My partner and I are looking to acquire a house in Horncastle and are in fact using a Horncastle conveyancing firm. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. The Royal Bank of Scotland have this morning contacted us to advise us that there is now an issue as our Horncastle lawyer is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage it is normal for the purchasers' lawyers 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 Quality 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 solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Horncastle lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
I purchased a freehold house in Horncastle but still invoiced for rent, why is this and what is this?
It is rare for properties in Horncastle and has limited impact for conveyancing in Horncastle 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 establishment of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
I am due to exchange contracts on my house. I had a double glazing fitted in July 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, UBS are being difficult. The Horncastle solicitor who is on the UBS conveyancing panel is happy to accept ‘lack of building regulation’ insurance but UBS are requiring a building regulation certificate. Why do UBS have a conveyancing panel if they don't accept advice from them?
It is probably the case that UBS have referred the matter to their valuer. The reason why UBS may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Intending to buy a maisonette in Horncastle. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the UBS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Horncastle lawyer is on the UBS conveyancing panel.
I was told three weeks ago that my mortgage has been agreed to by Nationwide. Is it usual for Nationwide to only issue the offer once my solicitor in Horncastle is approved on their conveyancing panel? Nationwide have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Nationwide to deal with your lawyer's application to be on the Nationwide conveyancing panel. There's no guarantee that your solicitor will be accepted.
I have recentlydiscovered that Arc property Solicitors have been shut down. They carried out my conveyancing in Horncastle for a purchase of a freehold house 12 months ago. How can I be sure that my home is not still registered in the name of the former proprietor?
The quickest method to see if the premises is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Horncastle conveyancing specialists.
I was recommended by a few selling agents in Horncastle to choose a conveyancer on your site. What’s the financial incentive for Estate Agents to offer your site over and above a competitor’s?
We refuse to give any commission for directing people our way. We thought it would be too underhand a fee as home movers will think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
Am I better off to choose a Horncastle conveyancing lawyer who is local to the property I am hoping to buy? We have a good friend who can handle the legal work however his firm is located approximately 350miles drive away.
The primary upside of using a high street Horncastle conveyancing firm is that you can pop in to sign documents, hand in your ID and apply pressure on them if necessary. They will also have local knowledge which is a benefit. However it's more important to get someone that will do a good and efficient job. If you know people who used your friend and in the main were impressed that must outweigh using an unknown Horncastle conveyancing lawyer just because they are round the corner.