My fiance and I are hoping to buy a home in Purton and are in fact using a Purton conveyancing firm. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Norwich and Peterborough Building Society have this afternoon contacted us to inform me that they have now hit a problem as our Purton lawyer is not on their conveyancing panel. Please explain?
When purchasing a property with mortgage finance it is usual for the purchasers' solicitors to also represent the purchaser's lender. 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 Accreditation Scheme. Your solicitor should contact your lender 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 bank's conveyancing panel as you are at liberty to use your preferred Purton lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Do the conveyancing lawyers identified via your search tool conduct attended exchange conveyancing in Purton?
There are a few conveyancing specialists who can conduct attended exchanges. Do e-mail us to secure a costs illustration and details as to dates.
I purchased a freehold house in Purton but nevertheless charged rent, why is this and what is this?
It is rare for properties in Purton and has limited impact for conveyancing in Purton 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 new rentcharges post 1977.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
Have just purchased a repossessed house at auction in Purton. Conveyancing is needed. What are my next steps?
Now that you have exchanged you now have to find a conveyancing practitioner as a matter of urgency as you are facing a pending a fixed date to complete the property. An auction property should have a bespoke legal pack. This will likely include evidence of title and search results. If you have purchased leasehold property the conveyancing pack may include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation specific to a leasehold property. You should give this to the solicitor working for you ASAP. You also need to ensure that you have funds in place to complete on the on the contractual date .
Last month we had a mortgage agreed in principle with Coventry BS. Purton conveyancing practitioners were chosen. What is the average time that one could expect to receive a mortgage offer from Coventry BS?
There is no definitive answer here. Have Coventry BS completed the survey? Have you advised Coventry BS as to your lawyers' details and checked that your lawyers are on the Coventry BS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
My sealed bid on a property in Purton has been accepted, the vendors do however have a connected purchase. The sellers have placed an offer on a property, but it’s not yet tied up, and are looking at other flats booked. I have instructed a bricks and mortar conveyancing solicitor in Purton. What should be my next step? When should I get the mortgage application with Kent Reliance started?
It is normal to have concerns where there is a chain as you are unlikely to want to incur expenses too early (home loan application is in the region of one thousand pounds, then valuation, Purton conveyancing search fees, etc). First, you should check that your property lawyer is on the Kent Reliance approved list. Concerning the subsequent stages this very much depends on the circumstances of your case, desire for the property and on the state of the market. During a rising market some buyers will apply for the mortgage with Kent Reliance and pay for the valuation and only if it comes back ok would they ask their lawyer to proceed with the conveyancing in Purton.
My friend suggested that if I am purchasing in Purton I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes quoted for as part of the standard Purton conveyancing searches. It is a large document of more than thirty pages, listing and setting out important information about Purton around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Purton Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Purton Education with maps and statistics, Local Amenities and other useful data concerning Purton.
I have been on the look out for a ground for flat up to £235,500 and found one round the corner in Purton I like with amenity areas and railway links nearby, however it's only got 49 remaining years left on the lease. There is not much else in Purton in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
If you need a mortgage that many years will likely be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.