I am selling my home in St Columb and the EA has just text me to warn that the buyers are switching solicitor. The reason given is that the bank will only deal with solicitors on their approved list. On what basis would a major mortgage company only work with specific solicitors rather the firm that they want to appoint to handle their conveyancing in St Columb ?
UK lenders have always had an approved set of law firms that can represent them, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Banks point to the increase in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to maintain. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are unlikely to have any impact on this.
My husband and I are only a couple days away from an exchange on a house in St Columb and my parents have transferred the ten percent deposit to my conveyancer. I am now advised that as the deposit has not come from me my lawyer needs to disclose this to my lender. Apparently, in also acting for the lender he must advise them that the balance of the purchase price is coming from anyone other than me. I informed the mortgage company about my parents' contribution when I applied for the home loan, so is it really necessary for this now to delay the deal?
Your solicitor is legally required to clarify with mortgage company to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only reveal this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
I am the registered owner of a freehold house in St Columb but still pay rent, why is this and what is this?
It’s unusual for properties in St Columb and has limited impact for conveyancing in St Columb 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 establishment of new 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 after 2037 will be dispensed with completely.
I am assisting my sister sell her house in St Columb. Does the solicitor order an energy assessment or it is for the seller to see to?
Following the abolition of Home Information Packs, energy performance certificates became a required element of moving property. An energy assessment needs to be commissioned before the property is advertised. It is not as aspect of the sale process that conveyancers normally arrange. Where you are instructing a St Columb conveyancing solicitor they may be able to arrange EPC’s due to their relationships with reputable St Columb assessors
A relative informed me that in purchasing a property in St Columb there may be a number of restrictions as to what one can do in terms of external changes to a property. Is this right?
There are anumerous of properties in St Columb which have some sort of restriction or requirement of consent to perform external alterations. Part of the conveyancing in St Columb should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I'm in the process of viewing flats in St Columb and I am now considering a potential offer. Is it sensible to have a property lawyer on ‘stand by’? I intend to finance via a home loan with Yorkshire BS.
You should start requesting conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the selling agent. As you are taking out a mortgage with Yorkshire BS, make sure you remember to check that your lawyer is on the Yorkshire BS conveyancing panel.
I purchased a semi-detached Victorian house in St Columb. Conveyancing lawyer acted for me and Chelsea Building Society. I did a free Land Registry search last week and I saw a couple of entries: the first freehold, another for leasehold with the matching address. I'd like to know for sure, how can I find out??
You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in St Columb and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with lenders. You can also enquire as to the situation with your conveyancing lawyer who conducted the conveyancing.