My partner and I are planning to acquire a house in Rye and are in fact using a Rye conveyancing firm. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Bank of Ireland have this afternoon contacted us to inform me that there is now an issue as our Rye conveyancer is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' solicitors to also act for the mortgage company. 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 bank 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 as you are at liberty to use your preferred Rye lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
My aunt passed away 10 months ago and as sole heir and executor I was left the property in Rye. The house had a relatively small loan left on it of around £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Co-operative, pay off the mortgage. Is this possible?
Given you intend to refinance then Co-operative will insist on your using a conveyancer on the Co-operative 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 Co-operative 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 Co-operative mortgage is registered as a charge at the Land Registry.
Me and my partner are buying a flat in Rye. I might seem paranoid but how we can trust a lawyer? On completion day we have to deposit funds into their account. What protection do we have from them run away with our monies?
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.
Is there a list of Leeds Building Society panel solicitors in Rye on the Building Society Association’s Website?
Unfortunately not yet. There is no such facility on the Council of Mortgage Lenders or Building Society Association sites. A small selection of banks make their panel listings available over the internet. If you are looking for a Rye solicitor on the Leeds Building Society please use our facility.
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 RBS 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 conveyancer is on the RBS conveyancing panel.
I am buying a new build flat in Rye. Conveyancing is necessary evil 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.
Here is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Rye
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The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Please supply a car parking plan. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Forfeiture - bankruptcy or liquidation must not apply under this provision. Please confirm the Lease plans are surveyor prepared.
I was recommended by numerous property agents in Rye to choose a solicitor using your seach tool. Is there a financial upside for Estate Agents to promote your lawyers ahead of a competitor’s?
We refuse to make any commission for pointing buyers and sellers to this site. We thought it would be too underhand a fee because members of the public would think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
What is the reason for new build conveyancing in Rye being more expensive?
Purchasing a brand new home is completely different from the standard house buying conveyancing in Rye. For a start sellers ordinarily insist contracts to exchange inside a short timeframe, the result being a lot of pressure on your conveyancer to make sure all is in order. In addition new build premises frequently involve examination of adoption of highways, drains, planning considerations, building warranties or architects certificates. Lenders requirements are also more demanding. Given the complex nature of the process for these types of properties, the conveyancing new build fees are higher than normal.