My wife and I are acquiring a newly built flat in Haydock and my conveyancer is telling me that she is duty bound to the bank to reveal incentives from the developer. I am under pressure to exchange contracts and I would rather not prolong deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I am the registered owner of a freehold property in Haydock yet charged rent, why is this and what is this?
It’s unusual for properties in Haydock and has limited impact for conveyancing in Haydock 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 post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
How do I investigate if the solicitor handling my conveyancing in Haydock is on the lender’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Nationwide Building Society thus paying £187.00 plus VAT in further legal bill.
You should take advantage of the find a lender approved solicitor tool on this site. Pick the mortgage company and type ‘Haydock’ or your location and you will be presented with a number of lawyer located in Haydock or nearest you.
Should my lawyer be asking questions concerning flooding during the conveyancing in Haydock.
The risk of flooding is if increasing concern for conveyancers carrying out conveyancing in Haydock. Some people will purchase a house in Haydock, fully expectant that at some time, it may be flooded. However, aside from the physical damage, where a house 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 during the course of a property purchase to forewarn the purchaser.
Conveyancers are not best placed to give advice on flood risk, but there are a numerous searches that can be carried out by the purchaser or by their conveyancers which should give them a better understanding of the risks in Haydock. The standard completed inquiry forms supplied to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard inquiry of the owner to discover if the premises has suffered from flooding. If the premises has been flooded in past which is not notified by the vendor, then a purchaser could commence a compensation claim as a result of such an misleading answer. A purchaser’s lawyers will also order an environmental search. This will indicate if there is any known flood risk. If so, further inquiries will need to be initiated.
I need to appoint a conveyancing solicitor for leasehold conveyancing in Haydock. I happened to discover a web site which looks to be the perfect solution If there is a chance to get all this stuff done via email that would be preferable. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?