I am purchasing a leasehold flat in Emsworth. My property lawyer has never been on on the bank approved panel. Am I still permitted to use my Emsworth conveyancing solicitor notwithstanding that they are not on the lender panel?
One will need to appoint a solicitor to deal with the formalities when you take out a loan to purchase your property. They will conduct all the necessary investigations on the property, make sure that you’re registered as proprietor and ensure that all the required mortgage paperwork is dealt with. You may appoint a Emsworth lawyer of your choice. Nevertheless, if the lawyer selected is not a member of the lender approved list supplemental costs will arise as separate legal representation will be need by the bank. Conveyancing panel applications may be submitted, so where your conveyancer has not in the past applied for membership they should take the chance to apply.
My partner and I are only a couple days away from an exchange on a house in Emsworth and my mum and dad have sent the ten percent deposit to my conveyancing practitioner. I am now informed that as the deposit has not arrived from me my solicitor needs to disclose this to my mortgage company. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is coming from anyone other than me. I advised the mortgage company about my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to be an issue?
Your property lawyer is obliged to clarify with the bank to make sure that they are aware that the balance of the purchase price is not from your own funds. The solicitor can only notify this to your lender if you agree, failing which, your lawyer must cease to continue acting.
I purchased a freehold property in Emsworth but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Emsworth and has limited impact for conveyancing in Emsworth 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 establishment of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
My wife and I are buying a house in Emsworth. I might seem paranoid but how we can trust a conveyancer? On the day of competition we have to deposit our life savings into their account. What is the protection we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Are all Emsworth Conveyancing Quality Solicitors on the Barclays conveyancing list of approved firms?
A selection of banks and building societies now utilise CQS as the starting point for Panel membership such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of firms.
We previously chose conveyancers locally in Emsworth on the Lloyds solicitor approved list. They have just invoiced me an additional charge for dealing with the Lloyds mortgage. Is this a supplemental conveyancing fee specified by Lloyds?
As unfair as it may appear, as long as it’s in their Terms of Engagement or Quote then yes your lawyer is entitled to levy a fee for this. This fee is not set by Lloyds but by your Emsworth property lawyer. Plenty of firms on the Lloyds panel will quote an ‘acting for lender’ fee but some practices include it on their overall fee.
Due to the advice of my in-laws I had a survey completed on a property in Emsworth before retaining lawyers. I have been informed that there is a flying freehold aspect to the house. My surveyor has said that some lenders will refuse to issue a loan on such a property.
It varies from the lender to lender. Lloyds has different requirements for example to Birmingham Midshires. Should you wish to telephone us we can check via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Emsworth. Conveyancing may be slightly more expensive based on your lender's requirements.