I purchased a freehold property in Bramhall yet pay rent, why is this and what is this?

It’s unusual for properties in Bramhall and has limited impact for conveyancing in Bramhall 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 creation of fresh rentcharges from 1977 onwards.

Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.

Please explain the implications if my lawyer’s firm is suspended from the Nottingham Solicitor panel ahead of completing my conveyancing in Bramhall?

First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.

I need some quick conveyancing in Bramhall as I am faced with a deadline to sign on the dotted line within 3 weeks. Thankfully I do not need a mortgage. Is it possible to escape the need for conveyancing searches to save fees and time?

If.Given you are are a mortgage free purchaser you have the choice not to do searches although no lawyer would advise that you don't. Drawing on our experience of conveyancing in Bramhall the following are instances of issues that can show up and therefore impact future saleability: Enforcement Actions, Overdue Charges, Outstanding Grants, Railway Schemes,...

I am buying my first flat in Bramhall with a loan from Nottingham Building Society. The developers refused to budge the price so I negotiated five thousand pounds worth of additionals instead. The house builders rep told me not inform my solicitor about the deal as it may jeopardize my mortgage with the bank. Should I keep quiet?.

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.

My son is embarking on her first house purchase, the home loan was agreed last week in principle. After the offer was accepted on apartment we rang the lender to issue the formal offer. I was disappointed to hear that mortgage lenders do not accept all conveyancing practitioner, they must be on their panel, is this legal?

Lenders normally restrict either the type or the number of conveyancing firms on their approved list of lawyers. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any Bramhall conveyancing practitioner on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Unlikely.