The Perivale conveyancing firm handling our Perivale conveyancing has uncovered an inconsistency when comparing the assumptions in the valuation report and what is revealed within the conveyancing documents. My solicitor informs me that he is obliged to ensure that the bank is happy with this discrepancy and is still content to lend. Is my conveyancer’s stance correct?
Your property lawyer must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
I own a freehold premises in Perivale but still pay rent, why is this and what is this?
It is rare for properties in Perivale and has limited impact for conveyancing in Perivale 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 many centuries, but the Rent Charge Act 1977 barred the generation of fresh rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
We intend to purchase a newly converted apartment in Perivale with a mortgage from Bank of Ireland.We have a Perivale conveyancing lawyer but Bank of Ireland says his firm is not on their "panel". It seems we are left with little choice but to instruct a Bank of Ireland panel lawyer or retain our high street solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The mortgage issued to you is subject to its various provisions, a common one being that conveyancers must be on the Bank of Ireland approved list. Until recently, most banks had large numbers of solicitors 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 lawyer to apply to be on the conveyancing panel for Bank of Ireland
How does conveyancing in Perivale differ for new build properties?
Most buyers of new build residence in Perivale come to us having been asked by the developer to sign contracts and commit to the purchase even before the property is ready to move into. This is because house builders in Perivale usually buy 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 Perivale or who has acted in the same development.
I decided to have a survey carried out on a property in Perivale in advance of instructing conveyancers. I have been informed that there is a flying freehold aspect to the property. My surveyor has said that some banks may refuse to issue a mortgage on a flying freehold house.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Halifax. If you e-mail us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Perivale. Conveyancing may be slightly more expensive based on your lender's requirements.
I need to find a conveyancing solicitor for leasehold conveyancing in Perivale. I have discover a site which appears to be the perfect solution If there is a chance to get all the legals done via phone that would be ideal. Do I need to be wary? What should out be looking out for?
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?