Unfortunately I am unable to travel far from Faversham. I would like to know the logic why all Faversham lawyers are not on all lender panels?
Mortgage Companies normally impose restrictions on either the type or the number of conveyancing firms on their approved list of lawyers. A common example of such restriction(s) being that a practice is required to have two or more partners. In addition to restricting the type of firm, some lenders decided to limit the size of their panel they allow to act for them. You should note that mortgage companies have no accountability for the accuracy of advice provided by any Faversham conveyancing practitioner on their panel. Property fraud was the key driver in the reduction of solicitor panels a few years ago even though there are differing views concerning whether solicitors sat at the center of that fraud. Statistics from HM Land Registry exposes that thousands of conveyancing organisations only conduct one or two conveyances a year. Those vindicating conveyancing panel culls ask why law firms deserve claim to remain on a lender panel when it is apparent that conveyancing is not their primary expertise?
I'm buying my first flat in Faversham benefiting from help to buy. The developers refused to budge the price so I negotiated 6k of additionals instead. The house builders rep advised me not to tell my lawyer about this extras as it would put at risk my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold issue on a house I have offered on a fortnight ago in what was supposed to be a quick, chain free conveyancing. Faversham is where the house is located. Can you offer any assistance?
Flying freeholds in Faversham are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Faversham you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Faversham 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.
Are there any apps to help search for a Faversham law firm on the Barclays Direct conveyancing panel? I have wheels and am happy to travel upto 10miles to meet the solicitor.
Feel free to make use of the facility on this page. Please choose the lender and your location and you will see a number of Faversham conveyancing lawyers locally. We have listed some Faversham conveyancing firms at the bottom of this page and you can ring them to see if they are on the Barclays Direct panel
I've recently bought a leasehold property in Faversham. Do I have any liability for service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I bought a split level flat in Faversham, conveyancing formalities finalised April 2008. How much will my lease extension cost? Similar properties in Faversham with an extended lease are worth £192,000. The average or mid-range amount of ground rent is £55 levied per year. The lease comes to an end on 21st October 2079
With just 54 years remaining on your lease we estimate the premium for your lease extension to be between £32,300 and £37,400 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you 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.
Is it true that a Faversham conveyancing practice got sued by clients for not carrying out the right conveyancing investigations?
We are not aware of such a Faversham conveyancing claim but according to a recent report, clients acquiring a property in Cumbria successfully sued their conveyancer due to development plans to build a wind farm failing to be identified in conveyancing searches.
If you are thinking of buying a home in Faversham It is critical that your conveyancing practitioner carry out all Faversham conveyancing searches needed to ensure you have relevant and current information before buying a property.