I am in the process of selling my ground floor flat in Beaufort and the estate agent has just e-mailed to advise that the purchasers are switching solicitor. The excuse is that the lender will only work with property lawyers on their conveyancing panel. On what basis would a leading lender only deal with certain lawyers rather the firm that they want to appoint for their conveyancing in Beaufort ?
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 Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Lenders point to the increase in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to oversee. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Some are unaware that 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 not going to have any impact on this.
Can you help? My Beaufort solicitor is advising me that she is duty bound toapply for Beaufort conveyancing searches asthe firm are on the Lloydssolicitor panel. These Beaufort searches cost a lot of money can this be avoided?
Unfortunately both you and your lawyer have little choice here. As you are obtaining a mortgage with a lender your property lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your property lawyer would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to comply with the CML Handbook specifications . Even if you were a cash buyer you would be ill advised not to carry out Beaufort conveyancing searches.
I am the registered owner of a freehold house in Beaufort but still charged rent, why is this and what is this?
It is rare for properties in Beaufort and has limited impact for conveyancing in Beaufort 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 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 will be dispensed with completely.
My bid for a property was accepted at auction in Beaufort. Conveyancing is needed. What happens now?
Having legally bound yourself to purchase you now have to instruct a conveyancing solicitor as a matter of urgency as you now have a tight a fixed date to complete the deal. Every auction property will ordinarily have an associated legal pack. This should include evidence of title and search results. Where you are dealing with leasehold property the legal pack should contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork pertinent to leasehold premises. You should hand this to the conveyancer working for you ASAP. Do make sure that you have funds in place to complete on the date specified in the contract.
Is there a list of Principality panel conveyancers in Beaufort on the UK Finance Lenders’ Handbook Website?
No. There is no such facility on the CML or Building Society Association sites. A small selection of mortgage companies make their panel listings viewable over the internet. If you are looking for a Beaufort lawyer on the Principality please make the most of our tool.
We have agreed to purchase a house in Beaufort. A rare aspect is that the roof has a solar panel. Aldermore have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Aldermore your lawyer must check the conveyancing instructions set out in Part 2 of UK Finance Lenders’ Handbook for Aldermore. The Council of Mortgage Lenders’ Handbook includes minimum conditions for solar panel roof-space leases, and solicitors are required to report to Aldermore where a lease does not comply with these requirements. The specifications relate to the installation of panels on properties countrywide and is not restricted to Beaufort.
I have todaybeen informed that Wolstenholmes have been shut down. They carried out my conveyancing in Beaufort for a purchase of a leasehold flat 9 months ago. How can I check that my home is in my name in the name of the previous owner?
The quickest way to check if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Beaufort conveyancing specialists.
I'm remortgaging my current property to a buy to let loan with Birmingham Midshires and intend to use the remaining equity as a down payment on a second house. The location we are talking about is Beaufort. Will your conveyancers be able to act for the two lenders and link together the transactions?
Make use of our search tool on this site to ensure that the lawyers are approved by both mortgage companies. Assuming that they are your solicitor should be able to tie up the two transactions but you should have a chat with you conveyancer and specify your desired outcome and requirements.