My husband and I are intending to acquire a 1 bedroom flat in Elm Park with a mortgage. We wish to retain our Elm Park conveyancer, but the bank advise he's not on their "panel". We have to appoint one of the bank panel conveyancing practices or keep our Elm Park property lawyer as well as pay for one of their panel lawyers to act for them. We regard this is unjust; can we not insist that the lender use our Elm Park property lawyer ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Elm Park conveyancing solicitor to apply to be on the conveyancing panel.
I am the registered owner of a freehold house in Elm Park yet charged rent, why is this and what is this?
It is rare for properties in Elm Park and has limited impact for conveyancing in Elm Park 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 establishment of fresh rentcharges post 1977.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
Is there a search tool that I can utilise to investigate if the solicitor handling my conveyancing in Elm Park is on the bank’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Bank of Scotland thus paying £187.00 plus VAT in supplemental conveyancing charges.
Please do make use of the search tool on this page. Please choose the mortgage company and type ‘Elm Park’ or your location and you will see a number of lawyer offices in Elm Park or by proximity to you.
Various web forums that I have come across warn that are the main reason for delay in Elm Park house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of research by MoveWithUs that conveyancing searches do not figure within the top 10 causes of hindrances in the conveyancing process. Local searches are unlikely to feature in any holding up conveyancing in Elm Park.
About to purchase a new build flat in Elm Park. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Elm Park
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Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please confirm the Lease plans are surveyor prepared. There must be mutual enforceability of lessee’s covenants.
Am I right to be concerned about third parties that I am dealing with are recommending an online conveyancing firm rather than a High Street Elm Park conveyancing company?
As is the case with lots of professional services, often recommendations from relatives can be most helpful. Yet there are numerous players in a conveyancing matter; estate agents, financial adviser and mortgage companies might all recommend lawyers to appoint. On occasion the solicitors might be known to one of the organisations as experts in their field, but sometimes there is an underlying financial incentive behind the recommendation. You have the discretion to appoint your preferred lawyer. However, bear in mind that most mortgage providers operate an approved list of conveyancers you are obliged to use for the lender aspect of your conveyancing.