Am I correct in assuming that the fact that my solicitor in Coalville is not on my bank's conveyancing panel that there is a problem with the quality of the firm’s work?
It would not be wise to jump to that conclusion. There are plenty of plausible explanations. Just recently a report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack 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 simply call the Coalville conveyancing practice and enquire why they are no longer on the approved list for your mortgage company.
I purchased a freehold house in Coalville but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Coalville and has limited impact for conveyancing in Coalville 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.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
How does conveyancing in Coalville differ for newly converted properties?
Most buyers of new build premises in Coalville contact us having been asked by the developer to exchange contracts and commit to the purchase even before the property is constructed. This is because developers in Coalville typically buy the land, 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 used to new build conveyancing in Coalville or who has acted in the same development.
Over the last few months I have been searching for a flat up to £235,500 and identified one near me in Coalville I like with a park and transport links nearby, however it only has 51 years unexpired on the lease. There is not much else in Coalville in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a home loan the remaining unexpired lease term will likely be problematic. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least 2 years you may request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
I was pointed in your direction by two or three local selling agents in Coalville to locate a conveyancer on your site. Is there a financial inducement for Estate Agents to offer your services ahead of alternative conveyancing organisations?
We refuse to make any financial incentive for sending work in our direction. We thought it would be too underhand a fee as a client could think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
We today become aware that one of the directors of the conveyancing practice acting on the purchase conveyancing in Coalville is an aunty of the vendor. Is this permitted?
On the basis that there is no conflict of interest this is permitted. Where you are obtaining a home loan then the bank may have a say as many mortgage companies have specific requirements on this. For example for Nationwide Building Society as of 15/7/2024, the requirements read as follows :