My partner and I are looking to buy a property in Rye and have instructed a Rye conveyancing firm. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Coventry Building Society have this morning contacted us to advise us that there is now an issue as our Rye solicitor is not on their conveyancing panel. Is this a problem?
Where you are buying a property needing a mortgage it is standard 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 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 and you may continue to use your own Rye solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
My grandmother passed away 10 months ago and as sole heir and executor I was left the house in Rye. The house had a small mortgage left on it of around £5k. I want to transfer the title deeds into my name whilst I re-mortgage to Leeds Building Society, pay off the mortgage. Is this possible?
If you plan to re-mortgage then Leeds Building Society will insist on your using a conveyancer on the Leeds Building Society conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Leeds Building Society conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Leeds Building Society mortgage is registered as a charge at the Land Registry.
We are purchasing a flat in Rye. I might seem paranoid but how we can trust a conveyancer? On the day of competition we will need to send funds into their account. What is the protection we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Does a directory service exist listing Principality panel conveyancers in Rye on the UK Finance Lenders’ Handbook Website?
No. There is no such tool on the CML or Building Society Association sites. A small selection of mortgage companies make their panel listings open the public online. Where you are seeking to appoint a Rye conveyancing practitioner on the Principality please make the most of our tool.
Planning on purchasing a house in Rye. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Clydesdale conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Rye conveyancing practitioner is on the Clydesdale conveyancing panel.
Just had an offer accepted on a new build flat in Rye. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Rye
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The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Please confirm the Lease plans are surveyor prepared. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
I have been recommended by a couple of local estate agents in Rye to locate a property lawyer on your site. Is there a financial upside for Estate Agents to market your services over another?
We refuse to give any commission for directing people to this site. We found it would be just too difficult a fee as members of the public would think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
Why is New Build conveyancing in Rye more costly?
Purchasing a brand new premises is significantly distinct from the standard house buying conveyancing in Rye. For a start developers normally require contracts to exchange very quickly, the result being a a great deal of pressure on your property lawyer to make sure all is in order. In addition new build premises frequently involve the checking of adoption of highways, drains, planning considerations, building warranties or architects certificates. Lenders requirements are also more detailed. Due to the complex nature of the process for these types of properties, the conveyancing new build fees are higher than normal.