My fiance and I are looking to buy a house in Ferndown and are in fact using a Ferndown conveyancing firm. Within the last couple of days our lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Halifax have this morning contacted us to inform me that there is now an issue as our Ferndown conveyancer is not on their approved list of lawyers. What do we do from here?
If you are buying a property needing a mortgage it is standard for the purchasers' lawyers to also act for 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 property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Ferndown lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
Can conveyancing in Ferndown to be done within 28 days?
In a situation where the seller is applying time constraints for your conveyancing it is advisable to make sure that your solicitor is familiar with the area as they will benefit local relationships and insight. It is possible that they could have handled otherhomes in the same street. You would be best advised to use a Ferndown conveyancing solicitor. In addition, check that the lawyer is on the on the approved list for your mortgage company. It is understood that just under twenty per cent of Ferndown conveyancing transactions are suspended or jeopardised after discovering a buyer’s lawyer was not on their banks member panel. In many cases this discovery resulted in the home move being frustrated by an average of 21 days. It is claimed that this issue affects approximately one hundred thousand home moves annually. Many Ferndown conveyancing firms can not act for certain banks so do check as early as possible.
Are the Ferndown conveyancing solicitors identified as being on the Skipton conveyancing panel, together with their details provided by Skipton?
Ferndown conveyancing firms themselves provide us confirmation that they are on the Skipton conveyancing panel as opposed to being supplied with a list from Skipton directly.
When it comes to mortgage companies such as Principality, do Ferndown lawyers have to pay a yearly amount to be on the list of approved solicitors?
We are unaware of any lender fees to register on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
We are getting a further advance on our home loan from TSB as we want to conduct a loft conversion to our property in Ferndown. Are we obliged to choose a local Ferndown solicitor on the TSB conveyancing panel to deal with the legals?
TSB do not ordinarily appoint firms on their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the TSB conveyancing panel.
Santander have agreed my mortgage in principle, my offer on a house in Ferndown has been agreed to, what happens next?
The estate agent will need to be advised as to your conveyancer's details (ensure that the conveyancers are on the bank’s panel). Contact Santander or the broker and finish off any appropriate documentation. Santander will instruct a valuer who will get in contact with the estate agent or seller to book a time for the valuation to happen. Once carried out (assuming no problems) it takes approximately ten days for the mortgage offer to be issued. Santander will send the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Ferndown.
I've recently found out that there is a flying freehold element on a property I put an offer in a fortnight ago in what was supposed to be a simple, chain free conveyancing. Ferndown is the location of the property. Can you shed any light on this issue?
Flying freeholds in Ferndown are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Ferndown 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 Ferndown 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.
I am on look out for some leasehold conveyancing in Ferndown. Before I set the wheels in motion I require certainty as to the remaining lease term.
Assuming the lease is registered - and 99.9% are in Ferndown - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I own a basement flat in Ferndown, conveyancing was carried out in 2001. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Ferndown with a long lease are worth £191,000. The ground rent is £55 per annum. The lease expires on 21st October 2078
With just 53 years remaining on your lease the likely cost is going to be between £27,600 and £31,800 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed investigations. You should not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.