I am in the process of selling my home in Southwold and the EA has just text me to say that the buyers are swapping conveyancer. I am told that this is due to the fact that the lender will only deal with solicitors on their conveyancing panel. On what basis would a leading mortgage company only work with specific lawyers rather the firm that they want to choose to handle their conveyancing in Southwold ?
Lenders have always had an approved set of law firms that can represent them, but in the past few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Banks blame a rise in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to oversee. No lender will say 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. Plenty of firms 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.
AssumingI was to purchase a freehold propertyin Southwold for cash and have no survey and no local authority searches how much should I expect to to save on my conveyancing in Southwold?
Any savings you would gain would be isolated to the Southwold conveyancing searches. A conveyancing practitioner is obliged to do the vast majority of work - money laundering, correspond with the vendors solicitor, stamp duty return, register the property etc. A slight saving might be made by not needing to register a mortgage but it will not be meaningful.
I purchased a freehold premises in Southwold but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Southwold and has limited impact for conveyancing in Southwold 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 extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
Will our conveyancer be raising enquiries about flooding as part of the conveyancing in Southwold.
Flooding is a growing risk for solicitors carrying out conveyancing in Southwold. There are those who acquire a property in Southwold, completely expectant that at some time, it may suffer from flooding. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or sell the property. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Solicitors are not best placed to impart advice on flood risk, however there are a numerous checks that can be initiated by the purchaser or on a buyer’s behalf which will figure out the risks in Southwold. The conventional set of property information forms sent to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard inquiry of the vendor to find out if the property has suffered from flooding. If flooding has previously occurred which is not notified by the owner, then a buyer could bring a compensation claim resulting from an incorrect response. The buyer’s lawyers will also commission an enviro report. This will indicate whether there is a recorded flood risk. If so, additional inquiries will need to be initiated.
My wife and I have a renovated Victorian property in Southwold. Conveyancing lawyer represented me and Halifax. I happened to do a free search for it on the Land Registry database and there are a couple of entries: the first freehold, another for leasehold under the matching property. I thought I was buying a freehold how can I check?
You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Southwold and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the position with the conveyancing practitioner who conducted the purchase.
I am buying a new build apartment in Southwold. Conveyancing is daunting 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 are examples of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Southwold
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? There must be mutual enforceability of lessee’s covenants.