Am I correct in assuming that the fact that my solicitor in Ripley is not identified on my lender's conveyancing panel that there is a problem with the quality of the firm’s work?
That is most likely an incorrect assumption to make. There are plenty of plausible explanations. A recent report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should contact the Ripley conveyancing firm and enquire why they are no longer on the approved list for your bank.
I own a freehold house in Ripley but nevertheless pay rent, why is this and what is this?
It is rare for properties in Ripley and has limited impact for conveyancing in Ripley 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 many centuries, but the Rent Charge Act 1977 barred the establishment of new 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 after 2037 is to be extinguished.
There are a variety of conveyancing solicitors in Ripley but how do I know who's good?
Do not opt for the lowest Ripley conveyancing fees. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
I'm in the process of viewing flats in Ripley and I am now considering a potential offer. Should I already have a lawyer appointed at this stage? I intend to finance via a home loan with HSBC.
You should start requesting conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their contact information on to the EA. As you are seeking a mortgage with HSBC, ask your prospective lawyers if they are on the HSBC conveyancing panel otherwise they can't do the mortgage legal work.
I can not fathom if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Ripley bank branch on various occasions and was advised it wasn't a problem and they would lend. My Ripley conveyancing solicitor - who is on the lender conveyancing panel- called to say that they would not lend in accordance with their published requirements. Who do I believe?
The lawyer must follow the CML Handbook Part 2 requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am buying a new build flat in Ripley. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Ripley
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Forfeiture - bankruptcy or liquidation must not apply under this provision. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided.
When it comes to my conveyancing in Ripley should I be charged VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Ripley conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the property lawyer's time in submitting the funds this way.