I am only a couple days away from an exchange on a property in Carmarthenshire and my mum and dad have transferred the ten percent deposit to my property lawyer. I am now advised that as the deposit has been received from someone other than me my conveyancer needs to make a notification to my bank. I am advised that, in also acting for the lender he must inform them that the balance of the purchase price is coming from anyone other than me. I disclosed to the lender about my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
Your conveyancer is obliged to clarify with the bank to ensure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only reveal this to your lender if you agree, failing which, your lawyer must cease to continue acting.
I am the registered owner of a freehold residence in Carmarthenshire but nevertheless charged rent, why is this and what is this?
It is rare for properties in Carmarthenshire and has limited impact for conveyancing in Carmarthenshire 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 hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
My lawyer in Carmarthenshire has never been on on the Accord Mortgages Ltd Solicitor Panel. Can I still continue with my prefered solicitor notwithstanding that they are excluded from the Accord Mortgages Ltd panel of approved conveyancing solicitors?
Your options are as follows:
- Complete the purchase with your existing Carmarthenshire solicitors but Accord Mortgages Ltd will need to use a conveyancer on their list of acceptable firms. This will inevitably rack up the total legal fees and cause delays.
- Find an alternative solicitor to to deal with the purchase, obviously checking they are Persuade your lawyer to use their best endeavours to join the Accord Mortgages Ltd conveyancing panel
Me and my brother own a renovated Edwardian house in Carmarthenshire. Conveyancing lawyer represented me and Aldermore. I happened to do a free search for it on the Land Registry database and there are two entries: the first freehold, another for leasehold with the matching property. If a house is not a freehold shouldn't I have been informed?
You need to read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Carmarthenshire and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the situation with your conveyancing solicitor who completed the work.
I opted to have a survey carried out on a house in Carmarthenshire before appointing conveyancers. I have been told that there is a flying freehold element to the property. Our surveyor advised that some lenders tend refuse to grant a mortgage on such a premises.
It depends who your proposed lender is. Bank of Scotland has different instructions from Nationwide. Should you wish to call us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Carmarthenshire. Conveyancing will be smoother if you use a solicitor in Carmarthenshire especially if they are accustomed to such properties in Carmarthenshire.