I am progressing with the sale of my apartment in Framlingham and the EA has just text me to advise that the purchasers are switching conveyancer. The excuse is that the bank will only engage with property lawyers on their approved list. On what basis would a major lender only deal with certain solicitors rather the firm that they want to appoint for their conveyancing in Framlingham ?
Banks have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lending institutions point to the increase in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to keep an eye on. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are unlikely to have any impact on this.
I am the registered owner of a freehold property in Framlingham but still invoiced for rent, why is this and what is this?
It is rare for properties in Framlingham and has limited impact for conveyancing in Framlingham 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 establishment of new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
We had instructed conveyancers with offices in Framlingham on the Nottingham solicitor approved list. They have just billed me an additional fee for dealing with the Nottingham mortgage. Is this an additional conveyancing fee specified by Nottingham?
Unfortunately, as long as it is in their Terms of Engagement or estimate then yes your conveyancer may charge a fee for this. This charge is not set by Nottingham but by your Framlingham solicitor. Some firms on the Nottingham panel will quote ’dealing with mortgage’ fee but many firms include it on their overall fee.
My partner and I have arranged a further advance on our mortgage from Coventry BS as we wish to conduct a loft conversion to our property in Framlingham. Are we obliged to select a high street Framlingham solicitor on the Coventry BS conveyancing panel to handle the legals?
Coventry BS do not ordinarily require firms on their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Coventry BS list.
I have finally had an offer on an apartment in Framlingham accepted, but there is a chain. The owners have placed an offer on a property, however it’s not been accepted yet, and are looking at other flats booked. I have selected a bricks and mortar conveyancing solicitor in Framlingham. What should be my next step? At what point do I apply for the mortgage with HSBC?
It is understandable to have anxieties where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is approx £1k, then survey, Framlingham conveyancing search charges, etc). The first course of action is to ensure that your conveyancer is on the HSBC approved list. Concerning the next phase this very much depends on the specifics of your transaction, desire for this property and on the state of the market. In a buoyant market some home buyers will apply for a home loan with HSBC and arrange for the valuation and only if it comes back ok would they ask their conveyancing practitioner to move forward with searches.
Just acquired a terraced house in Framlingham , how long should it take for the Land Registry to register the transfer to my name? My Framlingham conveyancing solicitor has been very slow, so I want to be certain that my name is registered.
As far as conveyancing in Framlingham registration is no quicker or slower than the rest of England and Wales. As opposed to being determined by geographic area, timeframes can adjust subject to who lodges the application, whether it is in order and if the Land registry must send notices to any 3rd parties. At present roughly 80% of such applications are fully addressed in less than three weeks but some can be subject to longer hold-ups. Historically registration occurs after the buyer is living at the premises so 'speed' is not always an essential issue yet where it is urgent that the the registration takes place urgently then you or your solicitor could contact the land registry and explain the circumstances.
I need to retain a conveyancing solicitor for remortgage conveyancing in Framlingham. I happened to chance upon a site which looks to be the perfect answer If it is possible to get all this stuff done via email 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?
We are looking to acquire a repossessed flat in Framlingham and the bank selling would like to complete inside a week. Do lawyers meet that timeframe? Would it be better to use a local Framlingham firm or an online conveyancer that advertises to complete quickly?
Attend your Framlingham high street. Go in to 3 firms and request to see a conveyancing solicitor for a quote. Explain your situation and get a commitment on time frames. Choose the firm that appears most efficient. Make sure to choose a conveyancing practitioner on the list of property lawyers acceptable to your mortgage company.