I am acquiring property in Petersfield. My Solicitor has never been on on the bank conveyancing list. Can I still continue with my Petersfield conveyancing solicitor notwithstanding that they are not on the lender panel?
You must have a conveyancing practitioner to complete the formalities if you require a loan to purchase your home. The lawyer will conduct all the appropriate investigations on the property, make sure that you will be properly registered as the owner and ensure that all the required mortgage documentation is dealt with. One may select a Petersfield lawyer of your choosing. However, where the property lawyer appointed is not a member of the bank approved list additional charges will be levied as separate legal representation will be required by them. Lender panel applications may be submitted, so if your conveyancer has not historically applied for membership they should take the chance to apply.
Can conveyancing in Petersfield to be completed within a month?
First, If the seller is applying pressure to sign contracts it is advisable to make sure that your conveyancer is familiar with the area as they will benefit local contacts and knowledge. It is possible that they would have conducted otherhomes in the same neighbourhood. Therefore consider using a Petersfield conveyancing firm. In addition, double check that the conveyancing firm is on the member panel. It is said that just under twenty per cent of Petersfield conveyancing deals are suspended or jeopardised after discovering a purchaser’s conveyancer was not on their banks member panel. In many cases this discovery resulted in the legal transfer of property being frustrated by as much as 21 days. It is believed that this issue impacts approximately 100,000 home moves every year. Most Petersfield conveyancing firms can not represent certain mortgage companies so do check as early as possible.
I am the registered owner of a freehold premises in Petersfield but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Petersfield and has limited impact for conveyancing in Petersfield 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 from 1977 onwards.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
I have been advised by a few selling agents in Petersfield to locate a property lawyer using your seach tool. Is there a financial inducement for Estate Agents to promote your services over a competitor’s?
We refuse to offer any financial incentive for directing people our way. We thought it would be too underhand to pay a commission as members of the public would think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
Me and my husband have agreed a price on a Petersfield flat we inherited six years ago in 2009. I have over a decades worth of conveyancing know-how and, now retired, intend to do my own legal work. The buyer's conveyancer has informed me that their Lenders will not allow you to do your own conveyancing requiring the funds to be passed via a solicitor's bank account.
Lending instructions to conveyancers from all mainstream lenders specify that If the seller is not legally represented the purchaser’s lawyers should check whether the mortgage company needs to be informed so that a decision can be made as to whether they are prepared to progress.