I am in the process of selling my flat in Crowthorne and the EA has just called to advise that the purchasers are changing their solicitor. The reason given is that the mortgage company will only deal with property lawyers on their conveyancing panel. On what basis would a major lender only work with certain law firms rather the firm that they want to select for their conveyancing in Crowthorne ?
Banks have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for over 25 years.
Lenders blame a rise in fraud by way of justification for the cull – criteria have been narrowed 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 claims that it is being contacted daily by practices 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. The buyers are not going to have any impact on this.
I am nearing an exchange on a flat in Crowthorne and my parents have sent the 10% deposit to my conveyancing practitioner. I am now informed that as the deposit has not arrived from me my solicitor needs to make a notification to my lender. Apparently, in also acting for the bank he must advise them that the balance of the purchase price is coming from anyone other than me. I informed the bank concerning my parents' contribution when I applied for the home loan, so is it really necessary for this now to hold matters up?
Your solicitor is duty bound to check with mortgage company to ensure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only disclose this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
I purchased a freehold property in Crowthorne but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Crowthorne and has limited impact for conveyancing in Crowthorne 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 hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.
Previous 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.
Do I have to visit the offices of the solicitor to execute the mortgage deed? If so, I will choose one who does conveyancing in Crowthorne so that I can pop in to their offices if necessary.
Whereas this was necessary twenty years ago, the vast majority lenders no longer oblige their conveyancing panel lawyer to witness the borrowers signature. It will still be necessary for you to hand over identification documents and there are still distinct advantages to using a local practitioner, in your case a conveyancing solicitor in Crowthorne.
How does conveyancing in Crowthorne differ for new build properties?
Most buyers of new build or newly converted property in Crowthorne contact us having been asked by the seller to exchange contracts and commit to the purchase even before the house is finished. This is because house builders in Crowthorne usually 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 accustomed to new build conveyancing in Crowthorne or who has acted in the same development.
Hoping to buy a property located in Crowthorne and I am already nervous. I couldn't find anything specific about Crowthorne. Conveyancing will be needed in due course but do you know about the Crowthorne area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Crowthorne. In the meantime here are some basic statistics that we found