I am purchasing a flat in Walton On Thames. My Solicitor is not on the mortgage company approved panel. Can I still retain my Walton On Thames conveyancing solicitor even though they are excluded from the lender panel of approved conveyancing solicitors?
You have a couple of options available to you here
- Complete the deal with your chosen Walton On Thames property lawyer but your mortgage company will undoubtedly appoint a conveyancer on their approved panel. This will result in additional cost together with potential delay.
- Appoint a fresh conveyancing practitioner to conduct the conveyancing, making sure they are on the bank conveyancing panel.
- Convince your conveyancing practitioner to attempt to join the mortgage company panel
My Walton On Thames solicitor has uncovered an inconsistency when comparing the assumptions in the valuation survey and what is revealed within the conveyancing documents. My lawyer informs me that he must check that the lender is happy with this discrepancy and is content to go ahead. Is my conveyancer’s course or action right?
Your lawyer must comply with the UK Finance Lenders’ Handbook specifications which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I purchased a freehold premises in Walton On Thames but still invoiced for rent, why is this and what is this?
It is rare for properties in Walton On Thames and has limited impact for conveyancing in Walton On Thames 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 hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
I had intended to instruct a conveyancing solicitor in Walton On Thames for our home move. Our financial adviser informed us that our mortgage lenders Santander won't deal with them. Surely this is unfair competition?
Lenders in the main imposes restrictions either the type or the amount of conveyancing practices on their approved list of lawyers. A common example of such criteria being that a law practice must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of solicitor practices they allow to represent them. You should note that Santander have no responsibility for the quality of advice provided by any member of Santander Conveyancer Panel. Mortgage fraud was a primary driver in the reduction of solicitor panels a few years ago even though there remains differing views concerning the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry indicate that plenty of law firms, including some in or near Walton On Thames only conduct very few conveyances a year.
Is it the case that all Walton On Thames CQS (Conveyancing Quality Scheme) solicitors are on the HSBC conveyancing panel?
A selection of banks and building societies now make use of the accreditation scheme as the kick off point for Panel approval such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of conveyancing solicitors.
I have a mortgage with Virgin Money for my property in Walton On Thames. Conveyancing was finalised some time ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Virgin Money?
Your original mortgage agreement with Virgin Money will provide that you need their approval before renting your property as this is likely to be a breach of Virgin Money’s mortgage conditions. It may be that Virgin Money will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Virgin Money directly. It should not be necessary to do this via a Virgin Money conveyancing panel solicitor.
It is unclear whether my mortgage offer requires a lease extension. I have called into my local Walton On Thames bank branch on a couple of occasions and was informed it wasn't an issue and they would lend. My Walton On Thames conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
The property lawyer must comply with the Council of Mortgage Lenders’ Handbook Part 2 requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
The deeds to our house are lost. The solicitors who did the conveyancing in Walton On Thames 5 years ago are no longer around. Will I be able to sell the house?
Assuming the title is registered the information relating to your proprietorship will be retained by the Land Registry with a Title Number. It is possible to execute a search at the Land Registry, find your house and get current copies of the Registered Entries for less than a fiver. Where the property is Leasehold then the Land Registry will also normally retain a file copy of the Registered Lease and again, a copy can be retrieved for twenty pounds.