My wife and I are looking to purchase a property in Narberth and are in fact using a Narberth conveyancing firm. Within the last couple of days our property lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. TSB have this evening contacted us to advise us that they have now hit a problem as our Narberth conveyancer is not on their conveyancing panel. Is this a problem?
When purchasing a property with the benefit of a mortgage it is standard 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 Quality Scheme. Your property lawyer should contact your bank 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 bank's conveyancing panel as you are at liberty to use your preferred Narberth lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
I am the registered owner of a freehold residence in Narberth but nevertheless charged rent, why is this and what is this?
It is rare for properties in Narberth and has limited impact for conveyancing in Narberth 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 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 after 2037 is to be extinguished.
I have been told that property searches are the primary cause of delay in Narberth conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released conclusions of a review by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of delays during the legal transfer of property. Local searches are not likely to feature in any holding up conveyancing in Narberth.
How can the Landlord & Tenant Act 1954 impact my commercial property in Narberth and how can your lawyers assist?
The 1954 Act gives protection to business tenants, granting the dueness to make a request to court for a new tenancy and continue in occupation when the lease comes to an end. There are limited grounds where a landlord can refrain from granting a lease renewal and the rules are involved. We are happy to direct you to commercial conveyancing solicitors who use the act to your advantage and assist with commercial conveyancing in Narberth
At what stage do I incur the Stamp Duty Land Tax chargeable for my house transaction in Narberth?
Your conveyancing practitioner should complete a stamp duty return on your behalf as part of your Narberth purchase transaction for you to sign. After completion your lawyer will submit the STL application to the Tax Authorities and - as long as they have the funds - pay any land tax liability for you.