We are buying a 3 bedroom flat in Wootton Bassett with a mortgage. We have a Wootton Bassett conveyancer, but the mortgage company says she’s not on their "panel". We have to appoint one of the mortgage company panel solicitors or retain our Wootton Bassett conveyancing practitioner as well as pay for one of their panel lawyers to represent them. We regard this is inequitable; can we not demand that the bank use our Wootton Bassett lawyer ?
No, not really. 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. Another option that might be available is for your Wootton Bassett conveyancing solicitor to apply to be on the conveyancing panel.
I am the registered owner of a freehold property in Wootton Bassett but still charged rent, why is this and what is this?
It’s unusual for properties in Wootton Bassett and has limited impact for conveyancing in Wootton Bassett 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 post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
Are all Wootton Bassett Conveyancing Quality Solicitors on the Bank of Ireland conveyancing list of approved firms?
It is true that some lenders now make use of CQS as the starting point for Panel approval such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of conveyancing solicitors.
Two weeks ago we had a mortgage agreed in principle with Lloyds. Wootton Bassett conveyancing lawyers have been chosen. What is the average time that one could expect to receive a mortgage offer from Lloyds?
Some lenders take longer than others. Have Lloyds conducted the survey? Have you informed Lloyds as to your lawyers' details and checked that your lawyers are on the Lloyds conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I am expecting a DIP from Virgin Money this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Virgin Money recommend any Wootton Bassett solicitors on the Virgin Money conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Wootton Bassett solicitors independently although you'll need to choose one on the Virgin Money conveyancing panel. The solicitor represents both you and Virgin Money through the process.
How does conveyancing in Wootton Bassett differ for new build properties?
Most buyers of new build residence in Wootton Bassett contact us having been asked by the builder to exchange contracts and commit to the purchase even before the property is finished. This is because builders in Wootton Bassett 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 conveyancing solicitors 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 Wootton Bassett or who has acted in the same development.
We have chosen a Wootton Bassett conveyancing solicitor for our house purchase (first time buyers) and have noticed in the Ts and Cs that they are not governed by the FCA. Should I be concerned or is that the norm with conveyancer?
We can't see why they should be. Most solicitor don't lend money. They will be regulated by the Solicitors Regulation Authority, who dictate stringent rules in relation to funds deposited by them.