My wife and I are looking to buy a property in Ollerton and are in fact using a Ollerton conveyancing practice. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Godiva Mortgages Ltd have this afternoon contacted us to inform me that they have now hit a problem as our Ollerton solicitor is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is usual for the purchasers' solicitors to also act for 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 bank 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 as you are at liberty to use your preferred Ollerton lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
I purchased a freehold residence in Ollerton but nevertheless charged rent, why is this and what is this?
It is rare for properties in Ollerton and has limited impact for conveyancing in Ollerton 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 creation of fresh rentcharges post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
Do I select a Licenced Conveyancer or Solicitor for conveyancing in Ollerton?
There are two types of lawyers who can conduct conveyancing in Ollerton namely licenced conveyancers or solicitors. The two can administer the legal services that you need to complete the disposal or purchase of property. They are both obliged to carry out Ollerton conveyancing on similar quality and guidelines so you can be sure that your conveyancing will be professionally administered and that all requirements and procedures will be suitably taken.
is it true that all Ollerton solicitors on the RBS conveyancing panel are overseen by the SRA?
As a firm of solicitors, in order to be on the RBS approved list of solicitors they would need to be governed by the SRA. Many lenders do list licenced conveyancers on their panel and in such a situation the organisation would be overseen by the CLC.
I am expecting a DIP from Lloyds this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Lloyds recommend any Ollerton solicitors on the Lloyds conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Ollerton solicitors independently although you'll need to choose one on the Lloyds conveyancing panel. The solicitor represents both you and Lloyds through the process.
four months have elapsed since my purchase conveyancing in Ollerton concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Ollerton differ for newly converted properties?
Most buyers of new build residence in Ollerton contact us having been asked by the builder to sign contracts and commit to the purchase even before the residence is ready to move into. This is because new home sellers in Ollerton tend to purchase the site, 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 conveyancing solicitors 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 Ollerton or who has acted in the same development.
Is it possible to change solicitor as I need to select a firm on the Aldermore conveyancing panel. I was using a high street conveyancing solicitor in Ollerton round the corner but she is not accepted by Aldermore
It would be our pleasure to help you find a conveyancing solicitor in Ollerton on the Aldermore panel. Please note that the solicitors that we work with do not pay us fee if you instruct them and are authorised and regulated by the Solicitors Regulation Authority who oversee all conveyancing solicitors in Ollerton. In making use of search facility on this page, you can compare and instruct different solicitors and conveyancers both nationally and in Ollerton.