Am I correct in assuming that the fact that my conveyancer in Olney is not identified on my mortgage company's solicitor panel that there is a problem with the standard of her work?

That would most likely be a wrong assumption to make. There are all sorts of perfectly plausible explanations. A recent report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the Olney conveyancing firm and ask them why they are no longer on the approved list for your bank.

I own a freehold residence in Olney but nevertheless pay rent, why is this and what is this?

It’s unusual for properties in Olney and has limited impact for conveyancing in Olney 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 many centuries, but the Rent Charge Act 1977 barred the creation of new rentcharges from 1977 onwards.

Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.

My aunt passed away six months ago and as sole heir and executor I was left the house in Olney. The house had a relatively small loan remaining of approximately £8000. I want to have the title changed into my name whilst I re-mortgage to Clydesdale, pay off the mortgage. Is this allowed?

If you intend to re-mortgage then Clydesdale will require that you use a conveyancer on the Clydesdale conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Clydesdale conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Clydesdale mortgage is registered as a charge at the Land Registry.

I have todaydiscovered that Stirling Law have been shut down. They conducted my conveyancing in Olney for a purchase of a freehold house 12 months ago. How can I check that my home is not still registered in the name of the previous owner?

The quickest method to check if the property is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Olney conveyancing specialists.

I am a negotiator for a long established estate agency in Olney where we have witnessed a few leasehold sales jeopardised due to short leases. I have been given contradictory information from local Olney conveyancing solicitors. Could you shed some light as to whether the seller of a flat can initiate the lease extension formalities for the buyer?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.

Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

Olney Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to Purchasing

Are any of leasehold owners in arrears of their service charge liability? On the whole the cost for major works tend not to be wrapped into the service charges, although some managing agents in Olney ask tenants to contribute towards a sinking fund created for the specific intention of establishing a fund for larger repairs or maintenance. Who are the managing agents?