I am selling my apartment in Manningtree and the estate agent has just called to warn that the buyers are appointing a new conveyancer. The excuse is that the bank will only deal with solicitors on their approved list. On what basis would a leading mortgage company only engage with specific solicitors rather the firm that they want to appoint for their conveyancing in Manningtree ?
Mortgage companies have always had panels of law firms that can represent them, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lenders justify this action to a rise in fraud as the reason for the reduction – criteria have been tightened 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 claims that 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. The buyers are not going to have any impact on this.
I am the registered owner of a freehold premises in Manningtree yet pay rent, why is this and what is this?
It is rare for properties in Manningtree and has limited impact for conveyancing in Manningtree 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 establishment of fresh rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
What can a local search tell me about the property my wife and I purchasing in Manningtree?
Manningtree conveyancing often commences with the applying for local authority searches directly from your local Authority or via a personal search company such as Xpress Legal The local search is essential in every Manningtree conveyancing purchase; that is if you don’t want any nasty surprises after you move into your new home. The search will provide data on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject sections.
I acquired my apartment on 11 July and the transaction details is not yet on the land registry website. Any reason for this? My conveyancing solicitor in Manningtree advises it should be dealt with in a couple of weeks. Are properties in Manningtree particularly slow to register?
There is nothing unique when it comes to conveyancing in Manningtree registration formalities. As opposed to being determined by geographic area, timescales can adjust depending on the party submitting the application, whether there are errors and whether the Land registry communicate with any interested parties. Currently approximately three quarters of such applications are fully dealt with in less than three weeks but occasionally there can be extensive hold-ups. Registration occurs after the purchaser has moved in to the property so post completion formalities is not typically top priority but where it is urgent that the the registration takes place urgently then you or your lawyers should contact the land registry and explain the circumstances.
I've recently found out that there is a flying freehold issue on a property I have offered on last month in what was supposed to be a simple, chain free conveyancing. Manningtree is where the house is located. What do you suggest?
Flying freeholds in Manningtree 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 Manningtree 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 Manningtree 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 property.
My husband and I are first time buyers - had an offer accepted, but the property agent told us that the vendor will only issue a contract if we appoint the agent's preferred conveyancers as they need an ‘expedited deal’. Our preferred option is to instruct a family conveyancer accustomed to conveyancing in Manningtree
It is unlikely the owners are driving this. If they desire ‘a quick sale', taking such a hostile approach to a serious purchaser is going to damage their objectives. Speak to the vendors direct and make sure they understand (a)you are motivated purchasers (b)you are excited to move forward, with finances in place © you are chain free (d) you wish to move quickly (e)but you will continue to use your preferred Manningtree conveyancing lawyers - as opposed tothe ones that will give their estate agent a kickback or achieve conveyancing targets pre-set by senior management.