I am not in a position to travel far from Somerton. I would like to know the logic why all Somerton solicitors aren't automatically on all bank panels?
Banks point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud every year.The dismissal of law firms from lender panels started with the rise in mortgage fraud, which prompted a thematic review by the FSA in 2011. Its conclusions included recommendations for lending institutions to review their conveyancing panels, which triggered a major policy change in the sector. This led to lenders purging a number of firms from their panel of approved conveyancers .
My friend suggested that where I am buying in Somerton I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes included in the estimate for your Somerton conveyancing searches. It is a large report of about 40 pages, listing and setting out significant information about Somerton around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Somerton Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Somerton Education with maps and statistics, Local Amenities and other useful data about Somerton.
How does conveyancing in Somerton differ for newly converted properties?
Most buyers of new build or newly converted property in Somerton contact us having been asked by the developer to exchange contracts and commit to the purchase even before the property is constructed. This is because builders in Somerton tend to buy the land, 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 Somerton or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in last month in what was supposed to be a simple, chain free conveyancing. Somerton is where the house is located. What do you suggest?
Flying freeholds in Somerton are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Somerton you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Somerton may decide 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.
What makes your site different to alternative web based conveyancing brokers for conveyancing in Somerton?
At this site secure a conveyancing quote via a Solicitor or Licensed Conveyancer that understands the nuances for your conveyancing in Somerton. As opposed to estate agents and brokerage sites we do not operate commission arrangements with solicitors. Some agents and online brokers 'recommend' solicitors that pays the highest per referral, as opposed to the best value conveyancing in Somerton
Back In 2000, I bought a leasehold flat in Somerton. Conveyancing and The Mortgage Works mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1998. The conveyancing practitioner in Somerton who previously acted has now retired. What should I do?
First make enquiries of the Land Registry to make sure that this person is indeed the new freeholder. It is not necessary to incur the fees of a Somerton conveyancing practitioner to do this as you can do this on the Land Registry website for £3. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Leasehold Conveyancing in Somerton - A selection of Questions you should consider Prior to Purchasing
-
You should be aware that where the lease has no more than eighty years it will have adverse implications on the value of the flat. It is worth checking with your lender that they are willing to to proceed given the lease term. A short lease means that you will almost definitely need a lease extension at some point and it is worth finding out how much this will be. Remember, in most cases you will be be obliged to have owned the premises for 24 months in order to be eligible to extend the lease. The answer will be useful as a) areas may result in problems in the building as the communal areas may begin to deteriorate if services remain unpaid b) if the leaseholders have a dispute with the running of the building you will want to have all the details How much is the ground rent and service charge?