All was ready to move into my new home in Billericay next Thursday. My conveyancer now wants me to supply her with evidence of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the lender. What risks does the bank expect the insurance to cover?
Any lawyer on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook requirements. These obligations are not unique to conveyancing in Billericay.
I own a freehold residence in Billericay yet invoiced for 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 hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
I am considering applying for a Leeds Building Society mortgage for purchase of a new build (under development) in Billericay with 65 per cent loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Leeds Building Society ?
There is nothing to stop you using your solicitor, but Leeds Building Society will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
Have completed on a a semi-detached house in Billericay , What is the estimated time for the Land Registry to deal with the formalities evidencing my ownership? My Billericay conveyancing solicitor has been very slow, so I want to check that my ownership is registered.
There is nothing unique about conveyancing in Billericay registration formalities. Rather than based on location, timeframes can differ subject to who lodges the application, whether it is in order and whether the Land registry communicate with any third persons or bodies. As of today approximately 80% of submission are fully addressed within two weeks but some can be subject to protracted hold-ups. Historically registration is effected once the purchaser has moved in to the property so an expedited registration is not typically primary concern yet where it is urgent that the the registration takes place urgently then you or your lawyers must communicate with the Registry to express the reasoning for an expedited registration.
How do I use the search tool to select a conveyancing practitioner in Billericay on the authorised to act for my lender?
First select a mortgage company such as Accord Mortgages Ltd, Virgin Money or Alliance & Leicester then specify your preferred area for instance Billericay. Conveyancing firms in Billericay and across England and Wales will then be listed.
I need to retain a conveyancing solicitor for sale conveyancing in Billericay. I have stumble upon a site which appears to be the ideal solution If there is a chance to get all the legals completed via email that would be ideal. Should I be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?