We are hoping to buy a 1 bedroom apartment in Teignmouth with a mortgage. We have a Teignmouth solicitor, however the mortgage company says he's not on their "panel". We have to appoint one of the lender panel solicitors or continue with our Teignmouth conveyancing practitioner as well as pay for one of their panel lawyers to represent them. We consider that this is inequitable; is there anything we can do?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Teignmouth conveyancing lawyer to apply to be on the conveyancing panel.
I purchased a freehold residence in Teignmouth yet invoiced for rent, why is this and what is this?
It’s unusual for properties in Teignmouth and has limited impact for conveyancing in Teignmouth 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 many centuries, but the Rent Charge Act 1977 barred the generation of fresh rentcharges from 1977 onwards.
Previous 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 dispensed with completely.
My property lawyer in Teignmouth has never been on on the Santander Approved Panel. Can I still use my prefered solicitor even though they are not on the Santander list of approved lawyers?
Your options are as follows:
- Carry on with your existing Teignmouth solicitors but Santander will need to use a conveyancer on their list of acceptable firms. This will result in additional total conveyancing charges as well as result in frustration.
- Choose an alternative lawyer to to deal with the conveyancing, remembering to check they are on the Santander panel
Do I need to pay for insurance to cover chancel repairs when purchasing a property in Teignmouth?
Unless a prior acquisition of the house completed after 12 October 2013 you may assume that conveyancing practitioners handling conveyancing in Teignmouth to continue to advocate a chancel search and or chancel repair liability insurance.
I have recentlyfound out that Stirling Law have been shut down. They conducted my conveyancing in Teignmouth for a purchase of a freehold house 12 months ago. How can I establish that my home is registered correctly in the name of the former proprietor?
The easiest way to see if the premises is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Teignmouth conveyancing specialists.
I am buying my first flat in Teignmouth benefiting from help to buy. The developers would not reduce the amount so I negotiated 6k of additionals instead. The property agent told me not reveal to my solicitor about the deal as it could affect my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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.