I am progressing with the sale of my home in Bedford Hill and the estate agent has just text me to warn that the purchasers are appointing a new property lawyer. I am told that this is due to the fact that the lender will only engage with property lawyers on their conveyancing panel. On what basis would a major mortgage company only work with specific law firms rather the firm that they want to select for their conveyancing in Bedford Hill ?
Mortgage companies have always had panels 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 worked with them for more than 15 years.
Mortgage companies point to the increase in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to oversee. No lender will say 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 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. Your purchasers are unlikely to have any impact on this.
In the event thatI was to purchase a freehold housein Bedford Hill for cash and dispense with a survey and no local authority searches how much should I expect to have to pay for conveyancing in Bedford Hill?
The only saving you would achieve is the Bedford Hill conveyancing searches. The conveyancing practitioner still got to do everything else - money laundering, liaising with your vendors solicitor, SDLT submission, register the ownership etc. A slight saving might be made by not needing to register a mortgage but it won't be a lot.
I own a freehold residence in Bedford Hill but still pay rent, why is this and what is this?
It is rare for properties in Bedford Hill and has limited impact for conveyancing in Bedford Hill 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 hundreds of years, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges from 1977 onwards.
Old 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 extinguished.
My conveyancer has informed me that chancel insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Bedford Hill?
The appropriate level of chancel indemnity insurance depends on your lender. It would differ for example between Accord Mortgages Ltd and The Royal Bank of Scotland. Conveyancing practitioners as opposed to borrowers take out such insurances.
is it true that all Bedford Hill solicitors on the TSB conveyancing panel are overseen by the SRA?
As a firm of solicitors, in order to be on the TSB approved list of solicitors they would need to be regulated by the Solicitors Regulatory Authority. Some lenders do list licenced conveyancers on their panel in which case such firms would be regulated by the CLC.
I am purchasing a property in Bedford Hill. An unusual aspect is that the roof has a solar panel. Coventry BS have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Coventry BS your lawyer must follow the conveyancing requirements outlined in Section two of UK Finance Lenders’ Handbook for Coventry BS. The Council of Mortgage Lenders’ Handbook includes minimum provisions for solar panel roof-space leases, and lawyers are required to report to Coventry BS where a lease does not satisfy these conditions. The provisions relate to the installation of panels on properties nationwide and is not limited to Bedford Hill.
I'm buying a new build house in Bedford Hill with the aid of help to buy. The builders would not budge the price so I negotiated £7000 of extras instead. The estate agent suggested that I not disclose to my lawyer about the extras as it could jeopardize my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
In my capacity as executor for the will of my grandfather I am selling a residence in Swansea but I am based in Bedford Hill. My solicitor (who is 250 miles from meneeds me to sign a statutory declaration before the transaction finalising. Can you recommend a conveyancing solicitor in Bedford Hill who can attest this legal document for me?
strictly speaking you are not likely to be required to have the documents attested by a conveyancing solicitor. Normally or notary public or solicitor will do regardless of whether they are Bedford Hill based