We went with a high street firm for our conveyancing in Rayleigh last week. Reviewing the terms of engagement it is apparent thatI am on the hook for charges even if the sale aborts. Should I ditch them and instruct a web based conveyancing brokerage promising no-sale-no-fee conveyancing in Rayleigh?
It is usually ‘give and take’ in that if "No Completion No Fee" is advertised then the conveyancing charges will tend to be be uplifted to offset those transactions that do not proceed. Dont forget that these deals tend not to cover expenditure such as Rayleigh conveyancing search fees.
My Rayleigh solicitor has uncovered a discrepancy when comparing the surveyor’s assumptions in the valuation survey and what is in the conveyancing documents. My lawyer has advised that he is duty bound to check that the lender is happy with this discrepancy and is still content to lend. Is my solicitor’s stance correct?
Your property lawyer must comply with the UK Finance Lenders’ Handbook conditions 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 own a freehold residence in Rayleigh but still pay rent, why is this and what is this?
It’s unusual for properties in Rayleigh and has limited impact for conveyancing in Rayleigh 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 establishment of new rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
Should my conveyancer be asking questions about flooding during the conveyancing in Rayleigh.
Flooding is a growing risk for solicitors dealing with homes in Rayleigh. Plenty of people will buy a property in Rayleigh, completely expectant that at some time, it may be flooded. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Lawyers are not best placed to impart advice on flood risk, however there are a number of searches that may be initiated by the buyer or by their lawyers which should give them a better appreciation of the risks in Rayleigh. The conventional set of property information forms given to a buyer’s solicitor (where the Conveyancing Protocol is adopted) contains a standard inquiry of the seller to find out if the premises has ever been flooded. If the premises has been flooded in past and is not disclosed by the seller, then a buyer could commence a compensation claim as a result of such an incorrect response. A purchaser’s conveyancers should also order an environmental search. This will disclose whether there is any known flood risk. If so, more detailed investigations will need to be carried out.
I'm buying my first flat in Rayleigh benefiting from help to buy. The sellers refused to reduce the amount so I negotiated £7000 of extras instead. The sale representative told me not disclose to my lawyer about this side-deal as it will affect my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am just shy of a 10% deposit on my apartment purchase in Rayleigh , but I still want to proceed. What can I do?
One option is to try and accept a lesser deposit. Most property owners will accept a lesser deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last moment