My partner and I are hoping to purchase a flat in Cheetham and have instructed a Cheetham conveyancing practice. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Britannia have this afternoon contacted us to advise us that there is now an issue as our Cheetham conveyancer is not on their conveyancing panel. Is this a problem?
When purchasing a property with the benefit of a mortgage it is usual for the purchasers' lawyers to also represent the purchaser's lender. 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 Quality Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Cheetham solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
AssumingI was to buy a simple residential propertyin Cheetham mortgage fee and dispense with a survey and no local authority searches how much should I expect to to save on my conveyancing in Cheetham?
The only reduction in fees you would make on is the costs for searches. Your conveyancing practitioner still be obliged to do everything else - money laundering, correspond with the sellers solicitor, SDLT return, register the ownership etc. You might save a bit for them not needing to register a mortgage but it won't be meaningful.
I purchased a freehold property in Cheetham but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Cheetham and has limited impact for conveyancing in Cheetham 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 date back hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
Should my conveyancer be making enquiries about flooding as part of the conveyancing in Cheetham.
Flooding is a growing risk for solicitors dealing with homes in Cheetham. Some people will buy a property in Cheetham, completely aware that at some time, it may be flooded. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not qualified to offer advice on flood risk, but there are a numerous searches that can be carried out by the buyer or by their solicitors which should give them a better appreciation of the risks in Cheetham. The standard information supplied to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a usual inquiry of the owner to discover if the premises has suffered from flooding. In the event that flooding has previously occurred and is not revealed by the seller, then a purchaser may issue a compensation claim stemming from an incorrect response. A buyer’s lawyers may also commission an environmental report. This will disclose if there is any known flood risk. If so, further inquiries will need to be made.
My wife and I own a 4 bedroom Georgian house in Cheetham. Conveyancing practitioner represented me and Nottingham Building Society. I did a free Land Registry search last week and there are two entries: the first freehold, another for leasehold under the exact same address. Is it worth asking Nottingham Building Society to clarify?
You need to read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Cheetham and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with lenders. You can also question the position with your conveyancing lawyer who conducted the conveyancing.