Is the fact that my conveyancer in Burnham On Sea is not listed on my bank's solicitor panel that there is a problem with the standard of her conveyancing?
That would more than likely be a wrong assumption to make. There are all sorts of perfectly plausible explanations. Just recently a report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer 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 Burnham On Sea conveyancing practice and ask them why they are no longer on the approved list for your mortgage company.
I own a freehold premises in Burnham On Sea yet charged rent, why is this and what is this?
It is rare for properties in Burnham On Sea and has limited impact for conveyancing in Burnham On Sea 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 creation of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
Over the last few months I have been searching for a ground for flat up to £235,500 and identified one close by in Burnham On Sea I like with amenity areas and transport links in the vicinity, the downside is that it's only got 52 remaining years left on the lease. I can't really find anything else in Burnham On Sea suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a home loan the remaining unexpired lease term may be an issue. Reduce the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of 2 years you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this.
Should I be wary that estate agents that I am dealing with are recommending an internet conveyancing firm as opposed to a High Street Burnham On Sea conveyancing company?
As is the case with many professional services, often referrals from family and friends can be worth their weight in gold. But there are numerous players in a conveyancing deal; estate agents, mortgage brokers and banks might all recommend conveyancers to select. On occasion these lawyers might be known to one of the organisations as one of the best in their field, but sometimes there behind the scenes financial incentive behind the recommendation. You have the right to appoint your own lawyer. You need to be aware that many mortgage providers operate an approved list of conveyancers you are obliged to use for the mortgage related work in your conveyancing.
We are a fortnight into a residential purchase having been directed to a firm by the estate agent to handle our conveyancing in Burnham On Sea. I am am very frustrated with the quality of service. Could you help me find new solicitors?
They would have to be very poor to suggest changing them. Has the loan offer been sent? In the event that it has you will need to advise them of the replacement conveyancer and get the mortgage documents are issued to the new lawyers. Your conveyancer needs to be on the lenders approved list to avoid supplemental expenses and complications. That should be your starting point. The search tool should help you find a bank approved solicitor for your home move in Burnham On Sea
At what stage do I pay the Stamp Duty Land Tax chargeable for my conveyancing in Burnham On Sea?
Most conveyancers tend to complete a stamp duty return on your behalf during your Burnham On Sea conveyancing transaction for you to sign. On completion your property lawyer will submit your STL application to the Inland Revenue and - as long as they have the funds - discharge any Stamp Duty due on your behalf.