I was told recently by my financial adviser that my Waterlooville property lawyer is not on the bank Conveyancing panel. What can I do to be certain whether this is indeed the case?
The first thing you need to do is to call your Waterlooville conveyancer. It is reasonable to expect your lawyer to inform you of the situation. If they are not on the panel they may be able to suggest a Waterlooville conveyancing practice that is on the conveyancing panel for your bank.
I own a freehold property in Waterlooville yet pay rent, why is this and what is this?
It’s unusual for properties in Waterlooville and has limited impact for conveyancing in Waterlooville 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 redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
If you had a top tip for selecting a conveyancing solicitor in Waterlooville what would it be?
It would be unwise to be swayed by the lowest Waterlooville conveyancing fees. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of time.
It is unclear whether my lender requires a lease extension. I have called into my local Waterlooville building society branch on a couple of occasions and was told they are content with the situation and they would lend. My Waterlooville conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they will not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
As long as the conveyancing practitioner is on the bank approved list, she or he must comply with the Council of Mortgage Lenders’ Handbook requirements for the lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I have instructed a Waterlooville lawyer having checked that they are on the RBS conveyancing panel. Does my lawyer arrange the survey of the property?
RBS will need an independent valuation of the property. Your lawyer will not arrange this. Usually RBS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Waterlooville surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I have been told that property searches are the primary cause of hinderance in Waterlooville conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not figure within the most frequent causes of hindrances during the legal transfer of property. Searches are not likely to be the root cause of holding up conveyancing in Waterlooville.
What advice can you give us when it comes to appointing a Waterlooville conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a Waterlooville conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Waterlooville conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be useful:
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If the firm is not ALEP accredited then why not? Can they put you in touch with clients in Waterlooville who can give a testimonial?
Waterlooville Conveyancing for Leasehold Flats - Examples of Questions you should ask before buying
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Most Waterlooville leasehold apartments will incur a service charge for maintenance of the block set by the landlord. Where you acquire the apartment you will have to meet this charge, normally quarterly throughout the year. This could be anything from two or three hundred pounds to thousands of pounds for buildings with lifts and large communal areas. In all likelihood there will be a rentcharge for you to pay annual, ordinarily this is not a significant amount, say about £50-£100 but you need to enquire it because on occasion it could be many hundreds of pounds. The best form of lease arrangement is if the freehold reversion is in the ownership of the leaseholders. In this situation the tenants benefit from control and notwithstanding that a managing agent is often employed if it is larger than a house conversion, the managing agent acts for the leaseholders themselves. It is important to be aware whether changing the roof or some other significant cost is anticipated to be shared between the leaseholders and could well materially impact the level of the maintenance costs or necessitate a one off invoice.
My fiance and I are planning to purchase a 2 room apartmentin Waterlooville with a mortgage from a bank. We have selected a solicitor in Waterlooville but our bank inform us now that she’s not approved on their "panel". Apparently we need to choose from the our bank panel solicitors or stay with our Waterlooville solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
No, not really. The bank home loan offered to you is subject to conditions, one of which will be that solicitors will on the lender's conveyancing panel. in the past, most lenders had open panels, including most conveyancing solicitors in Waterlooville : a mortgagee 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. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for your mortgage company.