I can't travel far from Bagshot. Can you please clarify why all Bagshot property lawyers are not on all mortgage company panels?
Before the recession most lenders had an approach to risk which is different from today. The FSA in 2010 instigated a thematic review into fraud which concluded: know the property lawyers on your panel. As a result, mortgage companies have subsequently looked to extract more data from law firms regarding their processes and the individuals employed by them and set certain criteria such as completing a minimum amount of transactions. Many law practices have been excluded from lender panels even though they had 100% healthy disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms found it impossible satisfy the criteria of amount of transactions the lenders insisted on.
I purchased a freehold house in Bagshot but still pay rent, why is this and what is this?
It’s unusual for properties in Bagshot and has limited impact for conveyancing in Bagshot 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 fresh rentcharges from 1977 onwards.
Old 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 dispensed with completely.
I am looking for a leasehold apartment up to £305k and found one close by in Bagshot I like with amenity areas and station in the vicinity, the downside is that it's only got 51 remaining years left on the lease. I can't really find anything else in Bagshot in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
If you require a mortgage that many years will be an issue. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least 2 years you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
I am downsizing from my property. My previous conveyancers has retired. I would be grateful for any recommendation of a conveyancing firm. I happen to live in Bagshot if that makes things easier.
Do use our search tool to help you find a solicitor for your conveyancing in Bagshot. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move goes smoothly.
My husband and I are first time buyers - had an offer accepted, but the selling agent informed us that the seller will only go ahead if we appoint the agent's chosen lawyers as they need an ‘expedited deal’. We would rather use a family solicitor accustomed to conveyancing in Bagshot
We suspect that the owner is not behind this request. If they desire ‘a quick sale', taking such a hostile approach to a serious purchaser is likely to cause more damage than good. Contact the vendors directly and make sure they understand (a)you are motivated buyers (b)you are ready to go, with finances in place © you are unencumbered (d) you intend to proceed fast (e)but you will continue to use your own,trusted Bagshot conveyancing lawyers - not the ones that will earn the negotiator at the agency a commission or meet his conveyancing thresholds set by corporate headquarters.
Do lenders provide you with an approved list of Bagshot solicitors? How do you know who is on the lender conveyancing panel?
Bagshot law firm practices and firms conducting conveyancing in Bagshot themselves provide us confirmation that they are on the mortgage company conveyancing panel as opposed to being supplied with a list from the mortgage company directly.