My partner and I are looking to buy a home in Banwell and are in fact using a Banwell conveyancing firm. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Bank of Scotland have this afternoon contacted us to advise us that there is now an issue as our Banwell conveyancer is not on their approved list of lawyers. What do we do from here?
Where you are buying a property needing a mortgage it is conventional for the purchasers' lawyers to also represent 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 Accreditation Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Banwell solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
I am the registered owner of a freehold premises in Banwell but still charged rent, why is this and what is this?
It is rare for properties in Banwell and has limited impact for conveyancing in Banwell but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the generation of fresh rentcharges post 1977.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
We are buying a property and the solicitor has raised the issue of Chancel Repair to which the house may be obligated to contribute to as it falls into the area of such a church. She has recommended insurance. Is this really appropriate for conveyancing in Banwell
Unless a prior acquisition of the premises took place after 12 October 2013 you can take it that lawyers conducting conveyancing in Banwell to continue to propose a a chancel search and or insurance against a claim.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and found one round the corner in Banwell I like with amenity areas and railway links in the vicinity, the downside is that it only has 51 years on the lease. There is not much else in Banwell suitable, so just wondered if I would be making a grave error buying a short lease?
If you need a mortgage that many years may be an issue. Discount the offer by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least 2 years you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.
Is it best to go with a Banwell conveyancing solicitor who is local to the property I am purchasing? An old friend can carry out the conveyancing however they are based 400kilometers drive away.
The benefit of a local Banwell conveyancing practice is that you can attend the office to execute documents, present your identification documents and apply pressure on them where appropriate. Having local Banwell know how is a benefit. That being said nothing is more important than finding someone that will do a good and efficient job. If you know people who used your friend and on the whole were content that must surpass using an unknown Banwell conveyancing lawyer solely due to them being based in the area.