Am I correct in assuming that the fact that my solicitor in Bounds Green is not on my bank's conveyancing panel that there is a problem with the standard of the firm’s work?
That would more than likely be an incorrect assumption to make. There are plenty of reasonable explanations. Just recently a report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should simply call the Bounds Green conveyancing practice and ask them why they are no longer on the approved list for your bank.
I purchased a freehold premises in Bounds Green yet charged rent, why is this and what is this?
It is rare for properties in Bounds Green and has limited impact for conveyancing in Bounds Green 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 many centuries, but the Rent Charge Act 1977 barred the creation of fresh rentcharges post 1977.
Old 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 extinguished.
What will a local search inform me regarding the house we're buying in Bounds Green?
Bounds Green conveyancing often starts with the applying for local authority searches directly from your local Authority or via a personal search organisations for instance Onsearch The local search plays an important part in many a Bounds Green conveyancing purchase; as long as you don’t want any nasty surprises after you move into your property. The search will reveal information on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic areas.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in last month in what should have been a quick, no chain conveyancing. Bounds Green is the location of the property. What do you suggest?
Flying freeholds in Bounds Green are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Bounds Green you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bounds Green may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Am I better off to go with a Bounds Green conveyancing practitioner based in the vicinity that I am purchasing? I have an old university friend who can perform the legal formalities but his firm is located a couple of hundredkilometers drive away.
The primary upside of using a local Bounds Green conveyancing firm is that you can visit the firm to sign documents, deliver your ID and apply pressure on them where appropriate. They will also have local knowledge which is a benefit. However nothing is more important than finding someone that will pull out all the stops for you. If you know people who instructed your friend and the majority were happy that should outweigh using an unfamiliar Bounds Green conveyancing solicitor solely due to them being based in the area.
Why is it not possible to complete our conveyancing in Bounds Green on Good Friday?
This is due to the fact that on completion the money will be transferred electronically between the banks of the buyer and owner’s conveyancing practitioner and currently this can only take place on a working day. So you can't complete on a saturday or sunday either.