Me and my partner are intending to purchase a 1 bedroom flat in Ferryhill with a mortgage. We like our Ferryhill conveyancer, however the mortgage company advise he's not on their "panel". It seems we have little choice but to select one of the mortgage company panel solicitors or retain our Ferryhill conveyancing practitioner as well as pay for one of their panel lawyers to act for them. We feel that this is unjust; can we not insist that the mortgage company use our Ferryhill property lawyer ?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Ferryhill conveyancing lawyer to apply to be on the conveyancing panel.
Me and my partner are about to complete on the purchase of a house in Ferryhill but as a consequence of wreckage from the recent storms I have managed to agree recompense from the current proprietors of six thousand pounds taking the form of a reduction in the price. This was going to be dealt with as part of a side agreement however Lloyds are not allowing this. Why were they involved?
The conveyancer that is on the Lloyds approved list is obliged to advise Lloyds of any amendments to the sale price. If you were to refuse your lawyer to disclose the price change to Lloyds then they would have to discontinue acting for you. In addition, Lloyds and you would have to appoint a new conveyancing practitioner for your conveyancing in Ferryhill.
I am buying my first flat in Ferryhill with a mortgage from Coventry Building Society. The builders would not move on the price so I negotiated 6k of fixtures and fittings instead. The estate agent suggested that I not inform my conveyancer about the side-deal as it may adversely affect my loan with Coventry Building Society. 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 decided to have a survey carried out on a house in Ferryhill in advance of appointing solicitors. I have been advised that there is a flying freehold overhang to the house. My surveyor advised that some mortgage companies tend not issue a mortgage on a flying freehold premises.
It depends who your proposed lender is. Santander has different instructions for example to Halifax. If you call us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Ferryhill. Conveyancing will be smoother if you use a solicitor in Ferryhill especially if they are familiar with such properties in Ferryhill.
I need to appoint a conveyancing solicitor for residential conveyancing in Ferryhill. I happened to discover a web site which looks to be the ideal answer If it is possible to get all the legals done via phone that would be preferable. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Planning to sign contracts shortly on a garden flat in Ferryhill. Conveyancing solicitors inform me that they report fully on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Ferryhill should include some of the following:
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Setting out your legal entitlements in respect of the communal areas in the building.By way of example, does the lease permit a right of way over an accessway or hallways? The physical ownership of the property. This might be the apartment itself but may include a loft or storage are if relevant. Information concerning the obligations in the lease to to contribute towards maintenance costs - in respect of the block, and the more general rights a leaseholder has Who has the liability for maintaining the window frames Additions to the property
I acquired a 1st floor flat in Ferryhill, conveyancing was carried out August 2007. Can you work out an approximate cost of a lease extension? Corresponding properties in Ferryhill with a long lease are worth £191,000. The average or mid-range amount of ground rent is £55 levied per year. The lease ends on 21st October 2078
You have 53 years unexpired the likely cost is going to be between £27,600 and £31,800 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be additional issues 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 based on this information without first getting professional advice.