I am progressing with the sale of my maisonette in Grange Over Sands and the EA has just telephoned to warn that the buyers are changing their property lawyer. I am told that this is due to the fact that the lender will only work with solicitors on their conveyancing panel. On what basis would a major mortgage company only engage with specific law firms rather the firm that they want to appoint to handle their conveyancing in Grange Over Sands ?
Lenders have always had panels of law firms they are willing to work with, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Banks attribute this action to a rise in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are unlikely to have any impact on this.
I am buying a house without a mortgage in Grange Over Sands. I have resided for the last Seventeen years in Grange Over Sands. Conveyancing searches are exorbitant. Given that I have knowledge of the road and vicinity intimately should I not bother getting the solicitor to do all the conveyancing searches?
In the absence of a home loan, then all but one or two of the Grange Over Sands conveyancing searches are at your discretion. Your lawyer will ’encourage you, perhaps strongly, that you should have searches carried out, but she is duty bound to take that path of encouragement . One thing to take into account; if you are likely to sell the house at a future date, it may be of importance to your future buyer what the searches reveal. Sometimes houses with no practical issues can still show up unexpected search results. A good conveyancing solicitor in Grange Over Sands will be able to give you some helpful advice concerning this.
I purchased a freehold residence in Grange Over Sands yet pay rent, why is this and what is this?
It’s unusual for properties in Grange Over Sands and has limited impact for conveyancing in Grange Over Sands 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 new rentcharges post 1977.
Old 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.
I am planning to move house in February. Does my conveyancing solicitor update the removal company on the day of completion. As an aside, can you recommend a removal company in Grange Over Sands. Conveyancing solicitor was chosen prior to coming across your site.
On the day of completion you can collect the house keys from your property agent but this should only occur after the vendors conveyancers inform the agent that they have the completion monies and the keys can be handed over. You should inform the removal men that you are ready to move in. We do not recommend a particular removal organisation but can help you locate a conveyancing in Grange Over Sands or a legal practice with expertise in conveyancing in Grange Over Sands.
When it comes to mortgage companies such as Nationwide, do Grange Over Sands lawyers have to pay a yearly amount to be on the conveyancing panel?
We are unaware of any lender fees to be on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
We had appointed conveyancing lawyers with offices in Grange Over Sands on the Nationwide solicitor panel. They are now charging me an additional fee for the legal aspects of the Nationwide mortgage. Is this a supplemental conveyancing fee set by Nationwide?
Unfortunately, so long as it is in their Terms of Engagement or estimate then yes your conveyancer is entitled to levy a fee for this. This fee is not set by Nationwide but by your Grange Over Sands lawyer. Numerous firms on the Nationwide panel will charge an ‘acting for lender’ fee but some firms include it on their overall fee.
My wife and I have a semi-detached Victorian property in Grange Over Sands. Conveyancing lawyer represented me and Barclays Direct. I did a free Land Registry search last week and there are a couple of entries: one for freehold, another for leasehold with the exact same property. If a house is not a freehold shouldn't I have been informed?
You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Grange Over Sands and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the position with the conveyancing solicitor who carried out the work.
How does conveyancing in Grange Over Sands differ for newly converted properties?
Most buyers of new build property in Grange Over Sands contact us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is constructed. This is because developers in Grange Over Sands tend to acquire the land, 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 used to new build conveyancing in Grange Over Sands or who has acted in the same development.