My lawyer has uncovered a a problem with the lease for the apartment we are purchasing in Wennington. The seller’s lawyers have suggested title insurance as a workaround. We are content with insurance and will pay for it. Our property lawyer has advised that he must check that the lender is willing to move forward with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancer will have no choice but to discontinue acting for you.
I am the registered owner of a freehold house in Wennington yet invoiced for rent, why is this and what is this?
It’s unusual for properties in Wennington and has limited impact for conveyancing in Wennington 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 fresh rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
Forgive me if this question is silly but I am unseasoned as FTB of a ground floor flat in Wennington. Do I pick up the keys to the premises on the completion date from my solicitor? If so, I will appoint a High Street conveyancing solicitor in Wennington?
There is no need to visit the lawyers office on the day of completion. Your solicitors will electronically transfer the purchase money to the vendor’s solicitors, and once they have received this, you will be called to collect the keys from the Estate Agents and move into your new home. This tends to happen early afternoon.
I'm the sole beneficiary of my late grandmother’s will and I have everything in my name now, including the my former home in Wennington. Conveyancing formalities meant that the Land Registry date was in November. I now wish to sell up. I understand that there is a CML 6 month 'rule', meaning my property ownership will be regarded the same way as if I'd bought the house in November. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be affected by that. How practical a view banks take of it, depend on the bank as this obligation principally exists to identify subsales or the wholesaling and assigning of property.
My partner and I are in the throws of looking at apartments in Wennington and I am about to put in an offer. Is it too early to have a solicitor in place? I intend to finance via a home loan with Nationwide.
You should start requesting conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the selling agent. As you are getting a mortgage with Nationwide, ask your prospective lawyers if they are on the Nationwide conveyancing panel otherwise they can't do the mortgage legal work.
What does a local search tell me regarding the house my wife and I purchasing in Wennington?
Wennington conveyancing often commences with the submitting local authority searches directly from your local Authority or via a personal search company for instance Xpress Legal The local search is essential in every Wennington conveyancing purchase; as long as you don’t want any nasty once you have moved into your new home. The search should reveal data on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject areas.
I used Action Conveyancing several years ago for my conveyancing in Wennington. Now, I need my files but the law firm has closed. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Wennington of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
How does conveyancing in Wennington differ for newly converted properties?
Most buyers of new build residence in Wennington approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is built. This is because house builders in Wennington usually acquire the land, 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 conveyancers 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 accustomed to new build conveyancing in Wennington or who has acted in the same development.