I plan on purchasing a flat in Wool. My Solicitor has never been on on the bank conveyancing list. Am I still permitted to retain my Wool conveyancing solicitor even though they are excluded from the lender panel of approved conveyancing solicitors?
Your options include
- Complete the purchase with your preferred Wool property lawyer but your bank will need to instruct a solicitor on their approved panel. The net result is additional fees and probable frustration.
- Choose a fresh property lawyer to conduct the conveyancing, ensuring that they are on the mortgage company conveyancing panel.
- Convince your solicitor to do everything within their powers to get listed on the lender’s conveyancing panel
My wife and I are buying a newly built flat in Wool and my solicitor is advising me that she has to the bank to disclose incentives from the builder. The Estate Agents are hassling me to exchange and my preference is not to delay matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I own a freehold property in Wool but nevertheless pay rent, why is this and what is this?
It is rare for properties in Wool and has limited impact for conveyancing in Wool 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 many centuries, but the Rent Charge Act 1977 barred the generation of new 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 will be dispensed with completely.
I had intended to instruct a property lawyer in Wool for our house purchase. Our broker has since advised us that our mortgage lenders Leeds Building Society won't deal with them. Why is this not regarded as unduly restrictive?
Banks in the main restrict either the category or the volume of conveyancing practices on their panel. A common example of such criteria being that a firm must not be a sole practitioner. In addition to restricting the profile of firm, some have decided to limit the amount of solicitor practices they permit to act for them. Be aware that Leeds Building Society have no responsibility for the quality of advice provided by any member of Leeds Building Society Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago even though there remains mixed views about the extent of solicitor engagement in some of that fraud. Data from the Land Registry reveal that thousands of law firms, including some in or near Wool only conduct a couple conveyances per annum.
I just acquired a flat at auction in Wool. Conveyancing is required. What happens now?
Now that you are exchanged you will need to retain a conveyancing practitioner as a matter of urgency as you are faced with a fast approaching a fixed date to complete the transaction. An auction property will ordinarily have a bespoke legal pack. This will include most,if not all of the paperwork that your solicitor requires. Where you are dealing with leasehold premises the conveyancing papers may provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork pertinent to a leasehold property. You should pass this on to the conveyancer instructed by you as soon as possible. Do make sure that you have funds in place to complete on the on the contractual date .
When it comes to mortgage companies such as Coventry BS, do Wool conveyancing practitioners have to pay an annual charge to be on the list of approved solicitors?
We are unaware of any mortgage company fees to register on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
I'm in the process of looking at houses in Wool and I am about to put in an offer. Should I already have a lawyer appointed at this stage? I will be getting a home loan with Bank of Ireland.
You should start obtaining conveyancing estimates from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on to the selling agent. Given that you are obtaining a mortgage with Bank of Ireland, ask your prospective lawyers if they are on the Bank of Ireland conveyancing panel otherwise they can't do the mortgage legal work.
I've recently found out that there is a flying freehold issue on a house I put an offer in last month in what should have been a straight forward, chain free conveyancing. Wool is where the house is located. What do you suggest?
Flying freeholds in Wool are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Wool you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wool may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.