I am five weeks into the sale of my maisonette in Eastcote and the estate agent has just e-mailed to warn that the purchasers are switching conveyancer. The excuse is that the lender will only work with property lawyers on their approved list. Why would a big named lender only engage with specific solicitors rather the firm that they want to choose to handle their conveyancing in Eastcote ?
Banks have always had an approved set of law firms they are content to work with, but in recent years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Mortgage companies blame a rise in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms 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 buyers are unlikely to have any impact on this.
I purchased a freehold property in Eastcote but nevertheless invoiced for rent, why is this and what is this?
It is rare for properties in Eastcote and has limited impact for conveyancing in Eastcote 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 new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
2 months have elapsed since my purchase conveyancing in Eastcote completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £160,000. 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 residence 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.
How does conveyancing in Eastcote differ for new build properties?
Most buyers of new build or newly converted property in Eastcote contact us having been asked by the seller to sign contracts and commit to the purchase even before the house is constructed. This is because developers in Eastcote tend to buy the real estate, 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 conveyancers 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 used to new build conveyancing in Eastcote or who has acted in the same development.
As co-executor for the estate of my father I am selling a house in Swansea but I am based in Eastcote. My conveyancer (who is 300 kilometers awayhas requested that I execute a statutory declaration ahead of completion. Could you suggest a conveyancing solicitor in Eastcote to witness this legal document for me?
Technically speaking you are unlikely to be required to have the documents witnessed by a conveyancing solicitor. Normally or notary public or solicitor will do regardless of whether they are Eastcote based
We have chosen a Eastcote conveyancing solicitor for our house purchase (first time buyers) and have noticed in the Ts and Cs that they are not regulated by the FCA. Should I be concerned or is that standard with property lawyer?
We can't see why they should be. Most lawyer don't lend money. You should check that they are regulated by the Solicitors Regulation Authority, who set stringent stipulations covering monies sitting in their bank.