What does my ID and proof of funds have anything to do with my conveyancing in Billericay? Why is this being asked of me?
It is indeed that case that these requests have nothing to do with conveyancing in Billericay. However these days you will not be able to complete any conveyancing deal without first providing proof of your identity. This usually takes the form of a either your passport or driving licence as well as a council tax bill. Remember if you are providing your driving licence as evidence of ID it needs to be both the paper part as well as the photo card part, one is not sufficient in the absence of the other.
Proof of your source of funds is mandated under Money Laundering Regulations. Don’t be offended when you are asked to produce this as your conveyancer will need to retain this information on file. Your Billericay conveyancing solicitor will need to see evidence of proof of funds prior to accepting any funds from you into their client account and they may also ask further queries regarding the origin of funds.
My wife and I are purchasing a flat in Billericay. I might seem paranoid but how we can trust a solicitor? On the day of competition we have to put our life savings into their account. What protection do we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Can you help - my lawyer says that lack of building regulations insurance is required on my purchase. What is the level of cover for Billericay conveyancing?
The appropriate level of lack of building regulations indemnity insurance should be dictated by who your lender. It would differ for example between Yorkshire Building Society and Skipton Building Society. Conveyancing practitioners as opposed to borrowers take out such policies.
is it true that all Billericay conveyancing solicitors on the Leeds Building Society conveyancing panel are overseen by the SRA?
As a firm of solicitors, in order to be on the Leeds Building Society conveyancing panel they would need to be overseen by the Solicitors Regulatory Authority. Many banks do list licenced conveyancers on their panel and in such a situation the firms would be governed by the CLC.
My wife and I have a 4 bedroom Victorian property in Billericay. Conveyancing practitioner represented me and Leeds Building Society. I did a free Land Registry search last week and I saw two entries: the first freehold, the second leasehold under the matching property. If a house is not a freehold shouldn't I have been informed?
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Billericay and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also question the position with your conveyancing solicitor who conducted the purchase.
How does conveyancing in Billericay differ for new build properties?
Most buyers of new build or newly converted property in Billericay come to us having been asked by the seller to exchange contracts and commit to the purchase even before the property is constructed. This is because builders in Billericay tend to buy 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 conveyancers 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 accustomed to new build conveyancing in Billericay or who has acted in the same development.
I decided to have a survey done on a property in Billericay in advance of instructing lawyers. I have been told that there is a flying freehold aspect to the property. Our surveyor has said that some mortgage companies will not issue a mortgage on this type of property.
It depends who your proposed lender is. Lloyds has different instructions for example to Birmingham Midshires. If you contact us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Billericay. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Billericay to see if the conveyancing will be more expensive.
Can you offer any advice when it comes to choosing a Billericay conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a solicitor for lease extension works (regardless if they are a Billericay conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with several firms including non Billericay conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be of use:
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If the firm is not ALEP accredited then why not? What are the charges for lease extension work?
Billericay Conveyancing for Leasehold Flats - A selection of Queries before buying
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It is important to be aware whether a new roof is being put on or some other significant cost is due in the foreseeable future that will be shared between the tenants and will materially increase the the maintenance charges or necessitate a one time payment. The prefered form of lease arrangement is if the freehold reversion is in the ownership of the leaseholders. In this scenario the leaseholders benefit from being in charge if their destiny and even though a managing agent is frequently employed if it is larger than a house conversion, the managing agent retained by the leaseholders. The answer will be useful as a) areas can cause problems for the building as the communal areas may begin to deteriorate where repairs are not paid for b) if the leaseholders have a dispute with the managing agents you will wish to know about it