I am not well enough to travel far from Radford. What is the rationale as to why all Radford property lawyers aren't included on all bank panels?
Banks highlight the fact that solicitor-led fraud is considered to be responsible for millions of pounds of fraud annually.The elimination of law firms from lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for mortgage companies to review their conveyancing panels, which kicked off a major policy change in the sector. This resulted in lenders culling less reputable firms off their official list of approved lawyers .
My brother and I have recently acquired a house in Radford. We have noticed several problems with the house which we suspect were missed in the conveyancing searches. What action can we take? What searches should? have been conducted for conveyancing in Radford?
The question is not clear as to the nature of the problems and if they are unique to conveyancing in Radford. Conveyancing searches and investigations undertaken as part of the legal transfer of property are designed to help avoid problems. As part of the process, a seller completes a form referred to as a SPIF. answers proves to be misleading, you could possibly take legal action against the seller for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Radford.
I purchased a freehold house in Radford yet invoiced for rent, why is this and what is this?
It is rare for properties in Radford and has limited impact for conveyancing in Radford 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 extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
A relative recommended that if I am purchasing in Radford I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is sometimes included in the estimate for your Radford conveyancing searches. It is not a small document of about 40 pages, listing and setting out important information about Radford around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Radford Education with plans and statistics, Local Amenities and other useful information regarding Radford.
I decided to have a survey completed on a property in Radford prior to appointing conveyancers. I have been advised that there is a flying freehold element to the property. The surveyor advised that some lenders will not give a loan on a flying freehold premises.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Halifax. If you call us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Radford. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Radford to see if the conveyancing costs will increase in light of this.
Do I have to pop into the offices of the lender conveyancing panel solicitor to execute the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Radford so that I can pop in to their offices when needed.
As opposed to 15 years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Radford.