I can't travel far from Caerwent. Is there a reason why all Caerwent property lawyers are not on all lender panels?
Banks ordinarily impose restrictions on either the nature or volume of conveyancing practices on their approved list of lawyers. Typical examples of such criteria being that a organisation must have at least two partners. In addition to restricting the type of firm, some lenders decided to limit the size of their panel they use to act for them. You should note that banks have no liability for the standard of advice given by any Caerwent lawyer on their approved list. Increases in mortgage fraud was the main trigger for the rationalisation of solicitor panels in the last decade notwithstanding that there are conflicting views concerning the extent of solicitor involvement in some of that fraud. Data published by the Land Registry indicates that thousands of law firms only transact a couple of conveyances annually. Those supporting conveyancing panel cuts question why law firms should have the right to be listed on a bank panel when it is evident that property law is not their primary expertise?
I am soon to complete buying a property in Caerwent but as a consequence of wreckage from the recent storms I have was able negotiate recompense from the seller of three thousand pounds by way of a deduction in the price. I had intended this to be dealt with as part of the conveyancing process but Clydesdale are not allowing this. Should they have been involved?
Any property lawyer being on a Clydesdale conveyancing panel is required to disclose to Clydesdale of any variations to the purchase price. If you prohibit your property lawyer to report the reduction to Clydesdale then they would have to discontinue acting for you. In addition, Clydesdale and you would have to appoint a new solicitor for your conveyancing in Caerwent.
I own a freehold house in Caerwent but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Caerwent and has limited impact for conveyancing in Caerwent 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.
Previous 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.
I have been told that property searches are a common cause of stalling in Caerwent conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) published determinations of research by MoveWithUs that conveyancing searches do not figure within the top 10 causes of delays in the conveyancing process. Local searches are not likely to feature in any delay in conveyancing in Caerwent.
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 simple, no chain conveyancing. Caerwent is the location of the property. What do you suggest?
Flying freeholds in Caerwent are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Caerwent you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Caerwent 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.
I am unfit to attend my Caerwent conveyancing solicitors office to sign documents for conveyancing in Caerwent – will this be an issue?
No. Caerwent conveyancing solicitors can conduct conveyancing transactions for clients across the country. You are unlikely to be required to attend a Caerwent conveyancers office. They can deal with everything via phone, post and email - whatever works for you.