Am I correct in assuming that the fact that my solicitor in Runcorn is not on my mortgage company's solicitor panel that there is a problem with the quality of her conveyancing?
That is more than likely a wrong assumption to make. There are plenty of reasonable explanations. A recent report by the solicitors regulator revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) low volume of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should contact the Runcorn conveyancing practice and enquire why they are no longer on the approved list for your bank.
My solicitor has uncovered a a legal deficiency with the lease for the property we are buying in Runcorn. The other side have put forward defective title insurance as a solution. We are happy with insurance and will pay for it. Our conveyancer has advised that he must check that the mortgage company is happy with this solution. Are we the client or is the lender?
Even though you have a mortgage offer from the bank does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the lender are the client. These conveyancing instructions must be adhered to.
I am the registered owner of a freehold property in Runcorn but still charged rent, why is this and what is this?
It is rare for properties in Runcorn and has limited impact for conveyancing in Runcorn 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 in 2037 is to be dispensed with completely.
I am the single recipient of my late grandmother’s estate with all property in now in my sole name, including the my former home in Runcorn. The Runcorn property was put into my name in March. I now wish to sell up. I understand that there is a CML six month 'rule', meaning my proprietorship may be treated the same way as though I had purchased the house in March. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be impacted by that. Most lenders would take a pragmatic view as this obligation chiefly exists to identify subsales or the flipping of properties.
Last month we had a mortgage agreed in principle with Nottingham. Runcorn conveyancing lawyers were appointed. How long does it take for Nottingham to forward the offer to the property lawyer?
There is no definitive answer here. Have Nottingham done the survey? Have you advised Nottingham as to your lawyers' details and checked that your lawyers are on the Nottingham conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I was told three weeks ago that my mortgage has been agreed to by Coventry BS. Is it usual for Coventry BS to only issue the offer once my solicitor in Runcorn is approved on their conveyancing panel? Coventry BS have asked my solicitor to see a copy of their PI Insurance.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Coventry BS to deal with your lawyer's application to be on the Coventry BS conveyancing panel. There's no guarantee that your solicitor will be accepted.
I require expedited conveyancing in Runcorn as I have pressure to complete within 2 weeks. Fortunately I do not require a mortgage. Is it possible to decline from having conveyancing searches to save fees and time?
If.Given you are are a mortgage free buyer you are at liberty not to have searches conducted although no solicitor would advise that you don't. With lots of history conveyancing in Runcorn the following are instances of what can crop up and adversely affect the marketability of the property: Refused Planning Applications, Outstanding Fees, Outstanding Grants, Road Schemes,...
How does conveyancing in Runcorn differ for new build properties?
Most buyers of new build or newly converted property in Runcorn come to us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is constructed. This is because builders in Runcorn tend to buy the site, 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 conveyancers 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 Runcorn or who has acted in the same development.