I am in the process of selling my ground floor flat in Barton Le Clay and the estate agent has just telephoned to advise that the buyers are swapping conveyancer. 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 leading mortgage company only deal with specific lawyers rather the firm that they want to appoint for their conveyancing in Barton Le Clay ?
Lenders have always had an approved set of law firms they are content to work with, but in the past few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Mortgage companies point to the increase in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to maintain. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are unlikely to have any impact on this.
I am the registered owner of a freehold property in Barton Le Clay yet charged rent, why is this and what is this?
It’s unusual for properties in Barton Le Clay and has limited impact for conveyancing in Barton Le Clay 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 fresh rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
We're in Barton Le Clay, First timers purchasing with a mortgage (lender is RBS , and our solicitor is on the RBS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the RBS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and found one near me in Barton Le Clay I like with open areas and railway links in the vicinity, the downside is that it's only got 51 years unexpired on the lease. There is not much else in Barton Le Clay in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a mortgage the shortness of the lease will likely be an issue. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of 2 years you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
How simple is it to use the search tool to find a conveyancing solicitor in Barton Le Clay on the authorised to act for my mortgage?
First pick a mortgage company such as Barclays , The Mortgage Works or Bank of Ireland then type in your location such as Barton Le Clay. Conveyancing organisations in Barton Le Clay and beyond will then be listed.
To what extent are Barton Le Clay conveyancing solicitors duty bound by the Law Society to publish transparent conveyancing costs?
Contained within the Solicitors Code of Conduct are prescriptive rules and regulations as to how the Solicitors Regulation Authority (SRA) allow solicitors to publicise their fees to clients.The Law Society have practice note giving advice on how to publicise transparent charges to avoid breaching any such rule. Practice notes are not legal advice issued by the Law Society and is not to be interpreted as the only standard of good practice a conveyancing solicitor should adhere to. The Practice Note does, nevertheless, represent the Law Society’s view of acceptable practice for publicising conveyancing charges, and accordingly it’s a recommended read for any solicitor or conveyancer in Barton Le Clay or beyond.