My husband and I are hoping to purchase a home in Finsbury and are in fact using a Finsbury conveyancing firm. Within the last couple of days our lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Norwich and Peterborough Building Society have this morning contacted us to advise us that they have now hit a problem as our Finsbury lawyer is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is usual for the purchasers' solicitors to also act for the mortgage company. 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 Quality Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Finsbury solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
I am the registered owner of a freehold residence in Finsbury but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Finsbury and has limited impact for conveyancing in Finsbury 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 generation of fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
I am selling our house in Finsbury and according to the buyers it appears that there is a risk of it being built on contaminated land. A high street Finsbury conveyancer would know this is not the case. For the life of me I don't know why the buyers instructed a nationwide conveyancing outfit as opposed to a conveyancing solicitor in Finsbury. Having lived in Finsbury for 5 years we know that this is a non issue. Is it a good idea to get in touch with our local Authority to seek confirmation that the buyers are looking for.
It sounds as though you may have a conveyancing solicitor already. Are they able to advise? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
I decided to have a survey completed on a house in Finsbury in advance of appointing conveyancers. I have been advised that there is a flying freehold overhang to the property. Our surveyor advised that some lenders will not give a loan on such a house.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Nationwide. Should you wish to call us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Finsbury. Conveyancing may be slightly more expensive based on your lender's requirements.
How straightforward is it to use the search tool to get a costs illustration from a conveyancing lawyer in Finsbury on the authorised to act for my bank?
Step one is to pick a bank such as Santander, Norwich and Peterborough Building Society or Alliance & Leicester then type in your location for instance Finsbury. Conveyancing firms in Finsbury and further afield should be identified.
I've found a house that seems to meet my requirements, at a great price which is making it all the more appealing. I have subsequently been informed that the title is leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Finsbury. Conveyancing solicitors have are about to be appointed. Will they explain the issues?
Most houses in Finsbury are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Finsbury so you should seriously consider shopping around for a Finsbury conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’spermission to carry out changes to the property. You may also be required to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your lawyer should report to you on the legal implications.