My fiance and I are looking to purchase a house in Mitcham and are in fact using a Mitcham conveyancing firm. Within the last couple of days our solicitor has sent a preliminary report and documents to look through with the expectation that exchange is imminent. National Westminster Bank have this afternoon contacted us to advise us that there is now an issue as our Mitcham lawyer is not on their approved list of lawyers. What do we do from here?
Where you are buying a property needing a mortgage it is usual for the purchasers' lawyers to also represent 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 Accreditation Scheme. Your property lawyer 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 lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Mitcham solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
My husband and I intend to remortgage our apartment in Mitcham with Lloyds. We have a son 19 who lives at home. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the flat is repossessed. I have a couple of questions (1) Is this form unique to the Lloyds conveyancing panel as he did not need to sign this form when we bought 3 years ago (2) Does our son by signing this compromise his entitlement to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Lloyds. This is solely used to protect Lloyds if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Lloyds had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
I own a freehold house in Mitcham but nevertheless pay rent, why is this and what is this?
It is rare for properties in Mitcham and has limited impact for conveyancing in Mitcham 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 creation of new rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
We are expecting a mortgage offer soon. The bank mentioned the home loan came with free conveyancing. Is the implication that I have to instruct their panel lawyer as I would prefer to instruct a local conveyancing solicitor in Mitcham?
Do check but the chances are that appoint one of their panel lawyers where you take up the "fee-free" incentive. Call the lender and see if they allow a monetary alternative. In the past a few lenders offered a £250 cashback as an alternative in which case that money can go towards the cost for your conveyancing solicitor in Mitcham.
I need some quick conveyancing in Mitcham as I am faced with a deadline to sign on the dotted line within 3 weeks. Fortunately I do not require a mortgage. Can I avoid the conveyancing searches to save fees and time?
As you are not obtaining a home loan you have the choice not to do searches although no law firm would recommend that you don't. With plenty of history conveyancing in Mitcham the following are instances of issues that can arise and therefore affect market value: Refused Planning Applications, Overdue Charges, Overdue Grants, Unadopted Roads,...
My wife and I have recently appointed a conveyancing solicitor in Mitcham. I need to find out if they are listed on the lender's conveyancing panel. Could you assist?
It’s a good idea call the conveyancer and ask them if they are on the lender's panel. Alternatively please call us and we can make some checks for you. If they are not on the conveyancing panel we can certainly arrange a reputable conveyancing solicitor in Mitcham on the approved list for your mortgage company.