Unfortunately I am unable to travel far from Caerwent. Is there a reason why all Caerwent solicitors are not on all mortgage company panels?
Before the recession most mortgage companies exhibited an attitude to risk which differs from the current day. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which in summary warned lenders: know the solicitors on your panel. As a result, lenders have since looked to extract more data from law firms regarding their processes and the individuals employed by them and set certain criteria such as completing a minimum amount of transactions. Hundreds of law practices have been excluded from lender panels even though they had 100% healthy disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms were never going to satisfy the criteria of volume of transactions the mortgage companies set.
I purchased a freehold premises in Caerwent but still pay rent, why is this and what is this?
It’s unusual for properties in Caerwent and has limited impact for conveyancing in Caerwent 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 creation of new rentcharges post 1977.
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.
My grandmother passed away six months ago and as sole heir and executor I was left the property in Caerwent. The house had a relatively small loan remaining of approximately £8000. I want to have the title changed into my name whilst I re-mortgage to HSBC, pay off the mortgage. Is this allowed?
If you plan to re-mortgage then HSBC will require that you use a conveyancer on the HSBC conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your HSBC conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the HSBC mortgage is registered as a charge at the Land Registry.
Do I find a Licenced Conveyancer or Solicitor for conveyancing in Caerwent?
Two types of professional can do conveyancing in Caerwent namely licenced conveyancers or solicitors. The two can administer conveyancing services that required to complete the sale or acquisition of property. Both are obliged to carry out Caerwent conveyancing to the same quality and guidelines so you can be sure that your conveyancing will be properly carried out and that the requirements and steps will be suitably taken.
Can you help - my lawyer advises that lack of planning permission insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Caerwent?
The right level of lack of planning permission indemnity insurance depends on your lender. It would differ for example between National Westminster Bank and Norwich and Peterborough Building Society. Conveyancing practitioners as opposed to borrowers take out such insurances.
I'm at the point of viewing flats in Caerwent and I am about to put in an offer. Is it too early to have a solicitor in place? I will be getting a home loan with Yorkshire BS.
It would be sensible to start your search sooner rather than later. 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 contact information on to the selling agent. As you are getting a mortgage with Yorkshire BS, ask your prospective lawyers if they are on the Yorkshire BS conveyancing panel otherwise they can't do the mortgage legal work.
In my capacity as executor for the estate of my grandfather I am selling a residence in Newport but live in Caerwent. My conveyancer (approximately 260 kilometers from meneeds me to sign a statutory declaration ahead of the transaction finalising. Could you suggest a conveyancing solicitor in Caerwent to witness this legal document for me?
Technically speaking you are not likely to need to have the documents attested by a conveyancing solicitor. Normally or notary public or qualified solicitor will do regardless of whether they are Caerwent based
Are there common problems that you witness in leases for Caerwent properties?
Leasehold conveyancing in Caerwent is not unique. Most leases are drafted differently and drafting errors can sometimes mean that certain provisions are not included. The following missing provisions could result in a defective lease:
-
A provision to repair to or maintain elements of the property Maintenance charge proportions which don’t add up to the correct percentage
You could have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Skipton Building Society, and Clydesdale all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to pull out.
Caerwent Leasehold Conveyancing - Examples of Questions you should ask Prior to Purchasing
-
Does the lease have onerous restrictions? The answer will be useful as a) areas may result in problems for the building as the communal areas may begin to deteriorate if services remain unpaid b) if the tenants have an issue with the managing agents you will want to have all the details Many Caerwent leasehold flats will incur a service charge for the upkeep of the building set on behalf of the freeholder. Should you purchase the flat you will have to pay this amount, usually in instalments accross the year. This may be anything from a few hundred pounds to thousands of pounds for blocks with lifts and large common grounds. In all likelihood there will be a ground rent for you to pay yearly, ordinarily this is not a significant sum, say about £50-£100 but you need to check it because occasionally it could be many hundreds of pounds.