I am not in a position to travel far from Queen's Park. I would like to know the understand why all Queen's Park lawyers aren't automatically on all mortgage company panels?
Before the recession most mortgage companies had an attitude to risk which differs from the current day. The financial regulator in 2010 carried out a thematic review into mortgage fraud which concluded: know the conveyancers on your panel. As a result, mortgage companies have since looked to extract more data from law firms about their operations and the individuals employed by them and set certain criteria such as completing a minimum volume of transactions. Hundreds of law practices have found themselves excluded from lender panels even though they had 100% healthy track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the criteria of volume of transactions the lenders required.
I own a freehold residence in Queen's Park yet charged rent, why is this and what is this?
It is rare for properties in Queen's Park and has limited impact for conveyancing in Queen's Park 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 many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
We're in Queen's Park, FTBs buying with a mortgage (lender is HSBC , and our solicitor is on the HSBC conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the HSBC conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I have been on the look out for a leasehold apartment up to £195,000 and identified one near me in Queen's Park I like with amenity areas and railway links nearby, the downside is that it only has 61 years unexpired on the lease. I can't really find anything else in Queen's Park for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a home loan the remaining unexpired lease term will likely be a potential deal breaker. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of twenty four months you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
Is there anything unique about your site and alternative web based conveyancing brokers when it comes to conveyancing in Queen's Park?
At this site obtain a fixed fee costs illustration from a Solicitor or Licensed Conveyancer that has a full understanding of the nuances for your conveyancing in Queen's Park. Unlike many estate agents and many comparison sites we do not have referral arrangements with solicitors. A large number of agents and online brokers 'recommend' solicitors paying the highest kickback, not the best value conveyancing in Queen's Park
My cousin has recommend that I instruct his lawyers for conveyancing in Queen's Park. Should I find my own property lawyer?
No doubt the ideal way to choose a conveyancing lawyer is to get guidance from friends or family who have actually previously instructed the firm you're contemplating using.