Is it realistic for conveyancing in Farnham Royal to be finalised in under 3 weeks?
In a situation where the seller is applying pressure for your conveyancing it is highly recommended that your conveyancer is familiar with the area as they will benefit local relationships and knowledge. It is possible that they may have transacted otherhouses in the same street. You would be best advised to use a Farnham Royal conveyancing lawyer. In addition, make sure that the conveyancing firm is on the member panel. It is estimated that 18% of Farnham Royal conveyancing deals are delayed or jeopardised after finding out that a buyer’s conveyancer was not on their mortgage lender’s panel. This can often result in the home move being held up by almost 21 days. It is believed that this issue impacts approximately 100,000 home sales every year. Most Farnham Royal conveyancing practices can not represent certain lenders so do check as early as possible.
I purchased a freehold property in Farnham Royal but nevertheless invoiced for rent, why is this and what is this?
It is rare for properties in Farnham Royal and has limited impact for conveyancing in Farnham Royal 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 generation of fresh 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.
I am considering applying for a mortgage for purchase of a newly converted (under development) in Farnham Royal with 60% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for ?
There is nothing to stop you using your solicitor, but will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Do I need to pay for insurance to address the risk of chancel repairs when purchasing a residence in Farnham Royal?
Unless a previous purchase of the premises completed after 12 October 2013 you can expect conveyancing practitioners handling conveyancing in Farnham Royal to continue to recommend a chancel search and or chancel repair liability insurance.
Our conveyancer in Farnham Royal has identified a a problem with the lease for the flat we are purchasing in Farnham Royal. The seller’s lawyers have put forward title insurance as a solution. We are happy with insurance and will pay for it. Our lawyer says that as he is on the lender conveyancing panel he must check that the lender is happy with this solution. Are we the client or is the mortgage company?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. A precondition to being on the mortgage company approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.