Unfortunately I am unable to travel far from Port Clarence. Please explain the reason why all Port Clarence conveyancers are not on all bank panels?
Before the recession most banks exhibited an approach to risk which is different from today. The financial regulator in 2010 conducted a thematic review into mortgage fraud which in summary warned lenders: know the conveyancing practitioners on your panel. Accordingly, mortgage companies have subsequently requiredmore information from law firms regarding their processes and the staff who work for them and set certain criteria such as completing a minimum number of transactions. Thousands of law practices have found themselves removed from lender panels even though they had 100% healthy disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms found it impossible meet the criteria of volume of transactions the mortgage companies set.
I purchased a freehold property in Port Clarence yet pay rent, why is this and what is this?
It’s unusual for properties in Port Clarence and has limited impact for conveyancing in Port Clarence 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 establishment of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
Can you clarify what the consequences are if my lawyer’s firm is expelled from the UBS Conveyancing panel ahead of completing my conveyancing in Port Clarence?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
What will a local search tell me regarding the house my wife and I buying in Port Clarence?
Port Clarence conveyancing often commences with the applying for local authority searches directly from your local Authority or via a personal search organisations for example PSG The local search plays a central part in most Port Clarence conveyancing purchase; as long as you wish to avoid any unpleasant once you have moved into your new home. The search should reveal data on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic headings.
I'm purchasing my first flat in Port Clarence with the aid of help to buy. The developers would not budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent told me not disclose to my conveyancer about the side-deal as it may jeopardize my loan with the lender. Should I keep quiet?.
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.
Am I best advised to choose a Port Clarence conveyancing solicitor in close proximity to the house I am hoping to buy? We have a good friend who can carry out the legal formalities however they are based a couple of hundredkilometers drive away.
The benefit of a high street Port Clarence conveyancing practice is that you can visit the firm to sign documents, present your ID and apply pressure on them if necessary. They will also have local insight which is a plus. That being said it's more important to get someone that will do a good and efficient job. If you know people who used your friend and the majority were content that must trump using an unknown Port Clarence conveyancing solicitor solely due to them being based in the area.