I am progressing with the sale of my flat in Seaton and the EA has just e-mailed to say that the buyers are appointing a new law firm. The excuse is that the bank will only work with property lawyers on their conveyancing panel. On what basis would a leading mortgage company only deal with specific lawyers rather the firm that they want to appoint for their conveyancing in Seaton ?
UK lenders have always had an approved set of law firms they are content to work with, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lenders point to the increase in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to keep an eye on. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are unlikely to have any impact on this.
I am the registered owner of a freehold house in Seaton but still pay rent, why is this and what is this?
It’s unusual for properties in Seaton and has limited impact for conveyancing in Seaton 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 have existed for many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
My grandfather passed away last year and as sole heir and executor I was left the property in Seaton. The house had a small mortgage remaining of approximately £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Coventry BS, pay off the mortgage. Is this possible?
Given you plan to re-mortgage then Coventry BS will require that you use a conveyancer on the Coventry BS 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 Coventry BS 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 Coventry BS mortgage is registered as a charge at the Land Registry.
I need some quick conveyancing in Seaton as I have pressure to complete inside one month. Luckily I do not need a mortgage. Can I escape the need for conveyancing searches to save fees and time?
If.Given you are are a mortgage free buyer you have the choice not to have searches conducted although no law firm would suggest that you don't. With lots of history conveyancing in Seaton the following are examples of what can show up and therefore impact future saleability: Enforcement Actions, Overdue Charges, Outstanding Grants, Road Schemes,...
I am buying a new build house in Seaton with a loan from Santander. The sellers refused to reduce the amount so I negotiated 6k of fixtures and fittings instead. The sale representative advised me not to tell my conveyancer about the side-deal as it would adversely affect my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I need to instruct a conveyancing lawyer in Seaton for my home move. Is it possible to check a solicitor's record with the profession’s regulator?
Anyone can search for published Solicitor Regulator Association (SRA) decisions resulting from investigations from 2008 onwards. Visit Check a solicitor's record. For information Pre 2008, or to check a firm's history, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, use +44 (0)121 329 6800. The regulator may monitor telephone calls for training reasons.