My partner and I are looking to purchase a property in Shepperton and have instructed a Shepperton conveyancing firm. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Bank of Scotland have this afternoon contacted us to advise us that they have now hit a problem as our Shepperton solicitor is not on their conveyancing panel. What do we do from here?
If you are buying a property needing a mortgage it is usual for the purchasers' solicitors to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Shepperton solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
The Shepperton conveyancing firm handling our Shepperton conveyancing has discovered a difference between the information in the valuation survey and what is in the legal papers for the property. My solicitor informs me that he needs to ensure that the bank is OK with this discrepancy and is still content to lend. Is my solicitor’s approach appropriate?
Your lawyer must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I purchased a freehold house in Shepperton yet invoiced for rent, why is this and what is this?
It is rare for properties in Shepperton and has limited impact for conveyancing in Shepperton 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 many centuries, but the Rent Charge Act 1977 barred the establishment of fresh 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 dispensed with completely.
Is there a search tool that I can utilise to investigate if the solicitor handling my conveyancing in Shepperton is on the bank’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Clydesdale thus paying £175.00 in supplemental legal charges.
You should make the most of the find a lender approved solicitor tool on this web page. Please choose the lender and type ‘Shepperton’ or your location and you will discover a number of lawyer offices in Shepperton or by proximity to you.
I am contemplating appointing a web based lawyer ahead of a Shepperton conveyancing firm. Am I making a mistake?
There are advantages of having the opportunity to visit a local Shepperton conveyancing solicitor such as
- signing papers and and when necessary
- getting face-to-face explanations of things that need explaining
- the ability to raise concerns if matters are not going as expected
When checking estimates, look out for hidden extras. The majority decent Shepperton high street solicitors give an all-inclusive price. Many online companies appear to offer cheap fees, but have hidden 'extras' in the in the terms and conditions.