My fiance and I are hoping to acquire a flat in Aylsham and are in fact using a Aylsham conveyancing firm. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through with a view to exchanging next week. Santander have this morning contacted us to advise us that there is now an issue as our Aylsham lawyer is not on their conveyancing panel. Is this a problem?
Where you are buying a property requiring a mortgage it is usual for the purchasers' solicitors to also represent the mortgage company. 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 solicitor 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 and you may continue to use your own Aylsham solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
I purchased a freehold premises in Aylsham but still pay rent, why is this and what is this?
It is rare for properties in Aylsham and has limited impact for conveyancing in Aylsham 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 creation of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
My uncle informed me that in buying a property in Aylsham there could be a number of restrictions prohibiting external changes to the property. Is this right?
There are anumerous of properties in Aylsham which have some sort of restriction or requirement of consent to carry out external alterations. Part of the conveyancing in Aylsham should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We expect to receive a DIP from Co-operative this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Co-operative recommend any Aylsham solicitors on the Co-operative conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Aylsham solicitors independently although you'll need to choose one on the Co-operative conveyancing panel. The solicitor represents both you and Co-operative through the process.
The mortgage over my property is with Aldermore for my property in Aylsham. Conveyancing was finalised months ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Aldermore?
Your original mortgage agreement with Aldermore will provide that you need their approval prior to renting your property as this is likely to be a breach of Aldermore’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Aldermore directly. You need not do this via a Aldermore conveyancing panel firm.
I require quick conveyancing in Aylsham as I have a deadline to exchange contracts in less than one month. Luckily I do not require a mortgage. Is it possible to escape the need for conveyancing searches to save fees and time?
As you are not taking a mortgage you have the choice not to have searches conducted although no conveyancer would advise that you don't. With lots of history conveyancing in Aylsham the following are instances of what can arise and adversely affect future mortgageability: Refused Planning Applications, Overdue Charges, Outstanding Grants, Railway Schemes,...
five months have gone by following my purchase conveyancing in Aylsham completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Due to the encouragement of my in-laws I had a survey completed on a house in Aylsham in advance of instructing solicitors. I have been informed that there is a flying freehold element to the property. My surveyor advised that some lenders may not grant a mortgage on this type of premises.
It depends who your proposed lender is. HSBC has different instructions for example to Halifax. If you e-mail us we can check with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Aylsham. Conveyancing may be slightly more expensive based on your lender's requirements.