Am I correct in assuming that the fact that my conveyancer in Diss is not listed on my lender's conveyancing panel that there is a problem with the standard of the firm’s work?
It would be unwise to jump to that conclusion. There are plenty of plausible explanations. A recent report by the solicitors regulator revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume 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 contact the Diss conveyancing practice and ask them why they are no longer on the approved list for your mortgage company.
I am the registered owner of a freehold premises in Diss but still pay rent, why is this and what is this?
It is rare for properties in Diss and has limited impact for conveyancing in Diss 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 fresh 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 will be dispensed with completely.
I am considering applying for a HSBC mortgage for purchase of a new build (under development) in Diss with 65 per cent loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for HSBC ?
There is nothing to stop you using your solicitor, but HSBC will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Should our conveyancer be asking questions about flooding as part of the conveyancing in Diss.
The risk of flooding is if increasing concern for solicitors dealing with homes in Diss. There are those who buy a property in Diss, fully aware that at some time, it may be flooded. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Conveyancers are not qualified to offer advice on flood risk, but there are a numerous searches that may be undertaken by the purchaser or on a buyer’s behalf which can give them a better appreciation of the risks in Diss. The standard completed inquiry forms supplied to a buyer’s solicitor (where the Conveyancing Protocol is adopted) includes a standard inquiry of the vendor to determine whether the premises has historically flooded. In the event that flooding has previously occurred and is not disclosed by the vendor, then a purchaser may bring a compensation claim stemming from an incorrect reply. A purchaser’s lawyers should also commission an environmental report. This will higlight if there is a recorded flood risk. If so, additional investigations should be made.
I decided to have a survey done on a property in Diss in advance of appointing solicitors. I have been informed that there is a flying freehold element to the house. Our surveyor advised that some banks may refuse to issue a mortgage on a flying freehold premises.
It depends who your proposed lender is. HSBC has different instructions for example to Halifax. Should you wish to call us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Diss. Conveyancing may be slightly more expensive based on your lender's requirements.
I would be grateful if you would explain what my options are if my Diss conveyancing searches reveals detrimental entries?
Normally, most concerns revealed in Diss conveyancing search responses can be addressed in advance of completion or indemnity insurance could possibly be obtained. You need to remember that regardless of the fact that you intend on acquiring the premises and may be willing to accept the search results, your building society or bank may not, and when all said and done the decision rests with them.