We decided to go with a Millwall based firm for my conveyancing in Millwall last week. After carefully reading the official terms of business it is apparent thatI am liable for fees even if the movedoes not happen. Should I ditch them and use a web based firm who offer no completion no charge conveyancing in Millwall?
Generally there is a compromise along the lines that if "No Completion No Fee" is offered then the fee levels will generally be uplifted to neutralise those cases that fail to complete. You should be mindful that these schemes generally do not cover outlay for example Millwall conveyancing search costs.
My conveyancer has uncovered a a legal deficiency with the lease for the apartment we are buying in Millwall. The seller’s lawyers have offered title insurance as a workaround. We are content with insurance and will cover the costs. Our conveyancing practitioner says that he must be satisfied that the lender is willing to move forward with this solution. Are we the client or is the bank?
Regardless of the fact that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the mortgage company are the client. The appropriate lender specifications have to be complied with.
I own a freehold property in Millwall but still charged rent, why is this and what is this?
It’s unusual for properties in Millwall and has limited impact for conveyancing in Millwall 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 generation of new rentcharges post 1977.
Old 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.
My grandfather passed away last year and as sole heir and executor I was left the house in Millwall. 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 Bank of Ireland, pay off the mortgage. Is this possible?
Given you intend to re-mortgage then Bank of Ireland will insist on your using a conveyancer on the Bank of Ireland 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 Bank of Ireland 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 Bank of Ireland mortgage is registered as a charge at the Land Registry.
Is it the case that all Millwall solicitor firms on the Co-operative conveyancing panel are regulated by the SRA?
As solicitors, in order to be on the Co-operative approved list of solicitors they would need to be governed by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel and in that case the practice would be regulated by the Council of Licensed Conveyancers.
I am currently in the process of buying my council flat in Millwall. I have a mortgage agreed with Bank of Ireland. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Bank of Ireland, you will need to appoint a solicitor on the Bank of Ireland conveyancing panel.
It is not clear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Millwall building society branch on a couple of occasions and was told they are content with the situation and they will lend. My Millwall conveyancing solicitor - who is on the bank conveyancing panel- called to say that they refuse to lend based on their published requirements. I have no idea who is right.
Provided that the solicitor is on the lender panel, they must follow the CML Handbook specifications for the bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Will our lawyer be asking questions about flooding as part of the conveyancing in Millwall.
Flooding is a growing risk for solicitors dealing with homes in Millwall. There are those who purchase a property in Millwall, completely aware that at some time, it may suffer from flooding. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not best placed to offer advice on flood risk, but there are a various searches that can be carried out by the buyer or on a buyer’s behalf which should figure out the risks in Millwall. The conventional set of property information forms sent to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard question of the owner to determine if the premises has suffered from flooding. If the property has been flooded in past and is not disclosed by the owner, then a buyer could issue a compensation claim stemming from an inaccurate response. A purchaser’s conveyancers should also order an environmental search. This should higlight whether there is any known flood risk. If so, more detailed inquiries will need to be carried out.