I purchased a freehold house in Moulton yet charged rent, why is this and what is this?
It’s unusual for properties in Moulton and has limited impact for conveyancing in Moulton 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 hundreds of years, 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 in 2037 will be dispensed with completely.
What happens if my lawyer’s firm is expelled from the Nottingham Conveyancing panel ahead of completing my conveyancing in Moulton?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I have recentlybecome aware that Arc property Solicitors have been shut down. They carried out my conveyancing in Moulton for a purchase of a freehold house 18 months ago. How can I check that my home is registered correctly in the name of the former proprietor?
The easiest way to see if the property is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Moulton conveyancing specialists.
How does conveyancing in Moulton differ for newly converted properties?
Most buyers of new build residence in Moulton contact us having been asked by the builder to sign contracts and commit to the purchase even before the property is built. This is because developers in Moulton usually acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Moulton or who has acted in the same development.
We are 18 days into a leasehold purchase having been directed to a firm by the estate agent to handle our conveyancing in Moulton. I am am extremely frustrated with the level of service. Could you help me find new lawyers?
They would need to be really poor to suggest changing them. Has the mortgage been issued? In the event that it has you need to make them aware of the new solicitor and have the loan are re-sent. Your solicitor ideally should be on the mortgage company approved list to avoid supplemental expenses and complications. That should be your first question of the new solicitors. The find a solicitor tool will assist you in finding a bank approved lawyer for your conveyancing in Moulton
My wife and I are buying a 2 bedroom flat in Moulton. At the point of instructing our property lawyer, they said that they were on all mainstream mortgage company panels. Our mortgage broker called yesterday to say that they don't appear to be on the Leeds Building Society approved list. Should that be true, what should we do? Should we just find a different solicitor that is on their panel or should we cover the costs for separate representation, with Leeds Building Society appointing their own approved property lawyer.
When buying a property with mortgage finance it is usual for the purchaser’s solicitors to also represent the purchaser's lender. In order to act for a bank or building society a solicitor has to be on that lender's list of approved lawyers. An application has to be made by the lawyer to the lender to become a member of the lender's panel and there are increasingly strict criteria which the conveyancer has to meet. Some mortgage companies now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should call Leeds Building Society to discover 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 Leeds Building Society's conveyancing panel and you may continue to use your own Moulton solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another solicitor into the mix.