I am in the process of selling my house in Temple Fortune and the EA has just telephoned to advise that the purchasers are switching solicitor. The reason given is that the mortgage company will only work with property lawyers on their approved list. Why would a leading mortgage company only deal with certain solicitors rather the firm that they want to appoint for their conveyancing in Temple Fortune ?
UK lenders have always had panels of law firms they are content to work with, but in the last few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lending institutions point to the increase in fraud by way of justification for the reduction – 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. Your buyers are unlikely to have any impact on this.
Our nephew is about to exchange on a new build apartment in Temple Fortune with a mortgage from Santander. His conveyancer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The form is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Santander conveyancing panel as a standard part of the process, and to the surveyor when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Santander conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I purchased a freehold premises in Temple Fortune yet charged rent, why is this and what is this?
It’s unusual for properties in Temple Fortune and has limited impact for conveyancing in Temple Fortune 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 from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
Do I have to attend the offices of the solicitor to execute the legal charge? If so, I will instruct a firm who offer conveyancing in Temple Fortune so that I can pop in to their offices if necessary.
Most conveyancing panel lawyers for banks undertake their communications via Royal Mail, internet or over the phone. This enables them to conduct the conveyancing transaction no matter where you live in England or Wales. Nevertheless you should see if you have the option of going to the offices of your conveyancing lawyer if needed.
Me and my brother have a terraced Georgian property in Temple Fortune. Conveyancing practitioner acted for me and Barnsley Building Society. I happened to do a free search for it on the Land Registry database and I saw two entries: the first freehold, the second leasehold under the exact same address. Is it worth asking Barnsley Building Society to clarify?
You need to read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Temple Fortune and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the position with your conveyancing lawyer who completed the work.
I am looking for a flat up to £245,000 and found one close by in Temple Fortune I like with open areas and station nearby, however it's only got 49 remaining years left on the lease. There is not much else in Temple Fortune for this price, so just wondered if I would be making a mistake purchasing a short lease?
If you require a mortgage the remaining unexpired lease term will be an issue. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of 2 years you could ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.