I am nearing exchange of contracts for my home in Marazion and the estate agent has just e-mailed to advise that the buyers are changing their solicitor. The reason given is that the mortgage company will only deal with property lawyers on their conveyancing panel. On what basis would a big named mortgage company only engage with specific lawyers rather the firm that they want to select to handle their conveyancing in Marazion ?
Banks have always had panels of law firms they are content to work with, but in the last few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lenders point to the increase in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to oversee. 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 buyers are not going to have any impact on this.
I am the registered owner of a freehold property in Marazion yet charged rent, why is this and what is this?
It’s unusual for properties in Marazion and has limited impact for conveyancing in Marazion 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 establishment of new rentcharges from 1977 onwards.
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.
My uncle passed away six months ago and as sole heir and executor I was left the house in Marazion. The house had a small mortgage left on it of around £8000. I want to transfer the title deeds into my name whilst I re-mortgage to Virgin Money, pay off the mortgage. Is this allowed?
If you intend to refinance then Virgin Money will require that you use a conveyancer on the Virgin Money conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Virgin Money conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Virgin Money mortgage is registered as a charge at the Land Registry.
I opted to have a survey done on a property in Marazion in advance of instructing lawyers. I have been told that there is a flying freehold aspect to the house. The surveyor has said that some lenders will refuse to issue a loan on such a property.
It depends who your proposed lender is. Bank of Scotland has different requirements from Nationwide. Should you wish to telephone us we can investigate further via the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Marazion. Conveyancing may be slightly more expensive based on your lender's requirements.
What does commercial conveyancing in Marazion cover?
Marazion conveyancing for business premises incorporates a wide array of advice, given by qualified solicitors, relating to business property. For instance, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.
Expecting to exchange soon on a studio apartment in Marazion. Conveyancing lawyers inform me that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Marazion should include some of the following:
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Are pets allowed in the flat? The physical extent of the premises. This could be the apartment itself but might include a loft or storage are if applicable. What the implications are if you are in breach of your lease terms? You would want to be sent a copy of the lease
Marazion Leasehold Conveyancing - A selection of Queries Prior to Purchasing
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It would be wise to discover if there are any onerous restrictions in the lease. For example some leases prohibit pets being permitted in in a block in Marazion. If you like the propertyin Marazion yet your dog is not allowed to move with you then you will be presented with a difficult determination. Who is in charge of the building? The answer will be useful as a) areas may result in problems in the building as the common areas may begin to deteriorate where services remain unpaid b) if the leaseholders have a dispute with the running of the building you will want to have complete disclosure