My husband and I are buying a 3 bedroom flat in Romney with a mortgage. We have a Romney solicitor, but the mortgage company says she’s not on their "panel". It seems we have little choice but to use one of the mortgage company panel firms or keep our Romney conveyancer and pay for one of their panel ones to act for them. We feel that this is unjust; is there anything we can do?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Romney conveyancing lawyer to apply to be on the conveyancing panel.
I am the registered owner of a freehold premises in Romney but nevertheless pay rent, why is this and what is this?
It is rare for properties in Romney and has limited impact for conveyancing in Romney 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 generation of fresh rentcharges post 1977.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
I have been on the look out for a flat up to £195,000 and found one close by in Romney I like with a park and transport links in the vicinity, however it only has 51 years on the lease. I can't really find anything else in Romney for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a mortgage that many years may be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you may ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.
Is it best to choose a Romney conveyancing practitioner in close proximity to the house I am buying? I have an old university friend who can carry out the legal formalities however his firm is located over three hundred kilometers drive away.
The primary upside of using a high street Romney conveyancing practice is that you can drop in to sign paperwork, deliver your identification documents and apply pressure on them where appropriate. They will also have local intelligence which is a benefit. However nothing is more important than finding someone that will do a good and efficient job. If you know people who used your friend and the majority were content that must outweigh using an unfamiliar Romney conveyancing lawyer solely due to them being round the corner.
Me and my husband have agreed a price on a Romney house left to us some years ago in 2011. I have over 12 years conveyancing experience and, now retired, wish to carry out my own legal work. The purchaser's property lawyer has informed me that their Lenders will not allow you to do your own conveyancing as they require the funds to be sent to a solicitor's bank account.
Mortgage requirements to solicitors from all mainstream lenders state that If the vendor does not have legal representation the buyer’s lawyers should check whether the bank needs to be informed so that a decision can be reached if they are prepared to move forward.