My partner and I are planning to purchase a flat in West Drayton and are in fact using a West Drayton conveyancing firm. 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. Bank of Scotland have this afternoon contacted us to inform me that there is now an issue as our West Drayton solicitor is not on their approved list of lawyers. Is this a problem?
If you are buying a property requiring a mortgage it is conventional for the purchasers' solicitors to also act for the mortgage company. 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 bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own West Drayton solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
I own a freehold house in West Drayton yet charged rent, why is this and what is this?
It’s unusual for properties in West Drayton and has limited impact for conveyancing in West Drayton 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 new rentcharges from 1977 onwards.
Old 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 extinguished.
What will a local search inform me about the house I am purchasing in West Drayton?
West Drayton conveyancing often commences with the applying for local authority searches directly from your local Authority or via a personal search organisations for example Searches UK The local search is essential in every West Drayton conveyancing purchase; as long as you don’t want any unpleasant once you have moved into your property. The search should reveal information on, amongst other things, details on planning applications relevant to the premises (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 topic areas.
I have been on the look out for a flat up to £235,500 and identified one near me in West Drayton I like with amenity areas and railway links nearby, the downside is that it only has 49 years on the lease. I can't really find anything else in West Drayton in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a home loan the remaining unexpired lease term will be a potential deal breaker. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least 2 years you may request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this.
Should I be suspicious that estate agents that I am dealing with are encouraging me to use an online conveyancing firm as opposed to a local West Drayton conveyancing firm?
As with many professional services, often referrals from family and friends can be most helpful. Yet there are many players in a conveyancing matter; estate agents, mortgage brokers and mortgage companies may recommend solicitors to retain. On occasion the lawyers might be known to one of the organisations as one of the best in their field, but occasionally there is an underlying financial incentive behind the recommendation. You have the right to select your preferred conveyancer. You need to be aware that some lenders specify a panel list of lawyers you are obliged to use for the lender aspect of your house move.
In surfing the internet for the phrase on line conveyancing in West Drayton it reveals numerous solicitorsin the vicinity. How do I determine which is the right property lawyer for the sale of my house?
The best method of choosing the right conveyancer is via personal testimonial, so enquire of friends and relatives who have purchased a property in West Drayton or the reputable estate agent or financial adviser. Fees for conveyancing in West Drayton vary, so it's advisable to obtain at least four fee estimates from varying types of conveyancers. Make sure that you know that the costs are guaranteed not to escalate.