I am not well enough to travel far from Frimley. Is there a reason why all Frimley conveyancers are not on all lender panels?
A decade ago most banks displayed an approach to risk which is different than today. The financial regulator in 2010 conducted a thematic review into property fraud which in summary warned lenders: know the property lawyers on your panel. Consequently, lenders have since looked to extract more data from law firms about their processes and the staff employed by them and set certain criteria such as completing a minimum number of transactions. Many firms have found themselves excluded from lender panels even though they had 100% healthy track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms found it impossible meet the criteria of amount of transactions the mortgage companies insisted on.
Should our solicitor be raising questions about flooding as part of the conveyancing in Frimley.
Flooding is a growing risk for conveyancers dealing with homes in Frimley. There are those who purchase a house in Frimley, fully expectant that at some time, it may be flooded. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Lawyers are not best placed to give advice on flood risk, but there are a number of searches that can be initiated by the buyer or by their lawyers which should figure out the risks in Frimley. The conventional set of information sent to a buyer’s lawyer (where the Conveyancing Protocol is adopted) incorporates a standard question of the vendor to determine if the property has suffered from flooding. If the premises has been flooded in past which is not revealed by the vendor, then a purchaser may bring a legal claim for losses as a result of such an incorrect reply. The purchaser’s conveyancers should also carry out an environmental report. This should indicate if there is any known flood risk. If so, additional inquiries will need to be carried out.
How does conveyancing in Frimley differ for newly converted properties?
Most buyers of new build residence in Frimley come to us having been asked by the builder to sign contracts and commit to the purchase even before the house is finished. This is because builders in Frimley typically buy 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 conveyancing solicitors 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 Frimley or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I put an offer in a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Frimley is where the house is located. Is there any advice you can give?
Flying freeholds in Frimley are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Frimley you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Frimley 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 today plan to offer on a house that seems to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have since found out that the title is leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Frimley. Conveyancing solicitors have are about to be appointed. Will they explain the issues?
Most houses in Frimley are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can help the conveyancing process. We note that you are buying in Frimley so you should seriously consider looking for a Frimley conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’spermission to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the house is located on an estate. Your lawyer should advise you fully on all the issues.
I inherited a split level flat in Frimley, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Frimley with over 90 years remaining are worth £197,000. The ground rent is £55 charged once a year. The lease finishes on 21st October 2076
With only 55 years remaining on your lease we estimate the price of your lease extension to range between £31,400 and £36,200 as well as plus your own and the landlord's "reasonable" 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 in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.
My partner and I expecting to complete buying a property in Frimley but as a result of damage from the recent storms I have agreed compensation from the seller of £3k in the form of a deduction in the price. This was going to be addressed as part of the conveyancing process however my bank will not agree to this. Why were they involved?
Your conveyancing practitioner listed on a bank approved list is required to advise the lender of any variations to the sale amount. In the event that you were to refuse your conveyancing practitioner to notify the price change to your mortgage company then they would have no choice but to discontinue representing you and the lender.