Me and my partner are purchasing a 3 bedroom apartment in Yateley with a mortgage. We have a Yateley solicitor, however the lender advise he's not on their "panel". It seems we have no choice but to instruct one of the bank panel solicitors or continue with our Yateley conveyancer and pay for one of their panel ones to act for them. This seems very unfair; can we not insist that the lender use our Yateley conveyancer ?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Yateley conveyancing lawyer to apply to be on the conveyancing panel.
Some advice if I may. My Yateley lawyer is advising me that he is legally obliged toorder Yateley conveyancing searches becausethe firm are on the Lloydsconveyancing panel. Do I not have a choice here?
Unfortunately both you and your lawyer have little choice here. As you are obtaining a mortgage with a mortgage company your conveyancing practitioner has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to comply with the Council of Mortgage Lenders’ Handbook specifications . Even if you were a cash buyer you would be ill advised not to carry out Yateley conveyancing searches.
I own a freehold residence in Yateley but still pay rent, why is this and what is this?
It’s unusual for properties in Yateley and has limited impact for conveyancing in Yateley 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 establishment of new rentcharges post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
4 months have gone by following my purchase conveyancing in Yateley completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Yateley differ for new build properties?
Most buyers of new build premises in Yateley contact us having been asked by the builder to sign contracts and commit to the purchase even before the residence is completed. This is because house builders in Yateley tend to acquire the real estate, 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 accustomed to new build conveyancing in Yateley or who has acted in the same development.
Due to the guidance of my in-laws I had a survey completed on a house in Yateley in advance of retaining solicitors. I have been told that there is a flying freehold aspect to the property. My surveyor has said that some banks may refuse to give a loan on this type of house.
It depends who your proposed lender is. HSBC has different requirements from Birmingham Midshires. If you call us we can look into this further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Yateley. Conveyancing may be slightly more expensive based on your lender's requirements.