Some advice if I may. My Eastleigh lawyer is assuring me that he is legally obliged toapply for Eastleigh conveyancing searches asthe firm are on the Nat Westconveyancing panel. Is my conveyancer right?
You have limited options available to you. Given that you are taking out a loan with a bank your conveyancing practitioner has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your property lawyer would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to follow the Council of Mortgage Lenders’ Handbook requirements . Even if you were a cash buyer you would be ill advised not to carry out Eastleigh conveyancing searches.
I am the registered owner of a freehold house in Eastleigh but still charged rent, why is this and what is this?
It is rare for properties in Eastleigh and has limited impact for conveyancing in Eastleigh 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.
Previous 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.
My bid for a property was accepted at auction in Eastleigh. Conveyancing is necessary. What happens now?
Given that you are now exchanged you now have to hire the services of a conveyancing lawyer quickly as you are faced with a pending a drop dead date to complete the transaction. All auction property will have a bespoke auction set of papers. This should include the copy title deeds, local authority and drainage searches. In the case of leasehold property the auction pack should provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork relating to a leasehold property. You need to give this to the solicitor instructed by you as soon as possible. Do make sure that your finances are in place to complete the transaction on the set completion date.
I happen to be the single recipient of my late grandmother’s estate with all property in now in my sole name, including the my former home in Eastleigh. Conveyancing formalities meant that the Land Registry date was in March. I plan to dispose of the house. I understand that there is a Mortgage Lenders 6 month 'rule', which means that my property ownership could be regarded the same way as if I'd bought the house in March. Do I have to wait 6 months to sell?
The CML handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be caught by that. How sensible a view lenders take of it, depend on the lender as this clause chiefly exists to capture the purchase and immediately sell or the flipping of property.
I was told two weeks ago that my mortgage has been agreed to by Nationwide. Is it usual for Nationwide to only issue the offer once my solicitor in Eastleigh is approved on their conveyancing panel? Nationwide have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Nationwide to deal with your lawyer's application to be on the Nationwide conveyancing panel. There's no guarantee that your solicitor will be accepted.
How does conveyancing in Eastleigh differ for new build properties?
Most buyers of new build property in Eastleigh come to us having been asked by the seller to exchange contracts and commit to the purchase even before the property is ready to move into. This is because house builders in Eastleigh usually buy the site, 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 conveyancers 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 Eastleigh or who has acted in the same development.
Should I be wary about estate agents that I am dealing with are suggesting a nationwide conveyancing firm as opposed to a High Street Eastleigh conveyancing company?
As with lots of professional services, often suggestions from connections can be extremely useful or valuable. Yet there are numerous people with a vested interest in a conveyancing transaction; estate agents, financial adviser and lenders might all put forward solicitors to select. On occasion these conveyancers might be known to one of the organisations as being good in their field, but sometimes there is an underlying financial incentive behind the recommendation. You have the right to select your own conveyancer. However, bear in mind that the majority of lenders operate an approved list of law firms you must use for the lender related work in your transaction.
I am planning to sell a parking space which is on a separate legal title with the land registry and hope to get 20,000 or so, to clear debts. There is a mortgage with Principality. Can you refer me to a cheapish property lawyer as the usual £500-600 reduces the return somewhat. Although I live in Eastleigh I dont need to instruct a Eastleigh conveyancing practitioner.
LenderPanel.com is restricted to being a directory service for conveyancing practitioners who wish to be listed as being on the approved conveyancing panel for Principality in certain areas for example Eastleigh . Our intention is not to recommend any particular property lawyer.