I can't travel far from Mickleover. I would like to know the understand why all Mickleover property lawyers aren't automatically on all bank panels?
A decade ago most mortgage companies demonstrated an approach to risk which is different than today. The FSA in 2010 carried out a thematic review into property fraud which concluded: know the solicitors on your panel. Accordingly, banks have since looked to extract more data from law firms concerning their operations and the staff employed by them and set certain criteria such as completing a minimum number of transactions. Thousands of firms have found themselves excluded from lender panels even though they had 100% healthy disciplinary record, no complaints and no claims and didn't just 'dabble' in conveyancing. Many firms found it impossible satisfy the criteria of amount of transactions the mortgage companies required.
I own a freehold house in Mickleover but still invoiced for rent, why is this and what is this?
It is rare for properties in Mickleover and has limited impact for conveyancing in Mickleover 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 establishment of new 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 will be dispensed with completely.
Have just purchased a probate house at auction in Mickleover. Conveyancing is needed. What are my next steps?
Having legally committed yourself to purchase you should appoint a conveyancing practitioner quickly as you now have a fast approaching a drop dead date to complete the property. An auction property will have a corresponding legal set of papers. This will likely include evidence of title and search results. In the case of leasehold property the conveyancing papers should provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation specific to a leasehold property. You should give this to the conveyancer instructed by you as soon as possible. You also need to ensure that your finances are in place to complete the transaction on the set completion date.
A friend pointed out to me me that in buying a property in Mickleover there could be a number of restrictions preventing external alterations to a property. Is this right?
There are anumerous of properties in Mickleover which have some sort of restriction or requirement of consent to carry out external variations. Part of the conveyancing in Mickleover should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I am buying a property in Mickleover. One unusual aspect is that the roof has a solar panel. Skipton have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Skipton your lawyer must follow the formal instructions outlined in Part two of UK Finance Lenders’ Handbook for Skipton. The CML Handbook contains minimum requirements for solar panel roof-space leases, and lawyers are required to report to Skipton where a lease fails to satisfy these provisions. The provisions relate to the installation of panels on properties countrywide and is not restricted to Mickleover.
I am buying a new build house in Mickleover with the aid of help to buy. The sellers would not move on the amount so I negotiated 6k of extras instead. The sale representative suggested that I not reveal to my solicitor about this deal as it would jeopardize my loan with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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.
I have been recommended by three or four local estate agents in Mickleover to locate a solicitor using your seach tool. Is there a financial incentive for Estate Agents to offer your lawyers over and above alternative conveyancing organisations?
We refuse to offer any referral fee for pointing buyers and sellers in our direction. We thought it would be too underhand a fee because a client could think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.