I am selling my house in Newton Ferrers and the estate agent has just telephoned to advise that the purchasers are appointing a new property lawyer. The excuse is that the bank will only deal with solicitors on their approved list. Why would a leading mortgage company only deal with specific solicitors rather the firm that they want to select to handle their conveyancing in Newton Ferrers ?
UK lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lenders point to the increase in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to monitor. No lender will say 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 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. Your purchasers are unlikely to have any impact on this.
Our grandson is in the process of securing a new build apartment in Newton Ferrers with a home loan from HSBC. His solicitor has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the HSBC conveyancing panel as a standard part of the process, and to the valuer when asked. 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 HSBC conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in last month in what should have been a straight forward, no chain conveyancing. Newton Ferrers is the location of the property. Can you shed any light on this issue?
Flying freeholds in Newton Ferrers are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Newton Ferrers you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Newton Ferrers may determine 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 premises.
Hoping to buy a property located in Newton Ferrers and I am already nervous. I couldn't find anything specific about Newton Ferrers. Conveyancing will be needed in due course but do you know about the Newton Ferrers area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Newton Ferrers. In the meantime here are some basic statistics that we found
Looking forward to sign contracts shortly on a basement flat in Newton Ferrers. Conveyancing lawyers inform me that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Newton Ferrers should include some of the following:
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You must be informed what constitutes a Nuisance in the lease What remedies are open the freeholder should you have breached the provisions of the lease? The length of the lease term. You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark Rent payments - what is due and when is collected, and also know whether this will change in the future Alterations to the property
I own a garden flat in Newton Ferrers, conveyancing was carried out September 1996. How much will my lease extension cost? Similar properties in Newton Ferrers with an extended lease are worth £190,000. The ground rent is £65 charged once a year. The lease finishes on 21st October 2086
With just 61 years unexpired the likely cost is going to range between £19,000 and £22,000 plus legals.
The figure 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 investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.
I acquired a house in Newton Ferrers last 12/3/2024 and to date it is still not recorded with the Land Registry. It is part of a development site and my property lawyer told me that it can take over a year to complete the registration formalities. I have spoken with the Land Registry directly and they have informed me the initial application was cancelled due to failure to reply to requisitions. Do I need to be concerned?
Call your conveyancer - if you are not getting sensible responses, enquire as to their internal complaints process and amplify your problem to a Complaints Manager. Registrations for Newton Ferrers conveyancing are not known to be especially complex.