My husband and I are hoping to buy a flat in Pratt's Bottom and have appointed a Pratt's Bottom conveyancing firm. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Barclays have this morning contacted us to inform me that they have now hit a problem as our Pratt's Bottom solicitor is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' lawyers to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Pratt's Bottom lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
AssumingI was to buy a straightforward housein Pratt's Bottom for cash and dispense with a survey and no local authority searches how much could I expect to have to pay for conveyancing in Pratt's Bottom?
Any savings you would gain would be limited to the Pratt's Bottom conveyancing searches. A solicitor is obliged to do the vast majority of work - money laundering, liaising with the vendors solicitor, stamp duty submission, register the property etc. A marginal saving might be made by not having to register a charge but it won't be a lot.
I own a freehold property in Pratt's Bottom but still pay rent, why is this and what is this?
It’s unusual for properties in Pratt's Bottom and has limited impact for conveyancing in Pratt's Bottom 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 lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
I decided to have a survey completed on a house in Pratt's Bottom prior to appointing solicitors. I have been told that there is a flying freehold element to the house. Our surveyor advised that some mortgage companies may not grant a mortgage on such a home.
It varies from the lender to lender. HSBC has different requirements for example to Halifax. If you contact us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Pratt's Bottom. Conveyancing may be slightly more expensive based on your lender's requirements.
My husband and I are FTB’s - had an offer accepted, but the selling agent told us that the vendor will only move forward if we use their recommended solicitors as they want an ‘expedited deal’. My instinct tells me that we should use a family solicitor with experience of conveyancing in Pratt's Bottom
It is highly unlikely the owners are driving this. Should the owner desire ‘a quick sale', turning down a motivated purchaser is likely to cause more damage than good. Speak to the vendors direct and make the point that (a)you are motivated purchasers (b)you are excited to move forward, with mortgage lined up © you do not need to sell (d) you intend to proceed fast (e)however you intend to use your preferred Pratt's Bottom conveyancing firm - not the ones that will earn their estate agent a commission or meet his conveyancing thresholds set by head office.
Why do I have to provide my lawyer with a list of items of identification before they can proceed with my conveyancing in Pratt's Bottom?
Pratt's Bottom solicitors are required by the Law Society, Solicitors Regulation Authority, HMLR and current AML legislation to record that the have checked the identity of their clients. It is also sometimes a requirement of your mortgage offer. In addition they have to complete various forms, particularly those relating to SDLT and need to have details such as your full names, NI number and date of birth.