My husband and I are buying a newly constructed flat in Prestbury and my conveyancer is informing me that she has to the mortgage company to disclose incentives from the developer. I am nearing the developer’s deadline to exchange and I would rather not delay the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I am the registered owner of a freehold property in Prestbury yet pay rent, why is this and what is this?
It’s unusual for properties in Prestbury and has limited impact for conveyancing in Prestbury 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 creation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
I am mortgaging my flat in Prestbury, does my lawyer have to be on the Virgin Money Solicitor panel?
There is nothing to stop you using your solicitor, but Virgin Money will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Should my solicitor be raising questions regarding flooding during the conveyancing in Prestbury.
Flooding is a growing risk for lawyers conducting conveyancing in Prestbury. There are those who purchase a property in Prestbury, fully expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Solicitors are not best placed to impart advice on flood risk, but there are a number of checks that may be initiated by the purchaser or by their conveyancers which can figure out the risks in Prestbury. The conventional set of property information forms given to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) includes a usual inquiry of the vendor to determine if the premises has ever been flooded. If flooding has previously occurred and is not disclosed by the seller, then a purchaser may commence a compensation claim resulting from an misleading response. The purchaser’s lawyers will also commission an environmental search. This will reveal if there is a recorded flood risk. If so, further investigations will need to be conducted.
Am I right to be suspicious that estate agents that I am dealing with are recommending a national conveyancing firm as opposed to a local Prestbury conveyancing company?
As is the case with lots of service providers, often input from connections can be extremely useful or valuable. Yet there are many parties with a vested interest in a conveyancing deal; estate agents, financial adviser and lenders may suggest conveyancers to instruct. Sometimes these lawyers might be known to one of the organisations as one of the best in their field, but occasionally there behind the scenes commercial relationship behind the endorsement. You are free to select your own conveyancer. You need to be aware that most mortgage providers specify a panel list of conveyancers you must use for the mortgage related work in your house move.
I need to find a conveyancing solicitor for remortgage conveyancing in Prestbury. I happened to stumble upon a site which appears to be the ideal offering If there is a chance to get all this stuff completed via email that would be ideal. Should I be wary? What are the potential pitfalls?
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?