I am selling my house in New Forest and the EA has just telephoned to warn that the purchasers are switching law firm. The reason given is that the lender will only engage with solicitors on their conveyancing panel. On what basis would a major lender only deal with certain law firms rather the firm that they want to choose for their conveyancing in New Forest ?
Banks have always had an approved set of law firms they are content to work with, but in the last few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Lenders point to the increase in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to keep an eye on. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are not going to have any sway in the decision.
I own a freehold premises in New Forest yet charged rent, why is this and what is this?
It’s unusual for properties in New Forest and has limited impact for conveyancing in New Forest 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 generation 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 will be dispensed with completely.
Have purchased a a semi-detached house in New Forest , how long will it take for the Land Registry to deal with the formalities evidencing the transfer to my name? My New Forest conveyancing solicitor works at snail pace, so I want to be certain that my ownership is recorded.
There is nothing unique about conveyancing in New Forest registration formalities. Rather than based on location, timeframes can vary according to who lodges the application, whether it is in order and if the Land registry communicate with any interested parties. As of today approximately three quarters of submission are completed in less than three weeks but occasionally there can be longer delays. Historically registration is effected after the buyer is living at the property thus post completion formalities is not always primary concern but if it is urgent that the the registration takes place urgently then you or your lawyers can communicate with the Registry to express the reasoning for an expedited registration.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in a fortnight ago in what should have been a straight forward, no chain conveyancing. New Forest is where the house is located. Can you offer any guidance?
Flying freeholds in New Forest are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in New Forest you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in New Forest may determine 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 residence.
I'm remortgaging my current home to a BTL loan with Leeds Building Society and I will use the ballance of the raised equity towards another property. The neighborhood we are looking at is New Forest. Will your lawyers be able to act for the two banks and link together the two deals?
Make use of our comparison tool on this site to be sure that the solicitors are on the relevant lender panels. Assuming that they are the conveyancer should be able to simultaneously deal with the two transactions but you should talk with you solicitor and specify your desired outcome and needs.
I need to find a conveyancing solicitor for leasehold conveyancing in New Forest. I've land on a site which looks to be the perfect answer If there is a chance to get all formalities completed via phone that would be preferable. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?