I am selling my house in Northop and the estate agent has just telephoned to say that the buyers are swapping law firm. The reason given is that the bank will only work with property lawyers on their approved list. On what basis would a leading mortgage company only work with specific lawyers rather the firm that they want to choose to handle their conveyancing in Northop ?
Lenders have always had an approved set of law firms that can represent them, but in recent years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Banks attribute this action to a rise in fraud as the reason for the pruning – criteria have been stiffened 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. The purchasers are not going to have any sway in the decision.
I purchased a freehold property in Northop yet invoiced for rent, why is this and what is this?
It’s unusual for properties in Northop and has limited impact for conveyancing in Northop 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 post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
My wife and I are intent on selling our home in Northop and according to the buyers it appears that there is a possibility that the property was constructed on contaminated land. Any high street Northop lawyer would know that there is no such problem. For the life of me I don't know why the purchasers are using a web based conveyancing practice as opposed to a conveyancing solicitor in Northop. Having lived in Northop for many years we know of no issue. Is it a good idea to get in touch with our local Authority to obtain clarification need.
It would appear that you have a conveyancing firm currently acting for you. Are they able to advise? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
How does conveyancing in Northop differ for newly converted properties?
Most buyers of new build residence in Northop come to us having been asked by the builder to sign contracts and commit to the purchase even before the property is built. This is because developers in Northop typically 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 property lawyers 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 accustomed to new build conveyancing in Northop or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on last month in what was supposed to be a simple, chain free conveyancing. Northop is the location of the property. Can you shed any light on this issue?
Flying freeholds in Northop are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Northop you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Northop may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
My father-in-law has recommend that I use his lawyers for conveyancing in Northop. Should I find my own solicitor?
Much as we are happy to recommend a Northop conveyancing lawyer the best way to select a conveyancing lawyer is to seek referrals from friends or relatives who have previously instructed the solicitor you're contemplating using.