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Find a Ferndown Conveyancing Solictior on Your Lender’s Panel

Ready to buy a new home in Ferndown? Failing to check that a lawyer is on your lender’s list of approved solicitors can put your Ferndown home move at risk of delay or failure.

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Recently asked questions about conveyancing in Ferndown

We are about to exchange on the purchase of a property in Ferndown but as a consequence of wreckage from the recent storms I have was able negotiate reparation from the vendor of three thousand pounds in the form of a adjustment in the price. I had intended this to be addressed as part of the conveyancing process but Clydesdale will not permit this. Should they have been involved?

Any solicitor that is on the Clydesdale conveyancing panel is duty bound to disclose to Clydesdale of any amendments to the sale price. If you prohibit your solicitor to notify the price change to Clydesdale then they would have to discontinue acting for you. In addition, Clydesdale and you would have to appoint a new conveyancing practitioner for your conveyancing in Ferndown.

About to place a bid on a leasehold apartment in Ferndown. The selling agents advise that it is standard for flats in Ferndown to have less than 75 years remaining. I am expecting a loan with Platform. Will the property be mortgageable given that the lease has 72 years left.

Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Platform have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 23/6/2022 the requirements read as follows :

Minimum 85 years unexpired from completion, except where the mortgage application is pursuant to Platform's participation in the Government's Help to Buy Shared Equity scheme, in which case (a) the unexpired lease term must not be less than 250 years for new-build houses and not less than 125 years for new-build flats and (b) ground rent must be reasonable at all times and any escalation must be linked to RPI (Retail Price Index) or a similar index.

How does conveyancing in Ferndown differ for newly converted properties?

Most buyers of new build residence in Ferndown approach us having been asked by the developer to exchange contracts and commit to the purchase even before the house is ready to move into. This is because builders in Ferndown tend to purchase the real estate, 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 accustomed to new build conveyancing in Ferndown or who has acted in the same development.

I need to instruct a conveyancing solicitor for my conveyancing in Ferndown. I have land on a web site which seems to have the ideal solution If there is a chance to get all this stuff completed via web that would be ideal. Should I be wary? What should out be looking out for?

As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?

I am attracted to a two apartments in Ferndown both have in the region of forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Ferndown. The lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the saleability of the lease decreases and results in it becoming more costly to acquire a lease extension. This is why it is often a good idea to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this arena.

Leasehold Conveyancing in Ferndown - A selection of Queries before Purchasing

    The prefered form of lease arrangement is a share of the freehold. In this arrangement the leaseholders benefit from control and even though a managing agent is frequently retained where the building is larger than a house conversion, the managing agent is directed by the tenants. Does the lease include onerous restrictions? Is there a share of the freehold?

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