I am not in a position to travel far from Fenham. Is there a reason why all Fenham conveyancers aren't included on all lender panels?
A decade ago most lenders exhibited an approach to risk which is different from today. The financial regulator in 2010 carried out a thematic review into fraud which in summary warned lenders: know the conveyancers on your panel. Consequently, lenders have subsequently looked to extract more information from law firms regarding their processes and the individuals 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 were never going to meet the criteria of volume of transactions the lenders insisted on.
I am under pressure from the seller of a property in Fenham to exchange within four weeks. What can be done to speed up the buying process?
In a situation where you are under pressure to exchange it is highly recommended that your conveyancer is familiar with the area as they will have local connections and knowledge. It is even conceivable that they would have handled previoushomes in the same neighbourhood. Therefore consider using a Fenham conveyancing firm. In addition, make sure that the conveyancing firm is on the on the approved list for your mortgage company. It is said that 18% of Fenham conveyancing deals are delayed or jeopardised after finding out that a buyer’s conveyancer was not on their mortgage lender’s list of approved solicitors. In many cases this discovery resulted in the legal process being delayed by almost 21 days. It is said that this issue affects in the region of 100,000 home moves annually. Almost all Fenham conveyancing practices can not act for certain mortgage companies so do check at the outset.
We're in Fenham, FTBs buying with a mortgage (lender is Yorkshire BS , and our solicitor is on the Yorkshire BS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Yorkshire BS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I've recently found out that there is a flying freehold element on a house I have offered on a fortnight ago in what was supposed to be a quick, chain free conveyancing. Fenham is where the house is located. Is there any advice you can impart?
Flying freeholds in Fenham are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Fenham you would need to get your solicitor to go 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 Fenham 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 property.
I am using a search engine for the words on line conveyancing in Fenham it brings up many solicitorsin the area. With so much choice what is the best way to find the suitable solicitor for purchase transaction?
The best method of finding a suitable conveyancer is through a trusted recommendation, so enquire of friends and family who have bought a property in Fenham or the respected estate agent or financial adviser. Fees for conveyancing in Fenham vary, so it's advisable to obtain at least three quotes from different conveyancers. Make sure that you clarify what costs in the quote includes.
All being well we will complete the sale of our £375,000 flat in Fenham on Thursday in a week. The landlords agents has quoted £360 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Fenham?
Fenham conveyancing on leasehold maisonettes usually necessitates administration charges levied by managing agents :
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Answering conveyancing due diligence enquiries
Where consent is required before sale in Fenham
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I acquired a basement flat in Fenham, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Fenham with over 90 years remaining are worth £170,000. The ground rent is £50 invoiced every year. The lease comes to an end on 21st October 2103
With just 78 years left to run we estimate the premium for your lease extension to span between £7,600 and £8,800 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. 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. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.