My wife and I are looking to buy a home in Markyate and are in fact using a Markyate conveyancing firm. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through with a view to exchanging next week. Bank of Scotland have this evening contacted us to inform me that they have now hit a problem as our Markyate solicitor is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is normal 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 Accreditation Scheme. Your property lawyer should contact your lender 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 are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Markyate solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
I purchased a freehold property in Markyate yet invoiced for rent, why is this and what is this?
It is rare for properties in Markyate and has limited impact for conveyancing in Markyate 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 new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
My wife and I have recently appointed a conveyancing solicitor in Markyate. I I would like to check if they are on the Leeds Building Society approved list of lawyers. Can you assist?
You should call the solicitor and enquire whether they are on the lender panel. Alternatively please get in touch with Leeds Building Society who may be able to assist.
What will a local search tell me concerning the house my wife and I buying in Markyate?
Markyate conveyancing often commences with the submitting local authority searches directly from your local Authority or via a personal search organisations for instance Searches UK The local search plays a central role in most Markyate conveyancing purchase; that is if you don’t want any nasty surprises after you move into your property. The search will supply information on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject sections.
I am buying a new build house in Markyate with the aid of help to buy. The sellers refused to reduce the amount so I negotiated £7000 of additionals instead. The property agent told me not inform my conveyancer about this side-deal as it would impact my mortgage with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.