The Launceston conveyancing firm handling our Launceston conveyancing has discovered an inconsistency between the surveyor’s assumptions in the valuation survey and what is in the legal papers for the property. My lawyer has advised that he is duty bound to ensure that the bank is OK with this discrepancy and is content to go ahead. Is my solicitor’s stance legitimate?
Your property lawyer must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I purchased a freehold residence in Launceston yet charged rent, why is this and what is this?
It’s unusual for properties in Launceston and has limited impact for conveyancing in Launceston 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 establishment of fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
My home in Launceston is up for sale and I have a buyer. Does my solicitor have to be required to be on the Principality conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Principality conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently currently.
Due to the advice of my in-laws I had a survey completed on a house in Launceston before retaining solicitors. I have been told that there is a flying freehold aspect to the house. The surveyor advised that some lenders tend refuse to issue a loan on a flying freehold house.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Birmingham Midshires. Should you wish to telephone us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Launceston. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Launceston to see if the conveyancing will be more expensive.
I was pointed in your direction by a few property agents in Launceston to get a quote from a property lawyer on your site. What’s the financial inducement for Estate Agents to market your site rather than alternative conveyancing organisations?
We refuse to make any commission for sending work to this site. We thought it would be too underhand to pay a commission as home movers will think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.