legals.
The figure that we have given is a general guide to costs for renewing 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 additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.