My husband and I are hoping to acquire a home in West Barnes and are in fact using a West Barnes conveyancing firm. Within the past 48 hours our lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Barclays Direct have this morning contacted us to inform me that they have now hit a problem as our West Barnes solicitor is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' solicitors to also represent 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 Accreditation Scheme. Your property lawyer 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 don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred West Barnes lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
I am only a couple days away from an exchange on a flat in West Barnes and my parents have sent the ten percent deposit to my property lawyer. I am now advised that as the deposit has not arrived from me my lawyer needs to make a notification to my bank. I am advised that, in also acting for the lender he must advise them that the balance of the purchase price is coming from anyone other than me. I disclosed to the mortgage company about my parents' contribution when I applied for the home loan, so is it really appropriate for this now to delay the deal?
Your lawyer is legally required to clarify with mortgage company to make sure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only reveal this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
I purchased a freehold premises in West Barnes yet charged rent, why is this and what is this?
It’s unusual for properties in West Barnes and has limited impact for conveyancing in West Barnes 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 generation of fresh 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 will be extinguished.
When looking at mumsnet.com for a recommended solicitor in West Barnes, most say that I should instruct a CQS accredited lawyer. What is CQS?
The Conveyancing Quality Scheme (CQS) provides a kitemark for residential conveyancing practices issued by the Law Society. Membership achievement establishes a level of credibility for member firms with stakeholders (regulators, lenders, insurers and consumers) based upon: * the integrity of the senior responsible officer and other key conveyancing staff * the firm's adherence to good practice management standards * adherence to prudent and efficient conveyancing procedures via the scheme protocol the standard includes numerous companies who execute conveyancing in West Barnes.
I have been told that property searches are the main reason for hinderance in West Barnes house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not feature within the top 10 causes of hindrances in the conveyancing process. Local searches are not likely to feature in any holding up conveyancing in West Barnes.
I'm refinancing my primary property to a BTL mortgage with Barnsley Building Society and intend to use the remaining equity as a down payment on a second property. The area we are looking at is West Barnes. Will your solicitors be able to act for the two mortgage companies and link together the conveyances?
Make use of our comparison tool on this site to ensure that the conveyancers are on the appropriate lender panels. Having checked that they are the conveyancer will be able to simultaneously deal with the two deals but you should have a chat with you lawyer and communicate your expectations and requirements.