My fiance and I are hoping to buy a property in Tadley and have instructed a Tadley conveyancing practice. Within the past 48 hours our conveyancer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Norwich and Peterborough Building Society have this afternoon contacted us to advise us that they have now hit a problem as our Tadley conveyancer is not on their approved list of lawyers. Please explain?
If you are buying a property needing a mortgage it is standard 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 solicitor should contact your lender 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 bank's conveyancing panel and you may continue to use your own Tadley solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
I am buying a newly constructed flat in Tadley and my conveyancer is advising me that she is duty bound to the bank to reveal incentives from the developer. I am under pressure to exchange and I would rather not delay matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I am the registered owner of a freehold house in Tadley yet charged rent, why is this and what is this?
It’s unusual for properties in Tadley and has limited impact for conveyancing in Tadley 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 generation of new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
We're in Tadley, FTBs buying with a mortgage (lender is Bank of Ireland , and our solicitor is on the Bank of Ireland conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Bank of Ireland conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I opted to have a survey completed on a property in Tadley in advance of appointing lawyers. I have been advised that there is a flying freehold overhang to the property. The surveyor advised that some lenders may refuse to grant a loan on a flying freehold premises.
It varies from the lender to lender. Lloyds has different instructions for example to Nationwide. If you e-mail us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Tadley. Conveyancing may be slightly more expensive based on your lender's requirements.
Is it possible to swap solicitor as I need to find one who is on the Virgin Money conveyancing panel. I had appointed a high street conveyancing solicitor in Tadley five minutes from me but he is not approved by Virgin Money
We will our best to assist in finding you a conveyancing solicitor in Tadley on the Virgin Money panel. Please note that the solicitors that we list do not pay us fee if you instruct them and are registered with the Solicitors Regulation Authority who oversee all conveyancing solicitors in Tadley. In utilising the find a conveyancing solicitor tool on this website, you can compare and instruct different solicitors and conveyancers both nationally and in Tadley.