I am progressing with the sale of my flat in Whitstable and the EA has just text me to advise that the purchasers are switching law firm. I am told that this is due to the fact that the mortgage company will only engage with solicitors on their conveyancing panel. Why would a major mortgage company only engage with specific solicitors rather the firm that they want to choose for their conveyancing in Whitstable ?
UK lenders have always had an approved set of law firms they are content to work with, but in recent years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Lending institutions point to the increase in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are not going to have any impact on this.
I am the registered owner of a freehold property in Whitstable but still invoiced for rent, why is this and what is this?
It is rare for properties in Whitstable and has limited impact for conveyancing in Whitstable 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 creation of new rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
I am helping my aunt sell her house in Whitstable. Will the conveyancing solicitor commission the EPC or it is for me to see to?
Following the abolition of Home Packs, energy performance certificates was kept a mandatory element of moving house. An EPC should be commissioned before the property is placed on the market. This is not as aspect of the sale process that conveyancers normally organise. Where you are instructing a Whitstable conveyancing lawyer they might be able to arrange EPC’s given their contacts with reputable Whitstable accredited person
I have a mortgage with Bank of Ireland for my property in Whitstable. Conveyancing has been completed 12 months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Bank of Ireland?
Your original mortgage agreement with Bank of Ireland will provide that you need their approval before letting out your property as this is likely to be a breach of Bank of Ireland’s mortgage conditions. It may be that Bank of Ireland will allow you to rent 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 Bank of Ireland directly. It should not be necessary to do this via a Bank of Ireland conveyancing panel lawyer.
Planning on purchasing a flat in Whitstable. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Principality conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Whitstable solicitor is on the Principality conveyancing panel.
How does conveyancing in Whitstable differ for new build properties?
Most buyers of new build property in Whitstable approach us having been asked by the seller to sign contracts and commit to the purchase even before the house is constructed. This is because builders in Whitstable tend to 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 property lawyers 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 used to new build conveyancing in Whitstable or who has acted in the same development.
I am looking for a ground for flat up to £195,000 and found one near me in Whitstable I like with amenity areas and transport links in the vicinity, however it's only got 61 remaining years left on the lease. I can't really find anything else in Whitstable suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a home loan the remaining unexpired lease term may be an issue. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you could request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
I am just shy of a 10% deposit on my house purchase in Whitstable , but I am keen go ahead. Do I have options?
You can agree a smaller deposit. Most property owners will agree to a smaller deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last moment