Am I correct in assuming that the fact that my conveyancer in West Norwood is not on my mortgage company's solicitor panel that there is a problem with the quality of her conveyancing?
It would be unwise to jump to that conclusion. There are all sorts of perfectly plausible explanations. A recent report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the West Norwood conveyancing firm and ask them why they are no longer on the approved list for your bank.
We are about to complete buying a house in West Norwood but as a consequence of damage from the recent storms I have managed to agree compensation from the owner in the sum of six thousand pounds by way of a deduction in the price. This was going to be addressed as part of amending the contract yet Barclays are not allowing this. Why were they informed?
Your solicitor that is on a Barclays approved list is required to disclose to Barclays of any variations to the sale price. If you were to refuse your lawyer to report the reduction to Barclays then they would have to discontinue acting for you. In addition, Barclays and you would have to appoint a new conveyancing practitioner for your conveyancing in West Norwood.
I am the registered owner of a freehold property in West Norwood but still charged rent, why is this and what is this?
It’s unusual for properties in West Norwood and has limited impact for conveyancing in West Norwood 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 establishment of new rentcharges post 1977.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
What is the difference between a licensed conveyancer and conveyancing solicitor in West Norwood
There are many recorded licenced Conveyancers in West Norwood and Solicitor practices in West Norwood who can assist with your conveyancing It is important to make clear that the two are supervised by regulatory bodies with both specialising in the legal aspects of transferring property. Both can handle other property legal work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
Is it the case that all West Norwood solicitor practices on the RBS conveyancing panel are overseen by the Solicitors Regulatory Authority?
As solicitors, in order to be on the RBS conveyancing panel they would need to be regulated by the SRA. Many lenders do list licenced conveyancers on their panel and in that case the firms would be overseen by the Council of Licensed Conveyancers.
The mortgage over my property is with Yorkshire BS for my property in West Norwood. Conveyancing has been completed months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Yorkshire BS?
Your original mortgage agreement with Yorkshire BS will provide that you need their approval prior to renting your property as this is likely to be a breach of Yorkshire BS’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Yorkshire BS directly. It should not be necessary to do this via a Yorkshire BS conveyancing panel firm.
Is it necessary to pay for insurance to address the risk of chancel repairs when acquiring a residence in West Norwood?
Unless a prior purchase of the house took place after 12 October 2013 you could take it that solicitors carrying out conveyancing in West Norwood to continue to advocate a chancel search and or insurance against a claim.
I have been on the look out for a flat up to £235,500 and found one round the corner in West Norwood I like with open areas and railway links nearby, the downside is that it's only got 61 years unexpired on the lease. I can't really find anything else in West Norwood in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a home loan the remaining unexpired lease term will be a potential deal breaker. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of twenty four months you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.