My wife and I are purchasing a 2 bedroom flat in Malmesbury with a mortgage. We have a Malmesbury conveyancer, but the lender advise he's not on their "panel". We have to appoint one of the mortgage company panel conveyancing practices or continue with our Malmesbury lawyer and pay for one of their panel firms to represent them. We consider that this is inequitable; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’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. A further alternative is for your Malmesbury conveyancing solicitor to apply to be on the conveyancing panel.
I own a freehold residence in Malmesbury but nevertheless pay rent, why is this and what is this?
It is rare for properties in Malmesbury and has limited impact for conveyancing in Malmesbury 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 new rentcharges from 1977 onwards.
Previous 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.
I understand that there are debates on Chancel Insurance on online forums. Do I need this when purchasing a property in Malmesbury? or I am told that there is an ancient law that could mean that owners of property residing in a parish church boundary will be compelled to contribute towards maintenance towards the chancel in proximity to the church. Is this relevant for conveyancing in Malmesbury?
Unless a prior acquisition of the property took place post 12 October 2013 you may expect lawyers conducting conveyancing in Malmesbury to continue to advocate a chancel search and or chancel repair liability insurance.
How does conveyancing in Malmesbury differ for newly converted properties?
Most buyers of new build or newly converted property in Malmesbury contact us having been asked by the builder to exchange contracts and commit to the purchase even before the house is ready to move into. This is because builders in Malmesbury tend to purchase 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 conveyancers 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 used to new build conveyancing in Malmesbury or who has acted in the same development.
I have been searching for Malmesbury competitive conveyancing fees. Can I be sure that all the Malmesbury practices that are listed on your directory are on the mortgage company conveyancing panel?
The solicitor and licensed conveyancing practices listed on our site have assured us via an online form that they are on the mortgage company panel and agreed to advise us to take down their listing in the event of removal off of the lender panel. To date we have not been informed by either a bank or a member of the public that the data about a specific Malmesbury firm being on the lender conveyancing panel is incorrect.