My partner and I are hoping to acquire a flat in Crewkerne and have appointed a Crewkerne conveyancing practice. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Chelsea Building Society have this afternoon contacted us to advise us that there is now an issue as our Crewkerne solicitor is not on their approved list of lawyers. Is this a problem?
Where you are buying a property needing a mortgage it is standard for the purchasers' lawyers to also act for the mortgage company. 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 solicitor 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 lender’s conveyancing panel and you may continue to use your own Crewkerne solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
Our conveyancer has discovered a defect with the lease for the apartment we are buying in Crewkerne. The seller’s lawyers have put forward title insurance as a workaround. We are content with insurance and will cover the costs. Our conveyancer says that he must check that the bank is happy with this solution. Who is the client here, us or the mortgage company ?
Even though you have a mortgage offer from the lender does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the lender are the client. These conveyancing instructions must be adhered to.
I own a freehold residence in Crewkerne but nevertheless invoiced for rent, why is this and what is this?
It is rare for properties in Crewkerne and has limited impact for conveyancing in Crewkerne 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 fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
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, no chain conveyancing. Crewkerne is where the house is located. Can you offer any opinion?
Flying freeholds in Crewkerne are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Crewkerne you must be sure that your lawyer goes 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 Crewkerne may ascertain 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 premises.
I have been recommended by numerous estate agents in Crewkerne to locate a property lawyer using your seach tool. Is there a financial upside for Estate Agents to offer your lawyers over and above alternative conveyancing organisations?
We refuse to give any financial incentive for directing people in our direction. We thought it would be too underhand to pay a commission as home movers will think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
Am I better off to choose a Crewkerne conveyancing practitioner based in the area that I am purchasing? An old friend can deal with the legal formalities but her office is a couple of hundredmiles drive away.
The primary upside of using a high street Crewkerne conveyancing firm is that you can attend the office to execute paperwork, hand in your ID and apply pressure on them where appropriate. They will also have local intelligence which is a bonus. That being said it's more important to get someone that will do a good and efficient job. If you know people who instructed your friend and the majority were content that should surpass using an unknown Crewkerne conveyancing lawyer just because they are round the corner.