I am acquiring a house without a mortgage in Pontprennau. I have resided for the last twelve years in Pontprennau. Conveyancing searches are exorbitant. Given that I know the area and road very well must I have all the conveyancing searches?
If you not getting a home loan, then all but one or two of the Pontprennau conveyancing searches are optional. Your lawyer will 'advise', perhaps strongly, that you should have searches completed, but he is duty bound to do this. One thing to consider; if you are intend to sell the house in the future, it may be of relevance to your future purchaser what the searches contain. There are plenty of instances where houses with no practical issues can still throw up negative search results. A competent conveyancing solicitor in Pontprennau should be able to give you some sensible guidance concerning this.
I own a freehold house in Pontprennau but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Pontprennau and has limited impact for conveyancing in Pontprennau 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.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
Is it the case that all Pontprennau conveyancing solicitors on the Clydesdale conveyancing panel are overseen by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Clydesdale approved list of solicitors they would need to be overseen by the Solicitors Regulatory Authority. The majority of lenders do permit licenced conveyancers on their panel in which case such organisation would be overseen by the Council of Licensed Conveyancers.
I have decided to exercise my right to buy my property in Pontprennau off the council. I have a mortgage offer with Barclays. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Barclays, you will need to appoint a solicitor on the Barclays conveyancing panel.
The mortgage over my property is with Principality for my property in Pontprennau. Conveyancing has been completed a year ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Principality?
Your original mortgage agreement with Principality will provide that you need their approval before renting your property as this is likely to be a breach of Principality’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Principality directly. It should not be necessary to do this via a Principality conveyancing panel firm.
I've recently found out that there is a flying freehold element on a property I put an offer in two weeks back in what should have been a simple, no chain conveyancing. Pontprennau is where the house is located. Can you shed any light on this issue?
Flying freeholds in Pontprennau are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Pontprennau you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Pontprennau may decide 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.
Am I right to be wary by estate agents that I am dealing with are recommending a web based conveyancing firm rather than a High Street Pontprennau conveyancing company?
As is the case with lots of service providers, often input from relatives can be very helpful. Nevertheless there are many players in a conveyancing transaction; estate agents, financial adviser and lenders may recommend lawyers to instruct. Sometimes the solicitors might be known to one of the organisations as being good in their field, but sometimes there might be a financial incentive behind the recommendation. You are free to choose your preferred conveyancer. However, bear in mind that many lenders specify a panel list of law firms you are obliged to use for the lender aspect of your conveyancing.
My step-son is embarking on her first house purchase, he had his mortgage in principle. One the offer was accepted on flat we telephoned the lender to go forward with his. I was shocked to discover that mortgage companies do not accept all solicitor, they need to be on their approved list, is this legal?
Mortgage Companies ordinarily imposes restrictions either the type or the number of conveyancing practices on their approved list of lawyers. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Pontprennau conveyancing practitioner on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Unlikely.