Unfortunately I am unable to travel far from Corfe Castle. What is the rationale as to why all Corfe Castle conveyancers aren't automatically on all mortgage company panels?
Lenders point to the fact that solicitor-led fraud is considered to be responsible for millions of pounds of fraud annually.The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its conclusions included recommendations for lending institutions to review their conveyancing panels, which kicked off a major policy change in the sector. It led to mortgage companies removing a number of firms off their official list of approved property lawyers .
I am purchasing a new build house in Corfe Castle with a mortgage from Nottingham Building Society. The sellers refused to move on the amount so I negotiated 6k of additionals instead. The house builders rep advised me not disclose to my conveyancer about this side-deal as it may put at risk my loan with Nottingham Building Society. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold element on a house I put an offer in last month in what should have been a simple, no chain conveyancing. Corfe Castle is the location of the property. What do you suggest?
Flying freeholds in Corfe Castle are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Corfe Castle you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Corfe Castle 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.
My partner has recommend that I instruct his conveyancers in Corfe Castle. Should I find my own conveyancer?
No doubt it’s preferable to choose a conveyancing practitioner is to have referrals from friends or family who have experience in using the conveyancer you're contemplating using.
What are your top tips when it comes to finding a Corfe Castle conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Corfe Castle conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non Corfe Castle conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be of use:
How many lease extensions has the firm completed in Corfe Castle in the last year? If the firm is not ALEP accredited then why not?
I purchased a studio flat in Corfe Castle, conveyancing was carried out February 2002. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Corfe Castle with a long lease are worth £176,000. The average or mid-range amount of ground rent is £50 per annum. The lease ends on 21st October 2072
You have 50 years remaining on your lease we estimate the price of your lease extension to be between £31,400 and £36,200 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.