My husband and I are hoping to purchase a flat in Consett and have instructed a Consett conveyancing firm. Within the past 48 hours our conveyancer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Chelsea Building Society have this morning contacted us to inform me that they have now hit a problem as our Consett lawyer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' lawyers to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Consett solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
My husband and I are purchasing a newly constructed duplex in Consett and my conveyancer is informing me that she is duty bound to the bank to disclose incentives from the builder. I am under pressure to exchange contracts and my preference is not to delay matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. 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 am the registered owner of a freehold residence in Consett but nevertheless invoiced for rent, why is this and what is this?
It is rare for properties in Consett and has limited impact for conveyancing in Consett 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 generation 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 will be extinguished.
I am assisting my mother sell her house in Consett. Does the solicitor order an EPC or it is for the seller to coordinate?
Following the abolition of Home Packs, energy assessments was kept a compulsory element of moving property. An energy performance certificate must be commissioned before the property is put on the market. It is not something that law firms normally organise. Where you are instructing a Consett conveyancing lawyer they might be willing to arrange EPC’s due to their contacts with reputable Consett energy assessors
A relative informed me that in buying a property in Consett there may be various restrictions as to what one can do in terms of external alterations to the property. Is this right?
We are aware of anumerous of properties in Consett which have some sort of restriction or requirement of consent to execute external changes. Part of the conveyancing in Consett should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I'm in the throws of viewing flats in Consett and I am now considering a potential offer. Is it premature to have a solicitor in place? I intend to finance via a mortgage with Nationwide.
It would be sensible to commence 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 forward their details on to the EA. As you are obtaining a mortgage with Nationwide, make sure you remember to check that your lawyer is on the Nationwide conveyancing panel.
We are close to exchanging contracts on the sale of our house in Consett and the buyers lawyers are claiming that there is a risk of it being constructed land that was not decontaminated. Any high street Consett lawyer would know this is not the case. It does beg the question why the buyers instructed a factory type conveyancing outfit as opposed to a conveyancing solicitor in Consett. Having lived in Consett for six years we know of no issue. Is it a good idea to get in touch with our local Authority to obtain confirmation need.
It sounds as though you may have a conveyancing firm currently acting for you. What do they say? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
Over the last few months I have been searching for a ground for flat up to £305k and found one close by in Consett I like with open areas and station in the vicinity, the downside is that it's only got 51 years unexpired on the lease. There is not much else in Consett suitable, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a home loan that many years will be a potential deal breaker. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of twenty four months you could ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.