We are purchasing a 1 bedroom apartment in Wollaton with a mortgage. We like our Wollaton lawyer, but the lender says she’s not on their "panel". We have to appoint one of the lender panel firms or retain our Wollaton property lawyer and pay for one of their panel lawyers to act for them. This seems very unfair; are we not able to demand that the lender use our Wollaton property lawyer ?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’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. Another option that might be available is for your Wollaton conveyancing lawyer to apply to be on the conveyancing panel.
I am the registered owner of a freehold residence in Wollaton yet pay rent, why is this and what is this?
It is rare for properties in Wollaton and has limited impact for conveyancing in Wollaton 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 establishment of new rentcharges from 1977 onwards.
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 dispensed with completely.
When researching moneysavingexpert.com for an online lawyer in Wollaton, many say that I should instruct a CQS kitemarked solicitor. Can you explain what CQS is?
The Conveyancing Quality Scheme (CQS) provides a recognised quality standard for residential conveyancing practices issued by the Law Society. Membership achievement establishes a level of credibility for member firms with stakeholders (regulators, lenders, insurers and consumers) based upon: * the integrity of the senior responsible officer and other key conveyancing staff * the firm's adherence to good practice management standards * adherence to prudent and efficient conveyancing processes through the scheme protocol Membership includes numerous firms who handle conveyancing in Wollaton.
2 months have elapsed since my purchase conveyancing in Wollaton took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Wollaton differ for new build properties?
Most buyers of new build residence in Wollaton approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is constructed. This is because new home sellers in Wollaton tend to acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Wollaton or who has acted in the same development.
Hoping to buy a property located in Wollaton and I am already nervous. I couldn't find anything specific about Wollaton. Conveyancing will be needed in due course but do you know about the Wollaton area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Wollaton. In the meantime here are some basic statistics that we found