My husband and I are acquiring an apartment in Canonbury. My property lawyer is not on the bank approved list. Is it possible for me to appoint my Canonbury conveyancing solicitor even though they are not on the bank panel?
One will need to instruct a property lawyer to complete the formalities when you require a loan to purchase your home. The lawyer will conduct all the necessary investigations on the property, make sure that you’re properly registered as the owner and ensure that all the required mortgage documentation is dealt with. You could select a Canonbury property lawyer of your choice. Nevertheless, if the lawyer selected is not on the bank solicitor panel supplemental fees will arise as separate legal representation will be need by the lender. Conveyancing panel applications may be submitted, so provided your conveyancer has not previously sought membership they should do so.
I purchased a freehold premises in Canonbury yet charged rent, why is this and what is this?
It is rare for properties in Canonbury and has limited impact for conveyancing in Canonbury 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 creation of fresh rentcharges post 1977.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
Are all Canonbury Conveyancing Quality Solicitors on the Lloyds conveyancing panel?
It is true that some banks and building societies now utilise the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to join their approved list of conveyancing solicitors.
We have a mortgage agreed in principle with Leeds Building Society. Canonbury conveyancing practitioners were instructed. How long does it take for Leeds Building Society to send the offer to the property lawyer?
There is no definitive answer here. Have Leeds Building Society completed the survey? Have you informed Leeds Building Society as to your lawyers' details and checked that your lawyers are on the Leeds Building Society conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I have today made my last payment due on my mortgage with Aldermore. I assume I don't need a Canonbury property lawyer on the Aldermore panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Aldermore mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Aldermore mortgage from the register. Aldermore, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Aldermore has sent the Land Registry the discharge electronically, and
- Aldermore has instructed the Land Registry to do so
I'm purchasing a new build house in Canonbury benefiting from help to buy. The sellers refused to reduce the price so I negotiated £7000 of fixtures and fittings instead. The sale representative told me not inform my conveyancer about the deal as it could jeopardize my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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.
My lawyers in Canonbury have advised me that no longer have my conveyancing file. To assist with my purchase I took out a mortgage with the mortgage company. Is it case that being on the mortgage company conveyancing panel they need to have retained the file for a prescribed period?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the bank Conveyancing Panel Terms. It might be worth you contacting the bank directly.