I am nearing exchange of contracts for my house in Cannock and the estate agent has just telephoned to advise that the purchasers are switching law firm. The reason given is that the mortgage company will only deal with property lawyers on their approved list. Why would a major lender only engage with specific lawyers rather the firm that they want to select for their conveyancing in Cannock ?
UK lenders have always had an approved set of law firms that can represent them, but in the past few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lenders justify this action to a rise in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Plenty of firms 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. The purchasers are unlikely to have any impact on this.
I purchased a freehold residence in Cannock yet pay rent, why is this and what is this?
It is rare for properties in Cannock and has limited impact for conveyancing in Cannock 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 many centuries, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
After looking at mumsnet.com for a conveyancing lawyer in Cannock, most post that I should use a CQS assured solicitor. What is CQS?
The Law Society's Conveyancing Quality Scheme is the recognised quality mark for legal experts in the legal transfer of properties, trusted by some of the UK's major banks. In 2011-12 the Conveyancing Quality Scheme was officially recognised by the Legal Ombudsman. The scheme does not cover licenced conveyancers. Cannock is one of the many areas in England and Wales where there are CQS lawyers.
How does conveyancing in Cannock differ for newly converted properties?
Most buyers of new build or newly converted property in Cannock come to us having been asked by the seller to sign contracts and commit to the purchase even before the house is constructed. This is because new home sellers in Cannock typically buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Cannock or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I put an offer in two weeks back in what should have been a simple, chain free conveyancing. Cannock is where the house is located. Is there any advice you can impart?
Flying freeholds in Cannock are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Cannock you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Cannock 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 property.
Is it simple use your search tool to select a conveyancing solicitor in Cannock on the panel for my bank?
First choose a mortgage company such as Halifax, Barnsley Building Society or Clydesdale then type in your location for example Cannock. Conveyancing organisations in Cannock and further afield will then be listed.