My husband and I are hoping to purchase a flat in Farnham and are in fact using a Farnham conveyancing firm. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Virgin Money have this afternoon contacted us to advise us that there is now an issue as our Farnham lawyer is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is normal for the purchasers' lawyers to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Farnham solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
I own a freehold residence in Farnham but still invoiced for rent, why is this and what is this?
It is rare for properties in Farnham and has limited impact for conveyancing in Farnham 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 date back many centuries, but the Rent Charge Act 1977 barred the creation of new rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
I have been told that property searches are the main reason for stalling in Farnham house deals. Is this right?
The Council of Property Search Organisations (CoPSO) published determinations of research by MoveWithUs that conveyancing searches do not figure within the common causes of delays during the legal transfer of property. Local searches are unlikely to be the root cause of delay in conveyancing in Farnham.
I've recently found out that there is a flying freehold issue on a house I have offered on last month in what should have been a quick, chain free conveyancing. Farnham is where the house is located. Can you offer any guidance?
Flying freeholds in Farnham are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Farnham you would need to get your solicitor to go 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 Farnham may ascertain 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 property.
My company is wishing to take an assignment of a lease of a shop on the high street. Can you recommend solicitors offering competitive fees for commercial conveyancing in Farnham for less than £1,200?
We can recommend firms who have well rounded knowledge of commercial conveyancing in Farnham, including the disposal and purchase of businesses as well as simply property. Whether you are looking to acquire or sell a shop, pub, restaurant, office, retail premises or a whole business we can put you in touch with the right lawyer. Regarding the fees this will depend on the structure and nuances of the deal. Please provide us with your contact information or call us so that we can furnish you with comprehensive commercial conveyancing calculation.
I am using a search engine for the term on line conveyancing in Farnham it shows results of many conveyancersin the area. With so much choice what is the best way to find the suitable solicitor for purchase transaction?
The best way of seeking a suitable conveyancer is via personal referral, so enquire of colleagues and relatives who have bought a property in Farnham or a respected estate agent or mortgage broker. Charges for conveyancing in Farnham differ, so it's sensible to request at least four fee calculations from varying types of law firms. Make sure that you clarify what costs in the quote includes.