Am I correct in assuming that the fact that my conveyancer in Farnham is not identified on my lender's conveyancing panel that there is a problem with the quality of her work?
That is most likely an incorrect assumption to make. There are all sorts of perfectly reasonable explanations. Just recently a report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should simply call the Farnham conveyancing practice and enquire why they are no longer on the approved list for your lender.
I had intended to instruct a conveyancing solicitor in Farnham for our house move. Our financial adviser informed us that our bank Nationwide Building Society won't deal with them. Why is this not regarded as unduly restrictive?
A lender can insist on an approved solicitor act for it. Borrowers are expected to bear the cost of this. Please make use of our search facility to locate a solicitor to carry conveyancing in Farnham on the Nationwide Building Society member panel.
We had instructed conveyancing lawyers based in Farnham on the Principality solicitor panel. They are now charging me a further sum for handling the Principality mortgage. Is this a supplemental conveyancing fee specified by Principality?
Provided it is contained in their Terms of Engagement or Quote then yes your solicitor is entitled to levy a fee for this. This fee is not dictated by Principality but by your Farnham lawyer. Some firms on the Principality panel will charge ’dealing with mortgage’ fee but some practices incorporate it on their overall fee.
My partner and I are in the process of looking at flats in Farnham and I am now considering a potential offer. Is it premature to have a solicitor in place? I will be getting a home loan with Coventry BS.
It would be wise to commence your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their contact information on to the estate agent. Given that you are seeking a mortgage with Coventry BS, ask your prospective lawyers if they are on the Coventry BS conveyancing panel otherwise they can't do the mortgage legal work.
Completion of my remortgage has taken place for my property in Farnham. Conveyancing was a necessary evil but I feel I should register my dissatisfaction about the lender. How do I make a complaint?
Almost all banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Team at head office. We understand that complaints to a lender are sorted out effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
How does conveyancing in Farnham differ for newly converted properties?
Most buyers of new build residence in Farnham approach us having been asked by the builder to sign contracts and commit to the purchase even before the house is built. This is because builders in Farnham tend to purchase 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 property lawyers 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 Farnham or who has acted in the same development.
Due to the guidance of my in-laws I had a survey completed on a house in Farnham ahead of appointing lawyers. I have been advised that there is a flying freehold element to the property. The surveyor advised that some banks will not give a mortgage on such a property.
It varies from the lender to lender. HSBC has different requirements for example to Halifax. If you contact us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Farnham. Conveyancing may be slightly more expensive based on your lender's requirements.
I am attracted to a two maisonettes in Farnham which have about forty five years left on the leases. Will this present a problem?
A lease is a right to use the property for a prescribed time frame. As a lease shortens the value of the lease reduces and results in it becoming more expensive to extend the lease. For this reason it is often a good idea to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this field.
I bought a basement flat in Farnham, conveyancing having been completed October 1995. Can you work out an approximate cost of a lease extension? Comparable flats in Farnham with over 90 years remaining are worth £186,000. The ground rent is £55 levied per year. The lease comes to an end on 21st October 2079
You have 53 years remaining on your lease the likely cost is going to span between £27,600 and £31,800 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.