I am progressing with the sale of my flat in Kingswinford and the estate agent has just telephoned to advise that the purchasers are changing their law firm. The reason given is that the mortgage company will only engage with property lawyers on their approved list. Why would a major mortgage company only engage with certain law firms rather the firm that they want to appoint for their conveyancing in Kingswinford ?
UK lenders have always had an approved set of law firms that can act for them, but in the past few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Banks blame a rise in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to reveal 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 sway in the decision.
Is it possible for conveyancing in Kingswinford to be concluded in two weeks?
In a situation where the seller is applying time constraints for your conveyancing it is advisable to make sure that your lawyer is familiar with the location as they will make use of local relationships and insight. It is even conceivable that they may have handled otherproperties in the same neighbourhood. Therefore consider using a Kingswinford conveyancing lawyer. Second, be sure that the conveyancing firm is on the on the approved list for your mortgage company. It is said that nearly one in five of Kingswinford conveyancing deals are frustrated or derailed after finding out that a purchaser’s conveyancer was not on their mortgage lender’s list of approved solicitors. This can often result in the home move being delayed by almost three weeks. It is claimed that this issue affects in the region of one hundred thousand home moves every year. Almost all Kingswinford conveyancing practices can not represent certain banks so do check as early as possible.
I purchased a freehold premises in Kingswinford but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Kingswinford and has limited impact for conveyancing in Kingswinford 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 date back hundreds of years, but the Rent Charge Act 1977 barred the generation of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
Should our conveyancer be making enquiries concerning flooding during the conveyancing in Kingswinford.
Flooding is a growing risk for solicitors carrying out conveyancing in Kingswinford. Some people will buy a property in Kingswinford, fully expectant that at some time, it may be flooded. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Conveyancers are not best placed to give advice on flood risk, however there are a various searches that may be initiated by the purchaser or by their solicitors which can give them a better understanding of the risks in Kingswinford. The standard completed inquiry forms supplied to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual inquiry of the seller to discover if the property has suffered from flooding. In the event that flooding has previously occurred and is not notified by the seller, then a buyer may commence a claim for damages as a result of such an misleading response. A buyer’s conveyancers may also commission an environmental report. This should reveal whether there is any known flood risk. If so, additional investigations will need to be conducted.
I opted to have a survey done on a house in Kingswinford ahead of appointing lawyers. I have been advised that there is a flying freehold aspect to the house. Our surveyor advised that some lenders tend not grant a loan on this type of house.
It depends who your proposed lender is. Santander has different requirements for example to Nationwide. Should you wish to telephone us we can investigate further with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Kingswinford. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Kingswinford to see if the conveyancing will be more expensive.
When it comes to my conveyancing in Kingswinford should I be charged VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Kingswinford conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the lawyer's time in submitting the funds this way.