My wife and I are looking to purchase a house in Ramsbottom and have instructed a Ramsbottom conveyancing firm. Within the last couple of days our solicitor has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Clydesdale have this morning contacted us to inform me that there is now an issue as our Ramsbottom conveyancer is not on their conveyancing panel. Please explain?
If you are buying a property with the assistance of a mortgage it is standard for the purchasers' lawyers to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Ramsbottom solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
I am the registered owner of a freehold residence in Ramsbottom but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Ramsbottom and has limited impact for conveyancing in Ramsbottom 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 creation of fresh rentcharges from 1977 onwards.
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 dispensed with completely.
We are planning to purchase with Darlington Building Society. We have called around locally yet cant to find a Ramsbottom conveyancing firm on the Darlington Building Society panel. Can you assist?
Feel free to take advantage of the find a lender approved solicitor tool on this web page. Pick the lender and type Ramsbottom or your preferred area and you will discover numerous conveyancers located in Ramsbottom or nearest you.
I'm purchasing my first flat in Ramsbottom benefiting from help to buy. The sellers refused to budge the price so I negotiated 6k of fixtures and fittings instead. The estate agent advised me not inform my conveyancer about the side-deal as it may jeopardize my loan with the bank. Is this normal?.
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.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Ramsbottom is where the house is located. What do you suggest?
Flying freeholds in Ramsbottom are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Ramsbottom you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Ramsbottom 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.
Given that I am about to part with hundreds of thousands of pounds on a house in Ramsbottom I would like to have a conversation with the lawyer about mytransaction before instructing the firm. Can this be arranged?
Absolutely - we would be pleased to talk to you we do not take any clients on without you liaising with the conveyancer who will be conducting your property ownership legalities in Ramsbottom.There is no ‘factory style conveyancing’ - every client is unique person, not a file number. The practices that we put you in touch with believe that the figure you are provided with for residential conveyancing in Ramsbottom should be the amount on the final invoice that you are charged.