I am obtaining a mortgage with Santander. I hope to enlist the help of a Licensed Conveyancer in Finsbury. Does the Santander Conveyancing panel exclude conveyancers regulated by the CLC?
The Santander approved solicitor list is, like many other lenders, represented by the CML or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
The housing market in Finsbury is hotting up. What can be done to speed up the buying process?
First, If you are under pressure for your conveyancing it is advisable to make sure that your conveyancer is familiar with the location as they will have local relationships and intelligence. It is even conceivable that they would have transacted previoushomes in the same street. Therefore consider using a Finsbury conveyancing firm. In addition, be sure that the lawyer is on the on the approved list for your mortgage company. It is understood that 18% of Finsbury conveyancing deals are frustrated or jeopardised after discovering a purchaser’s lawyer was not on their mortgage lender’s panel. This can often result in the buying process being held up by as much as three weeks. It is believed that this issue impacts in the region of 100,000 home sales annually. Almost all Finsbury conveyancing practices can not act for certain banks so do check at the outset.
I am the registered owner of a freehold residence in Finsbury but still charged rent, why is this and what is this?
It is rare 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 creation of fresh rentcharges from 1977 onwards.
Previous 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.
What happens if my solicitor is expelled from the Principality Conveyancing panel ahead of completing my conveyancing in Finsbury?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
What will a local search inform me concerning the property we're buying in Finsbury?
Finsbury conveyancing often commences with the submitting local authority searches directly from your local Authority or via a personal search company for example PSG The local search plays an important role in many a Finsbury conveyancing purchase; that is if you wish to avoid any nasty surprises after you move into your new home. The search will provide data on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject areas.
I am looking for a ground for flat up to £245,000 and found one close by in Finsbury I like with open areas and station nearby, however it's only got 51 years on the lease. There is not much else in Finsbury for this price, so just wondered if I would be making a grave error acquiring a short lease?
If you require a home loan that many years will likely be an issue. Discount the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least 2 years you can ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.