My husband and I are hoping to buy a home in Billericay and have instructed a Billericay conveyancing practice. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Chelsea Building Society have this morning contacted us to advise us that there is now an issue as our Billericay conveyancer is not on their approved list of lawyers. Is this a problem?
If you are buying a property with the assistance of a mortgage it is conventional for the purchasers' solicitors to also act for 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 Quality Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Billericay lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
The Billericay conveyancing firm handling our Billericay conveyancing has uncovered an inconsistency when comparing the information in the valuation report and what is in the title deeds. My solicitor has advised that he needs to check that the bank is happy with this discrepancy and is still content to lend. Is my solicitor’s approach legitimate?
Your conveyancing practitioner 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 am the registered owner of a freehold premises in Billericay but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Billericay and has limited impact for conveyancing in Billericay 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 new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
Will my conveyancer be raising questions about flooding during the conveyancing in Billericay.
Flooding is a growing risk for conveyancers dealing with homes in Billericay. There are those who acquire a property in Billericay, fully expectant that at some time, it may be flooded. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the property. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Conveyancers are not qualified to give advice on flood risk, however there are a number of searches that can be carried out by the buyer or by their lawyers which will give them a better appreciation of the risks in Billericay. The conventional set of information supplied to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) incorporates a standard inquiry of the seller to determine if the property has suffered from flooding. In the event that the property has been flooded in past which is not notified by the vendor, then a purchaser may bring a compensation claim resulting from an incorrect response. The purchaser’s conveyancers will also carry out an enviro search. This will reveal whether there is a recorded flood risk. If so, additional inquiries will need to be initiated.
Just had an offer accepted on a new build apartment in Billericay. 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.
Set out below is a sample of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Billericay
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Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please supply a car parking plan.
Am I better off to go with a Billericay conveyancing solicitor based in the vicinity that I am hoping to buy? We have a good friend who can deal with the legal work but they are based approximately 350miles drive away.
The benefit of a high street Billericay conveyancing firm is that you can drop in to sign documents, hand in your identification documents and apply pressure on them if necessary. Having local Billericay know how is a benefit. However it's more important to get someone that will pull out all the stops for you. If other friends have instructed your friend and on the whole were content that must surpass using an unknown Billericay conveyancing lawyer solely due to them being based in the area.