Am I correct in assuming that the fact that my solicitor in Mayfield is not listed on my mortgage company's solicitor panel that there is a problem with the standard of her conveyancing?
It would not be wise to jump to that conclusion. There are plenty of plausible explanations. A recent report by the solicitors regulator revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the Mayfield conveyancing firm and enquire why they are no longer on the approved list for your lender.
I purchased a freehold house in Mayfield yet charged rent, why is this and what is this?
It is rare for properties in Mayfield and has limited impact for conveyancing in Mayfield 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 hundreds of years, but the Rent Charge Act 1977 barred the establishment 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.
Do I need to pay for insurance to address the risk of chancel repairs when buying a property in Mayfield?
Unless a prior purchase of the house took place after 12 October 2013 you can assume that lawyers conducting conveyancing in Mayfield to remain recommending a chancel search and or insurance against a claim.
The deeds to my property can not be found. The conveyancers who conducted the conveyancing in Mayfield 4 years ago no longer exist. Will I be able to sell the house?
As long as you have a registered title the details of your proprietorship will be held by the Land Registry under a Title Number. It is easy to execute a search at the Land Registry, find your property and obtain up to date copies of the property title for a small fee. If the title is Leasehold then the Land Registry will in most cases retain a certified copy of the Registered Lease and again, a copy can be retrieved for £20 inclusive of VAT.
I am buying my first flat in Mayfield with a loan from Coventry Building Society. The sellers would not budge the price so I negotiated five thousand pounds worth of additionals instead. The house builders rep suggested that I not to tell my lawyer about the extras as it could jeopardize my mortgage with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
New build sellers have put forward a property lawyer and I've received a quote from them. It's almost £300 less expensive than my local Mayfield lawyer. What's the catch?
Developers frequently have lists of property lawyers who expedite matters and who know the seller’s documentation and conveyancing practitioner. As many developers offer an incentive to choose their approved solicitor for this reason, any increased charges can be avoided and a builder will not recommend a conveyancing factory and run the risk of having the transaction stall when they need an exchange in 28 days. A counter-argument for not opting for the recommended solicitor is that they may be unwilling to 'push' your interests for fear of alienating the developer. If you worry that this may be the case you should stick with your high street Mayfield property lawyer.