I am progressing with the sale of my ground floor flat in Ferryside and the EA has just text me to warn that the buyers are switching solicitor. The excuse is that the lender will only engage with solicitors on their conveyancing panel. On what basis would a leading mortgage company only work with specific law firms rather the firm that they want to appoint for their conveyancing in Ferryside ?
Banks have always had panels of law firms that can act for them, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Lending institutions point to the increase in fraud by way of justification for the cull – criteria have been tightened 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 hearing daily from firms that have been removed from panels. Plenty of firms 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. Your purchasers are unlikely to have any sway in the decision.
I am buying a property mortgage free in Ferryside. I have been residing for the last dozen years in Ferryside. Conveyancing searches are exorbitant. As I have knowledge of the road and vicinity intimately should I not bother getting the solicitor to do all the conveyancing searches?
In the absence of a home loan, then all but one or two of the Ferryside conveyancing searches are at your discretion. Your solicitor will 'advise', perhaps strongly, that you should have searches carried out, but he has a professional duty to do this. One thing to take into account; if you are intend to sell the house in the future, it will be of interest to your future buyer what the searches reveal. On occasion properties with day to day issues can still throw up detrimental search results. A competent conveyancing solicitor in Ferryside will be able to give you some helpful guidance in this regard.
three months have elapsed since my purchase conveyancing in Ferryside concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Ferryside differ for newly converted properties?
Most buyers of new build or newly converted property in Ferryside approach us having been asked by the developer to sign contracts and commit to the purchase even before the house is finished. This is because developers in Ferryside usually acquire the land, 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 used to new build conveyancing in Ferryside or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a house in Ferryside before instructing solicitors. I have been informed that there is a flying freehold element to the property. The surveyor has said that some mortgage companies may not issue a mortgage on such a premises.
It varies from the lender to lender. Bank of Scotland has different instructions from Halifax. Should you wish to call us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Ferryside. Conveyancing will be smoother if you use a solicitor in Ferryside especially if they regularly deal with such properties in Ferryside.
I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have subsequently discovered that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Ferryside. Conveyancing advisers have not yet been appointed. Will they explain the issues?
Most houses in Ferryside are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Ferryside so you should seriously consider shopping around for a Ferryside conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’spermission to carry out changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the house is part of an estate. Your solicitor will appraise you on the various issues.
Ferryside Conveyancing for Leasehold Flats - Sample of Queries Prior to buying
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It is important to be aware whether changing the roof or some other major work is anticipated to be shared between the leaseholders and may well materially increase the the maintenance charges or require a one off payment. Is there a share of the freehold? The majority of Ferryside leasehold properties will be liable to pay a service bill for the upkeep of the building levied on behalf of the landlord. If you acquire the property you will have to pay this charge, normally in instalments during the year. This may differ from several hundred pounds to thousands of pounds for bigger purpose-built blocks. There will also be a rentcharge to be met annual, this is usually not a large figure, say about £25-£75 but you need to enquire as occasionally it could be prohibitively expensive.