I have just been advised by my IFA that my Southwater solicitor is not on the lender Conveyancing panel. What can I do to check?
Your first step should be to contact your Southwater lawyer directly. You lawyer should advise you of the situation. If they are not on the panel they may be able to suggest a Southwater conveyancing practice that is on the conveyancing panel for your lender.
Our solicitor has identified a a legal deficiency with the lease for the apartment we are purchasing in Southwater. The other side have put forward title insurance as a workaround. We are happy with insurance and will cover the costs. Our lawyer has advised that he must be satisfied that the bank is content with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your property lawyer will have no choice but to discontinue acting for you.
I am the registered owner of a freehold property in Southwater but still charged rent, why is this and what is this?
It’s unusual for properties in Southwater and has limited impact for conveyancing in Southwater 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 new rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
My Conveyancer in Southwater is not listed on the Alliance & Leicester Conveyancing Panel. Can I still use my prefered solicitor even though they are excluded from the Alliance & Leicester panel?
The limited options available to you here include:
- Complete the purchase with your existing Southwater lawyers but Alliance & Leicester will need to instruct a lawyer on their list of acceptable firms. This will result in additional total conveyancing charges as well as result in frustration.
- Find a new lawyer to to deal with the conveyancing, not forgetting to check they are Alliance & Leicester approved.
- Persuade your Alliance & Leicester based solicitor to try to join the Alliance & Leicester panel
Is it correct that all Southwater CQS (Conveyancing Quality Scheme) solicitors are on the Nottingham conveyancing list of approved practices?
Some major lenders now make use of the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their panels.
Intending to buy a flat in Southwater. 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 Nottingham 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 Southwater lawyer is on the Nottingham conveyancing panel.
I've digested plenty of house buying guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Southwater solicitor - who is on the Yorkshire BS conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Yorkshire BS will need an independent valuation of the property. Your lawyer will not arrange this. Usually Yorkshire BS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Southwater surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I own a leasehold flat in Southwater. Conveyancing and HSBC Bank mortgage are in place. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Southwater who previously acted has now retired. Any advice?
First make enquiries of HMLR to make sure that the individual purporting to own the freehold is indeed the new freeholder. There is no need to incur the fees of a Southwater conveyancing practitioner to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I acquired a ground floor flat in Southwater, conveyancing was carried out March 2002. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Southwater with a long lease are worth £260,000. The average or mid-range amount of ground rent is £45 yearly. The lease ceases on 21st October 2100
You have 74 years left to run the likely cost is going to be between £8,600 and £9,800 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.