I am nearing exchange of contracts for my flat in Ferryside and the estate agent has just e-mailed to advise that the purchasers are swapping solicitor. The excuse is that the bank will only engage with property lawyers on their approved list. Why would a big named mortgage company only deal with certain lawyers rather the firm that they want to appoint for their conveyancing in Ferryside ?
Lenders have always had panels of law firms that can act for them, but in the past few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Mortgage companies 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 claims that it is hearing daily from firms that have been removed from panels. Plenty of firms do not even realise 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.
Our grandson is purchasing a newly built flat in Ferryside with a home loan from Clydesdale. His solicitor has advised him of a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Clydesdale conveyancing panel as a standard part of the process, and to the surveyor 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 Clydesdale conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I am the registered owner of a freehold residence in Ferryside yet invoiced for rent, why is this and what is this?
It’s unusual for properties in Ferryside and has limited impact for conveyancing in Ferryside 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 generation 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 after 2037 is to be dispensed with completely.
We are purchasing a detached bungalow in Ferryside. Our aim is to an extension at the rear at the property.Will legal due diligence on the property include checks to determine if these works are allowed?
Your property lawyer will check the registered title as conveyancing in Ferryside will occasionally identify restrictions in the title deeds which restrict certain changes or necessitated the consent of another owner. Certain additions need local authority planning permissions and approval under the building regulations. Certain areas are designated conservation areas and special planning restrictions apply which frequently prevent or affect extensions. You should check these issues with a surveyor prior to committing yourself to a purchase.
Are all Ferryside Conveyancing Quality Solicitors on the Skipton conveyancing list of approved solicitors?
Some major lenders now use the accreditation scheme as the kick off point for Panel membership such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of conveyancing solicitors.
We were going to get a AIP from Bank of Ireland this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Bank of Ireland recommend any Ferryside solicitors on the Bank of Ireland conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Ferryside solicitors independently although you'll need to choose one on the Bank of Ireland conveyancing panel. The solicitor represents both you and Bank of Ireland through the process.
As co-executor for the will of my grandfather I am disposing of a house in Monmouth but reside in Ferryside. My lawyer (approximately 250 miles awayneeds me to execute a statutory declaration before the transaction finalising. Could you suggest a conveyancing lawyer in Ferryside to attest this legal document for me?
strictly speaking you are not likely to be required to have the documents witnessed by a conveyancing solicitor. Normally or notary public or qualified solicitor will do regardless of whether they are located in Ferryside
I’m about to sell my ground floor flat in Ferryside. Conveyancing is yet to be initiated, however I have recently received a half-yearly service charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is clear the maintenance contribution as usual as all ground rent and service payments will be apportioned as part of the financial calculations for completion monies, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I purchased a garden flat in Ferryside, conveyancing having been completed in 2000. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Ferryside with a long lease are worth £265,000. The ground rent is £50 charged once a year. The lease ceases on 21st October 2100
With only 75 years unexpired we estimate the price of your lease extension to range between £8,600 and £9,800 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.