We are planning to buy a 3 bedroom flat in Hunstanton with a mortgage. We like our Hunstanton solicitor, however the mortgage company advise she’s not on their "panel". It appears that we have no option but to appoint one of the mortgage company panel conveyancing practices or continue with our Hunstanton solicitor and pay for one of their panel ones to act for them. We consider that this is inequitable; is there anything we can do?
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 Hunstanton conveyancing solicitor to apply to be on the conveyancing panel.
My partner and I are refinancing our penthouse in Hunstanton with TSB. We have a son 18 who lives with us. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the apartment is forfeited by the lender. I have a couple of concerns (1) Is this document specific to the TSB conveyancing panel as he did not need to sign this form when we remortgaged 3 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to TSB. This is solely used to protect TSB if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of TSB had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
I purchased a freehold residence in Hunstanton but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Hunstanton and has limited impact for conveyancing in Hunstanton 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 hundreds of years, but the Rent Charge Act 1977 barred the generation of new 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 in 2037 is to be dispensed with completely.
Do I select a Licenced Conveyancer or Solicitor for conveyancing in Hunstanton?
Two types of professional can execute conveyancing in Hunstanton namely licenced conveyancers or solicitors. The two can handle conveyancing services that required to complete the disposal or acquisition of property. They are both obliged to conduct Hunstanton conveyancing to the same quality and guidelines so you may be safe in the knowledge that your conveyancing will be professionally administered and that the requirements and steps will be correctly adhered to.
I happen to be the single recipient of my late father’s will and I have everything in my name now, including the house in Hunstanton. The Hunstanton property was put into my name in January. I plan to dispose of the property. I do know about the CML 6 month 'rule', which means that my property ownership could be treated the same way as though I had purchased the property in January. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be affected by that. How practical a view lenders take of it, depend on the lender as this requirement is primarily there to identify the purchase and immediately sell or the quick reselling of property.
When it comes to mortgage companies such as Leeds Building Society, do Hunstanton conveyancing practitioners incur a yearly amount to be on the conveyancing panel?
We are unaware of any lender fees to be on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
I've recently found out that there is a flying freehold element on a property I put an offer in two weeks back in what was supposed to be a simple, no chain conveyancing. Hunstanton is where the house is located. What do you suggest?
Flying freeholds in Hunstanton are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Hunstanton you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Hunstanton may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.