Our lawyer has identified a defect with the lease for the property we are buying in Eynsham. The other side have suggested defective title insurance as a solution. We are happy with insurance and will cover the costs. Our solicitor says that he must ensure that the bank is willing to move forward with this solution. Who is the client here, us or the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I purchased a freehold residence in Eynsham but still pay rent, why is this and what is this?
It’s unusual for properties in Eynsham and has limited impact for conveyancing in Eynsham 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 fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
Do I find a Licenced Conveyancer or Solicitor for conveyancing in Eynsham?
There are many registered licenced Conveyancers in Eynsham and Solicitor practices in Eynsham who provide Conveyancing services We would stress that both are regulated professionals specialising in the legal work in the home buying process. Both can handle associated property related work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
Does a directory service exist listing Kent Reliance panel conveyancers in Eynsham on the Building Society Association’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association sites. Very few banks make their panel listings open the public online. If you are looking for a Eynsham lawyer on the Kent Reliance please use our tool.
Is it the case that all Eynsham solicitor practices on the Nationwide conveyancing panel are overseen by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Nationwide conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many mortgage companies do list licenced conveyancers on their panel in which case such firms would be governed by the Council of Licensed Conveyancers.
We are buying a house and the conveyancer has mentioned Chancel Repair for which the house may be liable given it’s proximity to the area of such a church. He has suggested insurance. Is this really necessary for conveyancing in Eynsham
Unless a prior acquisition of the house took place post 12 October 2013 you can expect solicitors delivering conveyancing in Eynsham to continue to suggest a chancel search and or insurance against a claim.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in two weeks back in what should have been a straight forward, chain free conveyancing. Eynsham is where the house is located. Can you offer any opinion?
Flying freeholds in Eynsham are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Eynsham you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Eynsham may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Do I stop my mortgage payments with Bank of Ireland as soon as a completion date for my home sale in Eynsham has been agreed?
You would be well advised to continue paying any mortgage sums to Bank of Ireland until the mortgage is redeemed on completion as part of your Eynsham conveyancing.