My fiance and I are looking to purchase a flat in Bridport and have instructed a Bridport conveyancing practice. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. TSB have this evening contacted us to inform me that there is now an issue as our Bridport lawyer is not on their conveyancing panel. Is this a problem?
If you are buying a property with the assistance of a mortgage it is normal for the purchasers' solicitors to also represent the purchaser's lender. 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 property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Bridport lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
All was ready to move into my new home in Bridport next Thursday. My solicitor now wants me to supply her with proof of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the bank. What does the insurance need to cover?
Any lawyer on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook conditions. These obligations are not limited to conveyancing in Bridport.
I own a freehold premises in Bridport but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Bridport and has limited impact for conveyancing in Bridport 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.
After researching moneysavingexpert.com for a conveyancing lawyer in Bridport, most advise that I should instruct a CQS accredited lawyer. What is CQS?
Bridport Conveyancing Quality Scheme practices have been granted accreditation under the Law Society's Scheme (CQS) CQS was brought about to establish evidence of quality standards in the in the legal transfer of properties. CQS enables buyers and sellers to identify practices who provide a quality residential conveyancing. Bridport is one of locations in England and Wales in which CQS have a presence. The scheme requires solicitors to undergo a strict assessment, compulsory training, self-certification, spot checks and yearly assessments in order to maintain CQS status. It is available to solicitors and not licensed conveyancers and has the support of the Association of British Insurers.
I am intent on selling our property in Bridport and the buyers lawyers are claiming that there is a possibility that the property was constructed on contaminated land. A local conveyancer would know that there is no such problem. For the life of me I don't know why the purchasers are using a national conveyancing firm as opposed to a conveyancing solicitor in Bridport. We have lived in Bridport for many years we know that this is a non issue. Do we contact our local Authority to obtain confirmation that the buyers are looking for.
It sounds as though you may have a conveyancing solicitor currently acting for you. What do they say? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
As co-executor for the will of my father I am selling a house in Cardiff but I am based in Bridport. My conveyancer (who is 300 miles from mehas requested that I execute a stat dec prior to the transaction finalising. Can you recommend a conveyancing practitioner in Bridport who can attest this legal document for me?
strictly speaking you are unlikely to be required to have the documents attested by a conveyancing solicitor. Ordinarily or notary public or qualified solicitor will do regardless of whether they are Bridport based