My husband and I are looking to acquire a property in Fordingbridge and have appointed a Fordingbridge conveyancing practice. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Norwich and Peterborough Building Society have this evening contacted us to inform me that they have now hit a problem as our Fordingbridge lawyer is not on their conveyancing panel. What do we do from here?
If you are buying a property with the assistance of a mortgage it is usual for the purchasers' lawyers to also act for the mortgage company. 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 mortgage company 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 don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Fordingbridge solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
In what way does my ID and proof of funds have anything to do with my conveyancing in Fordingbridge? Is this really necessary?
In order to comply with Money Laundering Regulations any Fordingbridge conveyancing firm will require evidence of your identity in all conveyancing transactions. This is normally dealt with by provision of a passport and an original bank statement or utility bill showing where you live.
In accordance with Money Laundering Regulations, property lawyers are obliged by law to investigate not only the ID of conveyancing clients but also the origin of the money that they receive in respect of any matter. An unwillingness to disclose this will result in your conveyancer terminating their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers are duty bound to inform the appropriate authorities should they believe that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
Will my conveyancer be asking questions regarding flooding as part of the conveyancing in Fordingbridge.
Flooding is a growing risk for lawyers carrying out conveyancing in Fordingbridge. There are those who acquire a property in Fordingbridge, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the premises. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Lawyers are not best placed to give advice on flood risk, however there are a various searches that can be undertaken by the purchaser or by their conveyancers which will give them a better appreciation of the risks in Fordingbridge. The standard property information forms given to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard inquiry of the seller to determine if the property has suffered from flooding. If the residence has been flooded in past which is not revealed by the vendor, then a purchaser may commence a compensation claim as a result of such an incorrect reply. A purchaser’s conveyancers will also commission an environmental report. This should indicate if there is any known flood risk. If so, more detailed investigations will need to be made.
I have recentlybeen informed that Action Conveyancing have been shut down. They carried out my conveyancing in Fordingbridge for a purchase of a leasehold flat 18 months ago. How can I establish that the property is not still registered in the name of the former proprietor?
The quickest way to see if the premises is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Fordingbridge conveyancing specialists.
Yesterday I discovered that there is a flying freehold element on a property I have offered on two weeks back in what was supposed to be a quick, no chain conveyancing. Fordingbridge is the location of the property. Can you offer any guidance?
Flying freeholds in Fordingbridge are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Fordingbridge you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Fordingbridge may ascertain 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 residence.
I am attracted to a couple of flats in Fordingbridge both have about forty five years remaining on the leases. Will this present a problem?
A lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the saleability of the lease decreases and it becomes more expensive to extend the lease. For this reason it is often a good idea to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this area.
I own a ground floor flat in Fordingbridge, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Fordingbridge with an extended lease are worth £191,000. The average or mid-range amount of ground rent is £55 yearly. The lease comes to an end on 21st October 2079
With just 53 years unexpired we estimate the price of your lease extension to range between £27,600 and £31,800 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.