My husband and I are purchasing a brand new flat in Ormesby and my conveyancer is informing me that she is duty bound to the lender to reveal incentives from the developer. The Estate Agents are hassling me to exchange contracts and I have no desire to 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 lender 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 own a freehold house in Ormesby but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Ormesby and has limited impact for conveyancing in Ormesby 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 establishment of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
Due to the guidance of my in-laws I had a survey completed on a house in Ormesby before instructing lawyers. I have been informed that there is a flying freehold overhang to the property. Our surveyor advised that some mortgage companies tend refuse to give a mortgage on a flying freehold house.
It varies from the lender to lender. Bank of Scotland has different instructions from Nationwide. If you call us we can investigate further with the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Ormesby. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Ormesby to see if the conveyancing will be more expensive.
Do I need to be wary by estate agents that I am dealing with are encouraging me to use a national conveyancing firm as opposed to a local Ormesby conveyancing company?
As with lots of service providers, often recommendations from relatives can be extremely useful or valuable. But there are many people with a vested interest in a conveyancing matter; estate agents, financial adviser and banks may suggest lawyers to retain. On occasion the lawyers might be known to one of the organisations as one of the best in their field, but occasionally there is an underlying financial incentive behind the recommendation. You have the right to select your own lawyer. However, bear in mind that most mortgage providers specify a panel list of lawyers you are obliged to use for the lender related work in your conveyancing.
We're first time buyers - agreed a price, yet the selling agent told us that the seller will only move forward if we use the agent's chosen conveyancers as they are insisting on an ‘expedited deal’. My instinct tells me that we should use a family conveyancer used to conveyancing in Ormesby
It is improbable the owners are driving this. If they require ‘a quick sale', alienating a motivated buyer is not the way to achieve this. Contact the vendors directly and make sure they understand (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you are chain free (d) you wish to move quickly (e)however you will continue to instruct your preferred Ormesby conveyancing firm - not the ones that will earn the estate agent a introducer fee or meet his conveyancing figures pre-set by corporate headquarters.
What are my options where I am unhappy with the conveyancer who carried out our conveyancing in Ormesby?
We live in an imperfect world, and unfortunately every so often things do go wrong. That being said there is recourse if you were dissatisfied with your conveyancing in Ormesby. This varies from trying to resolve matters directly with them, through to reporting a solicitor to their regulator. If things still aren’t resolved you may consider enlisting the help of the Legal Ombudsman.