Unfortunately I am unable to travel far from East Barming. What is the rationale as to why all East Barming lawyers aren't included on all mortgage company panels?
A decade ago most banks displayed an attitude to risk which is different from today. The Financial Services Authority in 2010 instigated a thematic review into mortgage fraud which in summary warned lenders: know the lawyers on your panel. Consequently, mortgage companies have subsequently requiredmore information from law firms about their processes and the individuals who work for them and set certain criteria such as completing a minimum number of transactions. Thousands of firms have found themselves removed from lender panels even though they had 100% healthy track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Such firms found it impossible satisfy the criteria of amount of transactions the mortgage companies required.
I purchased a freehold premises in East Barming but still invoiced for rent, why is this and what is this?
It’s unusual for properties in East Barming and has limited impact for conveyancing in East Barming 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 hundreds of years, but the Rent Charge Act 1977 barred the generation of fresh rentcharges post 1977.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
My wife and I are close to exchanging contracts on the sale of our property in East Barming and the buyers lawyers are claiming that there is a risk of it being constructed on contaminated land. Any local lawyer would know that there is no such problem. It does beg the question why the purchasers are using a nationwide conveyancing outfit as opposed to a conveyancing solicitor in East Barming. Having lived in East Barming for 4 years we know that this is a non issue. Do we contact our local Authority to obtain confirmation that there is no issue.
It sounds as though you may have a conveyancing firm already. What do they say? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
It has been 2 months following my purchase conveyancing in East Barming completed. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I opted to have a survey done on a property in East Barming in advance of retaining solicitors. I have been advised that there is a flying freehold element to the house. My surveyor has said that some lenders will refuse to give a loan on such a property.
It depends who your proposed lender is. Bank of Scotland has different instructions from Birmingham Midshires. If you call us we can investigate further via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in East Barming. Conveyancing may be slightly more expensive based on your lender's requirements.
My wife and I are acquiring a garden flat in East Barming. When we first instructed conveyancing practitioner, we were told they were on all mainstream bank panels. The financial adviser contacted us today to advise that they don't appear to be on the Co-operative approved list. Should that be true, what should we do? Should we just pick a new solicitor that is on their approved list or do we cover the costs for separate representation, with Co-operative selecting their own approved solicitor.
When acquiring a property with the benefit of a mortgage it is conventional for the buyer’s solicitors to also represent the purchaser's lender. In order to act for a bank or building society a solicitor has to be on that lender's list of approved lawyers. An application has to be made by the solicitor to the lender to become a member of the lender's panel and there are increasingly strict criteria which the property lawyer has to meet. Some mortgage companies now insist their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your conveyancer should contact Co-operative to find out if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on Co-operative's conveyancing panel and you may continue to use your own East Barming solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.