I have just been advised by my broker that my Covent Garden solicitor is not on the mortgage company Solicitor panel. How can I be sure if this is correct?
The sensible course of action for you to take is to call your Covent Garden conveyancer. It is reasonable to expect your lawyer to advise you of the situation. Where they are not on the panel they may be able to suggest a Covent Garden conveyancing practice that is on the approved list of lawyers for your mortgage company.
I own a freehold house in Covent Garden yet charged rent, why is this and what is this?
It’s unusual for properties in Covent Garden and has limited impact for conveyancing in Covent Garden 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 establishment of new rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
After reading mumsnet.com for a recommended solicitor in Covent Garden, most say that I should instruct a CQS kitemarked lawyer. Can you explain what CQS is?
The Conveyancing Quality Scheme (CQS) provides a kitemark for residential conveyancing practices issued by the Law Society. Membership achievement establishes a level of credibility for member firms with stakeholders (regulators, lenders, insurers and consumers) based upon: * the integrity of the senior responsible officer and other key conveyancing staff * the firm's adherence to good practice management standards * compliance with prudent and efficient conveyancing procedures through the scheme protocol Membership includes many partnerships who perform conveyancing in Covent Garden.
Forgive me if this question is silly but I am unseasoned as a first time buyer of a ground floor flat in Covent Garden. Do I collect the keys to the house on the completion date from my conveyancer? If this is the case, I will instruct a High Street conveyancing solicitor in Covent Garden?
There is no need to visit the lawyers office on the day of completion. Your solicitors will electronically transfer the purchase money to the owner’s solicitors, and once they have received this, you will be called to collect the keys from the Estate Agents and move into your new home. This tends to happen early afternoon.
When it comes to lenders such as Yorkshire BS, do Covent Garden lawyers incur an annual charge to be on the conveyancing panel?
We are not aware of any mortgage company fees to be on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
Co-operative have agreed my home loan in principle, my bid on a house in Covent Garden has been accepted, now what?
Your estate agent will need to know who your solicitors are (make sure the conveyancing practitioners are on the bank’s approved list). Call up Co-operative or the financial adviser and complete any relevant documentation. Co-operative will sellect a valuer who will get in contact with the selling agent or owners to book a slot for the valuation to take place. Once carried out (assuming no problems) it takes on average a fortnight to receive the mortgage offer. Co-operative will issue the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Covent Garden.
I'm purchasing a new build house in Covent Garden with a loan from Clydesdale. The sellers refused to budge the price so I negotiated £7000 of fixtures and fittings instead. The estate agent advised me not disclose to my lawyer about this extras as it would adversely affect my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I need to appoint a conveyancing solicitor for leasehold conveyancing in Covent Garden. I happened to stumble across a web site which seems to have the ideal solution If it is possible to get all formalities completed via phone that would be ideal. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?