My wife and I are looking to acquire a home in Llanidloes and have appointed a Llanidloes conveyancing practice. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. The Royal Bank of Scotland have this morning contacted us to inform me that there is now an issue as our Llanidloes solicitor is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is standard for the purchasers' lawyers to also act for 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 lender 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Llanidloes solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
I own a freehold house in Llanidloes but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Llanidloes and has limited impact for conveyancing in Llanidloes 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 many centuries, but the Rent Charge Act 1977 barred the establishment of new 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 post 2037 is to be extinguished.
We're in Llanidloes, First timers purchasing with a mortgage (lender is Clydesdale , and our solicitor is on the Clydesdale conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Clydesdale conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
How can we know in advance if a Llanidloes conveyancing solicitor on the Aldermore panel is any good?
When it comes to conveyancing in Llanidloes seeking recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always recommend that you speak with the solicitor conducting your transaction.
I am expecting a OIP from Aldermore this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Aldermore recommend any Llanidloes solicitors on the Aldermore conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Llanidloes solicitors independently although you'll need to choose one on the Aldermore conveyancing panel. The solicitor represents both you and Aldermore through the process.
I have finally had an offer on a flat in Llanidloes agreed to, but there is a chain. The vendors have put an offer on a flat, but it’s not yet agreed to, and are looking at other properties booked. I have selected a nearby conveyancing solicitor in Llanidloes. What do I do now? When do I get the mortgage application with HSBC going?
It is understandable to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is approx £1k, then valuation, Llanidloes conveyancing search costs, etc). The first course of action is to check that your solicitor is on the HSBC conveyancing panel. As to the next stages this very much dictated by the uniqueness of your case, motivation for the property and on the state of the market. In a buoyant market the majority of purchasers will apply for the mortgage with HSBC and pay for the valuation and only if it comes back ok would they pay their conveyancer to proceed with searches.
I am downsizing from our home in Llanidloes and the buyers lawyers are claiming that there is a possibility that the property was built on contaminated land. A high street Llanidloes lawyer would know that there is no such problem. For the life of me I don't know why the buyers instructed a web based conveyancing outfit as opposed to a conveyancing solicitor in Llanidloes. We have lived in Llanidloes for six years we know that this is a non issue. Should we get in touch with our local Authority to seek clarification that the buyers are looking for.
It sounds as though you may have a conveyancing lawyer already. Are they able to advise? You should 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)
Are Llanidloes conveyancing solicitors duty bound by the Law Society to publish clear conveyancing costs?
Contained within the Solicitors Code of Conduct are set rules and regulations as to how the Solicitors Regulation Authority (SRA) allow solicitors to publicise their fees to clients.The Law Society have a practice note giving advice on how to publicise transparent charges to avoid breaching any such rule. Practice notes are not legal advice issued by the Law Society and is not intended as the only standard of good practice a conveyancing solicitor should adhere to. The Practice Note does, however, represent the Law Society’s perspective of acceptable practice for publicising conveyancing charges, and accordingly it’s a recommended read for any solicitor or conveyancer in Llanidloes or across England and Wales.