Unfortunately I am unable to travel far from Wingate. I would like to know the logic why all Wingate conveyancing practitioners are not on all bank panels?
As inequitable as it may appear for lenders to limit who can represent them, from the public’s or lawyer’s point of view, the other side of the coin is that banks are becoming ever more anxious and feel it vital to shield themselves from illegal activities. As a result of this concern lenders have consolidated their conveyancing panel to a manageable size.
I am the registered owner of a freehold residence in Wingate but still charged rent, why is this and what is this?
It is rare for properties in Wingate and has limited impact for conveyancing in Wingate 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 generation of new rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
Is it correct that all Wingate CQS (Conveyancing Quality Scheme) solicitors are on the Co-operative conveyancing list of approved firms?
Some major banks and building societies now use CQS as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to join their panels.
Is it the case that all Wingate solicitor practices on the RBS conveyancing panel are governed by the SRA?
As a firm of solicitors, in order to be on the RBS approved list of solicitors they would need to be regulated by the Solicitors Regulatory Authority. Some mortgage companies do permit licenced conveyancers on their panel and in that case the practice would be governed by the Council of Licensed Conveyancers.
We are getting the release of further monies on our home loan from Barclays as we intend to carry out a loft conversion to our home in Wingate. Are we obliged to choose a nearby Wingate solicitor on the Barclays conveyancing panel to handle the legals?
Barclays would not normally instruct firms on their approved list of lawyers to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Barclays panel.
Various online forums that I have come across warn that are the primary reason for hinderance in Wingate conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the findings of research by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of hindrances during the legal transfer of property. Local searches are not likely to be the root cause of slowing down conveyancing in Wingate.
I am buying my first flat in Wingate with a loan from Yorkshire Building Society. The sellers would not budge the price so I negotiated 6k of additionals instead. The estate agent suggested that I not inform my solicitor about the deal as it could impact my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.