My partner and I are planning to purchase a home in East Cowes and have instructed a East Cowes conveyancing practice. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Clydesdale have this evening contacted us to advise us that they have now hit a problem as our East Cowes conveyancer is not on their conveyancing panel. Is this a problem?
If you are buying a property with the assistance of a mortgage it is usual for the purchasers' solicitors to also represent the purchaser's lender. 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 property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own East Cowes solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
I am the registered owner of a freehold residence in East Cowes but nevertheless pay rent, why is this and what is this?
It is rare for properties in East Cowes and has limited impact for conveyancing in East Cowes 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 post 1977.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
What is the optimum way to investigate if the solicitor conducting my conveyancing in East Cowes is on the bank’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Accord Mortgages Ltd thus paying £192.00 in supplemental legal bill.
Please do take advantage of the search tool on this site. Pick the mortgage company and type ‘East Cowes’ or your location and you will see a number of lawyer located in East Cowes or near you.
Do I select a Licenced Conveyancer or Solicitor for conveyancing in East Cowes?
There are many registered licenced Conveyancers in East Cowes and Solicitor partnerships in East Cowes who can assist with your conveyancing It is important to make clear that the two are regulated professionals specialising in the legal work in transferring property. Both can handle associated property related work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
My lawyer has informed me that restrictive coveneant insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in East Cowes?
The right level of restrictive coveneant indemnity insurance should be dictated by who who your lender is. It would differ for example between Lloyds TSB Bank and Coventry Building Society. Conveyancing lawyers as opposed to members of the public take out such insurances.
Are all East Cowes Conveyancing Quality Solicitors on the Lloyds conveyancing list of approved firms?
A selection of banks and building societies now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of conveyancing solicitors.
I am looking for a ground for flat up to £305k and found one near me in East Cowes I like with a park and station nearby, the downside is that it's only got 52 remaining years left on the lease. There is not much else in East Cowes for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a mortgage the shortness of the lease will be a potential deal breaker. Reduce the offer by the amount the 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 can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
Do I need to be concerned by third parties that I am dealing with are suggesting a nationwide conveyancing firm as opposed to a High Street East Cowes conveyancing practice?
As is the case with lots of service providers, often referrals from relatives can be very helpful. Nevertheless there are numerous parties with a keen interest in a conveyancing matter; estate agents, financial adviser and lenders may recommend lawyers to instruct. On occasion these lawyers might be known to one of the organisations as one of the best in their field, but occasionally there may be a commercial relationship behind the recommendation. You are at liberty to select your own conveyancer. However, bear in mind that the majority of lenders specify a panel list of lawyers you are obliged to use for the mortgage aspect of your house move.