I was notified yesterday by my estate agent that my Ferryside the law firm I have appointed is not on the bank Solicitor panel. How can I be sure whether this is correct?
The first thing you need to do is to contact your Ferryside lawyer directly. You lawyer should notify you of the situation. Where they are not on the panel they may be able to suggest a Ferryside conveyancing firm that is on the conveyancing panel for your mortgage company.
It is a dozen years since I bought my house in Ferryside. Conveyancing lawyers have recently been appointed on the sale but I am unable to find the title documents. Will this jeopardise the sale?
You need not be too concerned. Firstly there is a possibility that the deeds will be kept by your mortgage company or they may stored with the lawyers who handled your purchase. Secondly the likelihood is that the property will be registered at the land registry and you will be able to establish that you are the registered owner by your conveyancing lawyers procuring current official copies of the land registers. Most conveyancing in Ferryside involves registered property but in the unlikely event that your home is unregistered it is more of a problem but is resolvable.
We previously instructed conveyancing lawyers with offices in Ferryside on the Clydesdale solicitor approved list. They are now charging me a separate charge for handling the Clydesdale mortgage. Is this an additional conveyancing fee specified by Clydesdale?
Provided it is contained in their Terms and Conditions or Quote then yes your conveyancer is entitled to levy a fee for this. The fee is not dictated by Clydesdale but by your Ferryside conveyancing practitioner. Some firms on the Clydesdale panel will charge an ‘acting for lender’ fee but many practices include it on their overall fee.
The mortgage over my property is with Nottingham for my property in Ferryside. Conveyancing has been completed some time ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Nottingham?
Your original mortgage agreement with Nottingham will provide that you need their approval prior to letting out your property as this is likely to be a breach of Nottingham’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Nottingham directly. It should not be necessary to do this via a Nottingham conveyancing panel lawyer.
It is unclear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Ferryside bank branch on numerous occasions and was informed it wasn't an issue and they would lend. My Ferryside conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they refuse to lend in accordance with their published requirements. Who do I believe?
As long as the conveyancer is on the mortgage company approved list, they must comply with the CML Handbook requirements for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
How does conveyancing in Ferryside differ for new build properties?
Most buyers of new build premises in Ferryside come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is built. This is because developers in Ferryside typically acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Ferryside or who has acted in the same development.
What does commercial conveyancing in Ferryside cover?
Ferryside conveyancing for business premises covers a broad array of services, given by qualified solicitors, relating to business premises. For instance, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of tenancies.
Having had my offer accepted I require leasehold conveyancing in Ferryside. Before I get started I require certainty as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and most are in Ferryside - then the leasehold title will always include the basic details 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 am the registered owner of a garden flat in Ferryside, conveyancing was carried out 3 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in Ferryside with a long lease are worth £191,000. The average or mid-range amount of ground rent is £55 yearly. The lease ends on 21st October 2079
With only 53 years remaining on your lease we estimate the premium for your lease extension to range between £27,600 and £31,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.