We are intending to purchase a 2 bedroom flat in Parson Cross with a mortgage. We have a Parson Cross conveyancer, but the mortgage company advise he's not on their "panel". We have to appoint one of the lender panel conveyancing practices or retain our Parson Cross solicitor and pay for one of their panel ones to act for them. We regard this is inequitable; is there anything we can do?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Parson Cross conveyancing lawyer to apply to be on the conveyancing panel.
I own a freehold residence in Parson Cross but nevertheless charged rent, why is this and what is this?
It is rare for properties in Parson Cross and has limited impact for conveyancing in Parson Cross 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 generation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
we are a couple who are hoping to buy a newly converted flat in Parson Cross with a homeloan from Santander.We have a Parson Cross conveyancing solicitor but Santander informed us his firm is not on their "panel". we are left little option but to use a Santander panel firm or retain our local solicitor and pay for a Santander panel lawyer to act for them. We feel as though this is unjust; Can we not simply insist that Santander use our lawyer?
Unfortunately,no. The mortgage issued to you contains various provisions, a common one being that solicitors will be on the Santander solicitor panel. Until recently, most banks had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Santander
Me and my brother own a terraced Victorian house in Parson Cross. Conveyancing solicitor represented me and Virgin Money. I did a free Land Registry search last week and there are a couple of entries: one for freehold, the second leasehold under the matching address. I thought I was buying a freehold how can I check?
You should read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Parson Cross and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the situation with the conveyancing practitioner who conducted the purchase.
I am purchasing a new build house in Parson Cross benefiting from help to buy. The sellers would not move on the price so I negotiated 6k of fixtures and fittings instead. The sale representative told me not inform my conveyancer about this deal as it could adversely affect my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I have been on the look out for a flat up to £235,500 and identified one close by in Parson Cross I like with a park and railway links in the vicinity, the downside is that it only has 52 remaining years left on the lease. There is not much else in Parson Cross suitable, so just wondered if I would be making a mistake purchasing a short lease?
If you need a mortgage the remaining unexpired lease term will be problematic. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least 2 years you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.