I am in the process of selling my house in Ferryhill and the EA has just called to advise that the buyers are changing their property lawyer. The reason given is that the mortgage company will only engage with solicitors on their approved list. Why would a leading lender only deal with specific law firms rather the firm that they want to select to handle their conveyancing in Ferryhill ?
Lenders have always had panels of law firms that can represent them, but in recent years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Banks point to the increase in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to maintain. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are unlikely to have any impact on this.
I purchased a freehold property in Ferryhill but still pay rent, why is this and what is this?
It’s unusual for properties in Ferryhill and has limited impact for conveyancing in Ferryhill but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
Me and my partner are buying a apartment in Ferryhill. It might be a silly question but how we can trust a conveyancer? At some point we have to put our life savings into their account. What is the protection we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Does a directory service exist listing Co-operative panel solicitors in Ferryhill on the Council of Mortgage Lender’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few banks make their panel listings open the public online. Where you are seeking to appoint a Ferryhill conveyancer on the Co-operative please use our facility.
My partner and I have organised the release of further funds on our home loan from Bank of Ireland as we wish to carry out alterations to our property in Ferryhill. Are we obliged to appoint a local Ferryhill solicitor on the Bank of Ireland conveyancing panel to deal with the legals?
Bank of Ireland do not ordinarily instruct a member of 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 Bank of Ireland list.
We are purchasing a property and the solicitor has referenced Chancel Repair to which the property could be obligated to contribute to as it falls into the area of such a church. She has mentioned insurance. Is this strictly warranted for conveyancing in Ferryhill
Unless a prior purchase of the premises took place after 12 October 2013 you can assume that lawyers handling conveyancing in Ferryhill to remain encouraging a chancel search and or chancel repair liability policy.
The estate agent has sent us the confirmation of our purchase of a new build flat in Ferryhill. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Ferryhill
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The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. There must be mutual enforceability of lessee’s covenants. Please supply a car parking plan. Please confirm the Lease plans are surveyor prepared. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
Taking into account that I will soon spend hundreds of thousands of pounds on 3 bedroom house in Ferryhill I wish to talk to a lawyer concerning theconveyancing before appointing the firm. Can this be arranged?
We could not agree more - we would be pleased to talk to you we do not take any clients on without you speaking to the conveyancer who will be carrying out your conveyancing in Ferryhill.There is no ‘factory style conveyancing’ - every client is an important person, not a matter number. The solicitors that we put you in touch with believe that the figure you are provided with for residential conveyancing in Ferryhill should be the amount on the final invoice that you end up paying.