I am in the process of selling my ground floor flat in Codsall and the estate agent has just e-mailed to say that the purchasers are changing their property lawyer. The excuse is that the mortgage company will only work with property lawyers on their approved list. On what basis would a leading lender only deal with specific lawyers rather the firm that they want to appoint to handle their conveyancing in Codsall ?
Mortgage companies have always had panels of law firms that can represent them, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Mortgage companies attribute this action to a rise in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that 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.
My partner and I are acquiring a newly built duplex in Codsall and my conveyancer is advising me that she is duty bound to the bank to reveal incentives from the seller. The Estate Agents are hassling me to exchange and my preference is not to delay deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I purchased a freehold house in Codsall but still pay rent, why is this and what is this?
It is rare for properties in Codsall and has limited impact for conveyancing in Codsall 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 creation of new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
We hope to to buy with Coventry BS. We have called around locally but am unable to find a Codsall conveyancing firm on the Coventry BS panel. Can you help?
Please do take advantage of the search tool on this site. Please choose the building society and type Codsall or your preferred area and you will discover numerous solicitors offices in Codsall or near you.
I've recently found out that there is a flying freehold issue on a house I put an offer in last month in what was supposed to be a quick, no chain conveyancing. Codsall is the location of the property. Can you offer any assistance?
Flying freeholds in Codsall are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Codsall you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Codsall may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Do I cancel the direct debit for my mortgage with Co-operative once a completion date for my sale in Codsall has been agreed?
You would be well advised to maintain meeting any mortgage sums to Co-operative pending the mortgage being redeemed on completion as part of your Codsall conveyancing.