My wife and I are hoping to acquire a 2 bedroom flat in Ferryhill with a mortgage. We wish to retain our Ferryhill lawyer, however the bank advise he's not on their "panel". We have to appoint one of the bank panel conveyancing practices or retain our Ferryhill conveyancing practitioner as well as pay for one of their panel firms to represent them. We feel that this is unjust; is there anything we can do?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Ferryhill conveyancing solicitor to apply to be on the conveyancing panel.
We have very assertive sellers who has suggested a preliminary agreement with a deposit of 5k. Are such agreements sensible?
There are two main concerns with signing a lock out agreement (sometimes referred to as a shut-out contract) is that it diverts attention away from moving forward with the conveyancing work, so in the absence of it needing little or no negotiation then it may transpire to be a hindrance. It is not particularly popular amongst Ferryhill conveyancing practitioners as a result. A further concern is the extent of the remedies available - a jilted buyer is not likely to be granted an injunctive ruling by a court to bar the seller completing the sale to a third party, so the only remedy open via the agreement will be the recovery of wasted costs and, in rare circumstances, the extra payment of damages.
I've recently found out that there is a flying freehold issue on a property I put an offer in two weeks back in what should have been a quick, chain free conveyancing. Ferryhill is the location of the property. What do you suggest?
Flying freeholds in Ferryhill are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Ferryhill you would need to get your solicitor to go 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 Ferryhill may determine 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 property.
Can you offer any advice when it comes to choosing a Ferryhill conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Ferryhill conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Ferryhill conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be useful:
How many lease extensions has the firm conducted in Ferryhill in the last year?
Ferryhill Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to Purchasing
Be sure to find out if the the lease contains any adverse restrictions in the lease. By way of example it is fairly common in Ferryhill leases that pets are not allowed in certain buildings in Ferryhill. If you like the apartmentin Ferryhill yet your dog can’t make the move with you then you have a very difficult choice. How many years remain on the lease? The answer will be useful as a) areas can cause problems for the block as the communal areas may begin to deteriorate if maintenance remain unpaid b) if the leasehold owners have a dispute with the managing agents you will wish to have all the details
To what extent are Ferryhill conveyancing solicitors under an obligation to the Law Society to publish transparent conveyancing costs?
Contained within the Solicitors Code of Conduct are set rules and regulations as to how the Solicitors Regulation Authority (SRA) allow solicitors to publicise their fees to clients.The Law Society have practice note giving advice on how to publicise transparent charges to avoid breaching any such rule. Practice notes are not legal advice issued by the Law Society and is not intended as the only standard of good practice a conveyancing solicitor should adhere to. The Practice Note does, however, constitute the Law Society’s perspective of acceptable practice for publicising conveyancing charges, and accordingly it’s a recommended read for any solicitor or conveyancer in Ferryhill or beyond.