Can conveyancing in Markfield to be completed within 10 days?
In the event that the seller is applying time constraints for your conveyancing it is highly recommended that your lawyer is familiar with the area as they will make use of local contacts and intelligence. It is possible that they would have conducted previousproperties in the same street. You would be best advised to use a Markfield conveyancing solicitor. Second, make sure that the conveyancing firm is on the on the approved list for your mortgage company. It is said that just under twenty per cent of Markfield conveyancing deals are suspended or derailed after discovering a buyer’s solicitor was not on their mortgage lender’s list of approved solicitors. This can often result in the conveyancing being delayed by an average of three weeks. It is estimated that this issue affects approximately one hundred thousand home sales every year. Many Markfield conveyancing firms can not represent certain banks so do check at the outset.
I purchased a freehold premises in Markfield yet charged rent, why is this and what is this?
It’s unusual for properties in Markfield and has limited impact for conveyancing in Markfield 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 creation of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
Have just purchased a repossessed house at auction in Markfield. Conveyancing is necessary. What is next?
Given that you are now for in every practical sense signed on the dotted line you should appoint a conveyancing practitioner as a matter of urgency as you now have a pending deadline in which to complete the purchase. An auction property should have a bespoke auction pack. This will likely include the copy title deeds, local authority and drainage searches. If you have purchased leasehold premises the auction papers may include a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork relating to a leasehold property. You need to give this to the solicitor instructed by you as soon as possible. Do make sure that your finances are organised to complete on the on the contractual date .
is it true that all Markfield solicitor practices on the Nationwide conveyancing panel are governed by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Nationwide conveyancing panel they would need to be overseen by the SRA. Many mortgage companies do allow licenced conveyancers on their panel in which case such practice would be governed by the Council of Licensed Conveyancers.
I am selling my apartment. I had a double glazing fitted in July 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Virgin Money are being a right pain. The Markfield solicitor who is on the Virgin Money conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Virgin Money are requiring a building regulation certificate. Why do Virgin Money have a conveyancing panel if they don't accept advice from them?
It is probably the case that Virgin Money have referred the matter to their valuer. The reason why Virgin Money may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Should my conveyancer be asking questions regarding flooding during the conveyancing in Markfield.
The risk of flooding is if increasing concern for lawyers conducting conveyancing in Markfield. Plenty of people will purchase a property in Markfield, completely expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or sell the premises. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Solicitors are not best placed to impart advice on flood risk, but there are a numerous checks that can be initiated by the buyer or by their conveyancers which will figure out the risks in Markfield. The conventional set of property information forms given to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard inquiry of the owner to discover if the premises has historically flooded. In the event that flooding has previously occurred which is not disclosed by the owner, then a purchaser could issue a claim for damages as a result of such an incorrect answer. A buyer’s conveyancers should also commission an environmental report. This should disclose whether there is a recorded flood risk. If so, further investigations should be initiated.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Markfield. Conveyancing is necessary evil 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 can expect your new-build leasehold conveyancing in Markfield
The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Please supply a car parking plan. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
My brother mentioned that before choosing a conveyancing solicitors they must be approved by your bank. It happens to be my first house move but I have an AIP via Virgin Money and I already have a bricks and morter conveyancing solicitor in Markfield lined up. Will Halifax insist on an approved solicitor to be instructed? If so, where can I find that list for my conveyancing in Markfield?
You need to choose a solicitor that is on the Halifax panel. Simply telephone your chosen Markfield conveyancing lawyer and ask if they are on the Halifax panel. If they are not approved you have a couple of options available to you here:
- Proceed with your preferred Markfield property lawyer but Halifax will undoubtedly retain a property lawyer on their approved panel. This will result in additional charges and potential delay.
- Get a new conveyancer to act in the purchase, obviously checking they are on the Halifax conveyancing panel.
- Appeal to your conveyancing practitioner to attempt to join the bank panel.