My wife and I are hoping to buy a home in Swiss Cottage and are in fact using a Swiss Cottage conveyancing firm. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Bank of Ireland have this evening contacted us to advise us that they have now hit a problem as our Swiss Cottage conveyancer is not on their conveyancing panel. Is this a problem?
Where you are buying a property with the assistance of a mortgage it is usual 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 Accreditation Scheme. Your property lawyer should contact your bank 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 are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Swiss Cottage solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
Are you able to vouch for a Bank of Scotland accepted Swiss Cottage conveyancing firm who can have us moved in within under 3 weeks? Am I best advised to unstruct a local Swiss Cottage practice or an internet comparison site?
We can recommend some very good Swiss Cottage conveyancing firms. Another option is to visit the high street in Swiss Cottage. Visit two or three law practices and request to speak with a conveyancing solicitor for a quote. Discuss your requirements together with your reasons and ask for an assurance on speed. Select the lawyer that genuine.
I own a freehold residence in Swiss Cottage yet pay rent, why is this and what is this?
It is rare for properties in Swiss Cottage and has limited impact for conveyancing in Swiss Cottage 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 generation of fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
I'm purchasing my first flat in Swiss Cottage benefiting from help to buy. The sellers refused to move on the price so I negotiated £7000 of extras instead. The property agent suggested that I not inform my lawyer about the extras as it could impact my loan 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.
Over the last few months I have been searching for a flat up to £235,500 and found one close by in Swiss Cottage I like with amenity areas and transport links nearby, the downside is that it only has 52 years on the lease. There is not much else in Swiss Cottage for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you require a home loan the remaining unexpired lease term may be problematic. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of twenty four months you can request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.
How much will conveyancing in Swiss Cottage cost?
The total sum levied for Swiss Cottage conveyancing charges may vary considerably from solicitor to solicitor. This makes it all the more important that you have a full summary of charges when you first instruct a lawyer. It is advisable to find a few fee estimate.