My fiance and I are planning to acquire a property in Great Missenden and have appointed a Great Missenden conveyancing practice. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. HSBC Bank have this afternoon contacted us to advise us that there is now an issue as our Great Missenden lawyer is not on their approved list of lawyers. Please explain?
When purchasing a property with mortgage finance it is usual for the purchasers' solicitors to also act for the purchaser's lender. 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 Accreditation Scheme. Your solicitor should contact your bank 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 bank's conveyancing panel as you are at liberty to use your preferred Great Missenden lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
Our conveyancer has identified a a legal deficiency with the lease for the property we are buying in Great Missenden. The seller’s lawyers have offered title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancer says that he must check that the lender is happy with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I am the registered owner of a freehold residence in Great Missenden but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Great Missenden and has limited impact for conveyancing in Great Missenden 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 many centuries, but the Rent Charge Act 1977 barred the creation of new 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 will be dispensed with completely.
My wife and I are selling our home in Great Missenden and the buyers lawyers are claiming that there is a risk of it being built on contaminated land. A high street Great Missenden conveyancer would know this is not the case. It does beg the question why the purchasers used a web based conveyancing outfit rather than a conveyancing solicitor in Great Missenden. Having lived in Great Missenden for three years we know that this is a non issue. Do we contact our local Authority to obtain clarification that the buyers are looking for.
It would appear that you have a conveyancing firm currently acting for you. Are they able to advise? You must check with 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 life insurance to cover that same sickness)
The deeds to my property are lost. The conveyancers who handled the conveyancing in Great Missenden 4 years ago are no longer around. What are my options?
In today’s world there are duplicates made of almost everything, and your solicitor will be aware precisely where to locate all the appropriate paperwork so you may purchase or dispose of your property without a hitch. If copies can’t be located, your solicitor can arrange cover in the form of insurance or indemnities protecting you against future claims on your premises.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on a fortnight ago in what was supposed to be a simple, chain free conveyancing. Great Missenden is the location of the property. Is there any guidance you can impart?
Flying freeholds in Great Missenden are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Great Missenden you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Great Missenden may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.