Me and my fiance are purchasing a 3 bedroom flat in Mayfield with a mortgage. We wish to retain our Mayfield lawyer, however the bank says she’s not on their "panel". It seems we have little option but to instruct one of the lender panel solicitors or keep our Mayfield conveyancing practitioner as well as pay for one of their panel ones to represent them. This feels very unfair; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Mayfield conveyancing solicitor to apply to be on the conveyancing panel.
I am buying a newly constructed duplex in Mayfield and my conveyancer is informing me that she has to the bank to reveal incentives from the seller. I am on a tight deadline to sign contracts and I would rather not prolong matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I am the registered owner of a freehold property in Mayfield yet invoiced for rent, why is this and what is this?
It is rare for properties in Mayfield and has limited impact for conveyancing in Mayfield 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 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 in 2037 is to be dispensed with completely.
My wife and I have recently appointed a conveyancing solicitor in Mayfield. I I would like to check whether they are on the Accord Mortgages Ltd conveyancing panel. Can you advise?
You should phone your solicitor and enquire if they can act for the lender. Alternatively you can call Accord Mortgages Ltd who may be able to assist.
My relative advised me that where I am buying in Mayfield I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is usually quoted for as part of the standard Mayfield conveyancing searches. It is not a small report of about 40 pages, listing and setting out important information about Mayfield around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Mayfield Education with plans and statistics, Local Amenities and other useful information regarding Mayfield.
I've recently found out that there is a flying freehold issue on a house I have offered on two weeks back in what was supposed to be a simple, no chain conveyancing. Mayfield is the location of the property. Is there any advice you can give?
Flying freeholds in Mayfield are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Mayfield you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Mayfield 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 premises.