My fiance and I are planning to acquire a home in Wincanton and have appointed a Wincanton conveyancing practice. Within the past 48 hours our lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Accord Mortgages Ltd have this morning contacted us to advise us that they have now hit a problem as our Wincanton lawyer is not on their approved list of lawyers. Please explain?
When purchasing a property with mortgage finance it is usual for the purchasers' lawyers to also act for 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 Quality Scheme. Your solicitor should contact your mortgage company 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 Wincanton solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
My husband and I are getting closer to an exchange on a flat in Wincanton and my mum and dad have sent the ten percent deposit to my property lawyer. I am now advised that as the deposit has not arrived from me my solicitor needs to disclose this to my bank. I am advised that, in also acting for the mortgage company he must inform them that the balance of the purchase price is coming from anyone other than me. I disclosed to the mortgage company regarding my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
Your conveyancing practitioner is duty bound to clarify with lender to make sure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only disclose this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
I am the registered owner of a freehold property in Wincanton but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Wincanton and has limited impact for conveyancing in Wincanton 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 post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
Just acquired a semi-detached house in Wincanton , how long should it take for the Land Registry to deal with the formalities evidencing my title? My Wincanton conveyancing solicitor has been painfully slow, so I want to be sure the post completion formalities are dealt with.
There is nothing unique when it comes to conveyancing in Wincanton registration formalities. Rather than based on location, timeframes can adjust depending on the party submitting the application, whether there are errors and whether the Land registry communicate with any other parties. As of today roughly 80% of such applications are completed in less than three weeks but occasionally there can be extensive hold-ups. Historically registration is effected once the purchaser has moved in to the premises therefore an expedited registration is not always top priority yet if it is urgent that the the registration takes place urgently then you or your solicitor can communicate with the Registry to express the reasoning for the application to be prioritised.
Due to the advice of my in-laws I had a survey completed on a house in Wincanton in advance of instructing conveyancers. I have been told that there is a flying freehold overhang to the house. The surveyor has said that some lenders may refuse to issue a loan on such a home.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Birmingham Midshires. If you call us we can investigate further with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Wincanton. Conveyancing may be slightly more expensive based on your lender's requirements.
I am buying a leasehold property in Wincanton. Conveyancing quotes are coming in at around £1800. Is that in the right ballpark?
The average cost in 2014 for conveyancing in Wincanton was just under one thousand five hundred pounds excluding Land Tax and HMLR charges.