I am selling my house in High Peak and the EA has just e-mailed to say that the buyers are changing their conveyancer. I am told that this is due to the fact that the lender will only work with property lawyers on their approved list. Why would a major lender only work with specific solicitors rather the firm that they want to appoint to handle their conveyancing in High Peak ?
Banks have always had panels of law firms that can represent them, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Lenders justify this action to a rise in fraud by way of justification for the cull – criteria have been narrowed 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. 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. Your purchasers are unlikely to have any impact on this.
I purchased a freehold residence in High Peak but nevertheless charged rent, why is this and what is this?
It is rare for properties in High Peak and has limited impact for conveyancing in High Peak 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 fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
My Solicitor in High Peak is not listed on the Yorkshire Building Society Solicitor Panel. Is it possible for me to continue with my prefered solicitor notwithstanding that they are not on the Yorkshire Building Society panel of approved conveyancing solicitors?
Your options are as follows:
- Carry on with your existing High Peak lawyers but Yorkshire Building Society will need to use a conveyancer on their list of acceptable firms. This will inevitably rack up the overall conveyancing fees and cause delays.
- Get an alternative lawyer to act in the purchase, obviously checking they are on the Yorkshire Building Society panel
Do I select a Licenced Conveyancer or Solicitor for conveyancing in High Peak?
Two types of professional can do conveyancing in High Peak namely licenced conveyancers or solicitors. Both professionals administer conveyancing services that required to complete the disposal or purchase of property. Both are obliged to perform High Peak conveyancing to the same standards and guidelines so you may be sure that your conveyancing will be professionally conducted and that all requisite procedures will be accurately adhered to.
Is it the case that all High Peak solicitors on the Skipton conveyancing panel are overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Skipton conveyancing panel they would need to be governed by the SRA. The majority of lenders do list licenced conveyancers on their panel and in such a situation the organisation would be regulated by the Council of Licensed Conveyancers.
It is not clear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local High Peak building society branch on various occasions and was told it does not impact the mortgage offer and they will lend. My High Peak conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they would not lend in accordance with their specific requirements. I simply don't know who is right.
The solicitor has to comply with the Council of Mortgage Lenders’ Handbook Part 2 specifications for your bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on a fortnight ago in what should have been a quick, no chain conveyancing. High Peak is where the house is located. Can you offer any guidance?
Flying freeholds in High Peak are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in High Peak you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in High Peak may decide 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 property.
Are the High Peak conveyancing lawyers identified as being on the mortgage company conveyancing panel, together with their details provided by the mortgage company?
High Peak law firm practices and firms conducting conveyancing in High Peak themselves provide us confirmation that they are on the bank conveyancing panel as opposed to being supplied with a list from the bank directly.