I am hoping to receive a mortgage with Lloyds. I would like to employ the services of a Licensed Conveyancer in Stoke Bishop. Does the Lloyds Solicitor panel allow for conveyancers regulated by the CLC?
The Lloyds approved solicitor list is, like many other lenders, associated to the CML or BSA, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
I am nearing an exchange on a flat in Stoke Bishop and my mum and dad have sent the 10% deposit to my property lawyer. I am now told that as the deposit has not come from me my conveyancer needs to make a notification to my lender. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is coming from anyone other than me. I disclosed to the lender regarding my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
Your conveyancing practitioner is legally required to clarify with lender to make sure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only notify this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
I own a freehold property in Stoke Bishop yet charged rent, why is this and what is this?
It’s unusual for properties in Stoke Bishop and has limited impact for conveyancing in Stoke Bishop 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 date back many centuries, but the Rent Charge Act 1977 barred the establishment of new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
I have been told that property searches are a common cause of obstruction in Stoke Bishop house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of a review by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of delays in the conveyancing process. Searches are not likely to feature in any slowing down conveyancing in Stoke Bishop.
How does conveyancing in Stoke Bishop differ for new build properties?
Most buyers of new build property in Stoke Bishop approach us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is completed. This is because developers in Stoke Bishop typically buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Stoke Bishop or who has acted in the same development.
I was recommended by a couple of local property agents in Stoke Bishop to choose a solicitor on your site. Is there a financial inducement for Estate Agents to recommend your lawyers over another?
We don’t make any financial incentive for sending work our way. We thought it would be too underhand to pay a commission because home movers will think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.