I own a freehold premises in Ferryhill but still invoiced for rent, why is this and what is this?
It is rare 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 many centuries, but the Rent Charge Act 1977 barred the generation of fresh rentcharges post 1977.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
Can you clarify what the consequences are if my lawyer’s firm is removed from the Co-operative Conveyancing panel ahead of completing my conveyancing in Ferryhill?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Should our conveyancer be raising questions concerning flooding as part of the conveyancing in Ferryhill.
Flooding is a growing risk for solicitors carrying out conveyancing in Ferryhill. There are those who purchase a house in Ferryhill, fully expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or sell the property. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.
Conveyancers are not best placed to offer advice on flood risk, however there are a various searches that can be initiated by the purchaser or by their solicitors which will figure out the risks in Ferryhill. The conventional set of information supplied to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) contains a usual inquiry of the owner to determine if the premises has suffered from flooding. If the premises has been flooded in past and is not disclosed by the owner, then a buyer could commence a claim for damages as a result of such an inaccurate reply. A buyer’s solicitors should also carry out an enviro report. This should higlight whether there is any known flood risk. If so, more detailed investigations will need to be initiated.
I've recently found out that there is a flying freehold element on a property I have offered on last month in what should have been a simple, no chain conveyancing. Ferryhill is the location of the property. What do you suggest?
Flying freeholds in Ferryhill are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Ferryhill you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Ferryhill 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.
Should I be wary about third parties that I am dealing with are recommending a web based conveyancing firm rather than a High Street Ferryhill conveyancing firm?
As with many service providers, often referrals from connections can be extremely useful or valuable. But there are many people with a keen interest in a conveyancing deal; estate agents, mortgage brokers and lenders may suggest conveyancers to select. Sometimes the solicitors might be known to one of the organisations as experts in their field, but occasionally there may be a financial incentive behind the recommendation. You are free to select your own lawyer. You need to be aware that most lenders operate an approved list of lawyers you must use for the mortgage related work in your transaction.
We are a couple of weeks into a residential purchase having been referred to solicitors by the estate agent to handle our conveyancing in Ferryhill. I am am starting to be dissatisfied with the quality of service. Could you help me find new conveyancers?
They would need to be very bad in order to consider replacing them. Has the mortgage offer been generated? If so you will need to inform them of the replacement lawyer and ensure the mortgage documents are issued to the new lawyers. The conveyancer needs to be on the banks approved list to avoid added expenses and delays. That should be your first question of the new lawyers. The search tool can help you find a lender approved solicitor for your conveyancing in Ferryhill