My wife and I are hoping to purchase a property in Freshford and are in fact using a Freshford conveyancing firm. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Chelsea Building Society have this morning contacted us to advise us that they have now hit a problem as our Freshford conveyancer is not on their approved list of lawyers. What do we do from here?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' solicitors to also represent 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 mortgage company and see 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 the lender’s conveyancing panel as you are at liberty to use your preferred Freshford lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
My conveyancer has uncovered a a problem with the lease for the apartment we are buying in Freshford. The seller’s lawyers have offered defective title insurance as a solution. We are happy with insurance and will pay for it. Our property lawyer has advised that he must be satisfied that the lender is willing to move forward with this solution. Who is the client here, us or the lender?
Even though you have a mortgage offer from the mortgage company does not mean to say that the property will meet their conditions 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 bank are the client. The appropriate lender requirements must be adhered to.
I purchased a freehold residence in Freshford yet charged rent, why is this and what is this?
It’s unusual for properties in Freshford and has limited impact for conveyancing in Freshford 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 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 in 2037 is to be extinguished.
My wife and I have recently appointed a conveyancing solicitor in Freshford. I I would like to check whether they are on the Barnsley Building Society approved list of lawyers. Can you assist?
The first thing you should do is phone the lawyer and enquire whether they are on the lender panel. Alternatively please call Barnsley Building Society who may be able to confirm.
I am looking for a flat up to £305k and identified one round the corner in Freshford I like with a park and transport links nearby, the downside is that it only has 52 years on the lease. There is not much else in Freshford in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a mortgage the remaining unexpired lease term may be an issue. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
My partner and I have today had an offer accepted on our 1st house in Freshford, and are about to get solicitors appointed. We have used the numerous rating based websites and the results are from all across the country. Is it essential to have a Freshford conveyancing practitioner local to the prospective new home? We are fine to do all the communicating electronically, but I am thinking at some point we may need to visit the solicitor's office to sign documents?
The solicitor does not need to be in Freshford, but opting for local means that you have the option to visit their offices if needed, by way of example, if a signature is needed urgently. Furthermore, a Freshford solicitor have established relationships with local agents and (if the vendor has instructed a local lawyer) with them, which should help smooth the process.