My wife and I are looking to purchase a house in Histon and have appointed a Histon conveyancing practice. Within the last couple of days our property lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Godiva Mortgages Ltd have this evening contacted us to advise us that there is now an issue as our Histon solicitor is not on their conveyancing panel. Please explain?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' solicitors to also represent the mortgage company. 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 as you are at liberty to use your preferred Histon lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
IfI was to purchase a straightforward propertyin Histon for cash and dispense with a survey and no conveyancing searches how much should I expect to to save on my conveyancing in Histon?
The sole reduction in fees you would make on is the disbursement for searches. A conveyancing practitioner is required to do the vast majority of work - money laundering, communicating with the vendors solicitor, SDLT return, register the property etc. A slight saving might be made by not needing to register a mortgage but it will not be a lot.
I purchased a freehold property in Histon but nevertheless pay rent, why is this and what is this?
It is rare for properties in Histon and has limited impact for conveyancing in Histon 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 generation of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
I moved into my flat on 14 April and my personal details is not yet registered. Any reason for this? My conveyancing solicitor in Histon expressed confidence that it will be formalised inside ten days. Are titles in Histon uniquely lengthy to register?
There is nothing unique when it comes to conveyancing in Histon registration formalities. As opposed to being determined by geographic area, timescales can differ according to who lodges the application, whether it is in order and if the Land registry must send notices to any other persons or bodies. At present roughly three quarters of such applications are completed in less than three weeks but some can be subject to protracted delays. Historically registration is effected after the buyer is living at the premises thus post completion formalities is not always primary concern but if it is urgent that the the registration takes place urgently then you or your conveyancer could communicate with the Registry to express the reasoning for an expedited registration.
I have been on the look out for a ground for flat up to £235,500 and found one round the corner in Histon I like with amenity areas and transport links in the vicinity, the downside is that it's only got 52 remaining years left on the lease. I can't really find anything else in Histon for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a home loan that many years will likely be an issue. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of twenty four months you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.