My wife and I are hoping to purchase a property in Swadlincote and have instructed a Swadlincote conveyancing practice. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Chelsea Building Society have this morning contacted us to advise us that they have now hit a problem as our Swadlincote lawyer is not on their conveyancing panel. What do we do from here?
When purchasing a property with mortgage finance it is conventional for the purchasers' lawyers to also act for the purchaser's lender. 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 property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Swadlincote solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
Our son is about to exchange on a newly built flat in Swadlincote with a mortgage from Coventry BS. His solicitor has advised him of a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Coventry BS conveyancing panel as a standard part of the process, and to the surveyor when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Coventry BS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I own a freehold residence in Swadlincote but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Swadlincote and has limited impact for conveyancing in Swadlincote 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 hundreds of years, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
I bought my home on 2 June and my personal details are still not registered. Need I be worried? My conveyancing solicitor in Swadlincote advises it will be formalised in a couple of weeks. Are properties in Swadlincote particularly slow to register?
There is nothing unique when it comes to conveyancing in Swadlincote registration formalities. As opposed to being determined by geographic area, timeframes can vary depending on who lodges the application, whether there are errors and if the Land registry communicate with any third persons or bodies. Currently roughly three quarters of such applications are fully addressed within 12 days but some can be subject to protracted delays. Historically registration occurs once the new owner is living at the premises thus post completion formalities is not usually primary concern yet if it is urgent that the the registration takes place urgently then you or your conveyancer can contact the land registry and explain the circumstances.
I am looking for a flat up to £305k and identified one near me in Swadlincote I like with amenity areas and railway links in the vicinity, the downside is that it only has 49 years on the lease. There is not much else in Swadlincote for this price, so just wondered if I would be making a grave error acquiring a short lease?
If you need a home loan the remaining unexpired lease term may be an issue. Reduce the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of twenty four months you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
In my capacity as executor for the estate of my father I am disposing of a house in Swansea but I am based in Swadlincote. My lawyer (who is 300 kilometers from meneeds me to execute a statutory declaration before the transaction finalising. Can you recommend a conveyancing lawyer in Swadlincote who can attest and place their company stamp on the document?
Technically speaking you should not be required to have the documents attested by a conveyancing solicitor. Normally or notary public or solicitor will be fine regardless of whether they are Swadlincote based