I am in a contract race with another buyer for a property in Rayleigh. What can be done to speed up the conveyancing process?
First, If the seller is applying time constraints to sign contracts it is highly recommended that your lawyer is familiar with the location as they will make use of local connections and knowledge. It is possible that they would have conducted otherhomes in the same street. You would be best advised to use a Rayleigh conveyancing solicitor. Second, double check that the lawyer is on the on the approved list for your mortgage company. It is believed that nearly one in five of Rayleigh conveyancing transactions are held up or derailed after discovering a purchaser’s solicitor was not on their banks panel. In many cases this discovery resulted in the home move being frustrated by as much as three weeks. It is claimed that this issue impacts approximately one hundred thousand home moves annually. Most Rayleigh conveyancing practices can not represent certain mortgage companies so do check as early as possible.
My Solicitor in Rayleigh is not listed on the Aldermore Solicitor Panel. Is it possible for me to continue with my prefered solicitor even though they are not on the Aldermore panel?
The limited options open to you here include:
- Carry on with your existing Rayleigh lawyers but Aldermore will need to use a solicitor on their panel. This will inevitably rack up the overall legal fees and result in frustration.
- Find a new practitioner to act in the purchase, not forgetting to check they are Aldermore approved.
- Try to convince your Aldermore based solicitor to try to join the Aldermore panel
Should my solicitor be asking questions regarding flooding during the conveyancing in Rayleigh.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Rayleigh. Some people will purchase a house in Rayleigh, fully expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or sell the premises. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Conveyancers are not qualified to give advice on flood risk, however there are a numerous checks that can be carried out by the buyer or by their solicitors which will figure out the risks in Rayleigh. The standard information given to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) includes a standard question of the vendor to determine if the premises has suffered from flooding. In the event that the property has been flooded in past which is not notified by the owner, then a purchaser could issue a compensation claim resulting from an incorrect reply. A purchaser’s solicitors will also conduct an environmental report. This should higlight if there is any known flood risk. If so, more detailed inquiries should be conducted.
three months have elapsed following my purchase conveyancing in Rayleigh completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Due to the guidance of my in-laws I had a survey completed on a property in Rayleigh before retaining solicitors. I have been informed that there is a flying freehold overhang to the property. Our surveyor advised that some lenders tend not issue a mortgage on a flying freehold house.
It varies from the lender to lender. Santander has different instructions from Nationwide. Should you wish to call us we can look into this further with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Rayleigh. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Rayleigh to see if the conveyancing will be more expensive.
My husband and I are new to the buying process - agreed a price, but the estate agent advised that the owners will only move forward if we appoint the agent's recommended conveyancers as they need an ‘expedited deal’. We would rather use a high street solicitor with experience of conveyancing in Rayleigh
We suspect that the seller is unaware of this ultimatum. If they desire ‘a quick sale', taking such a hostile approach to a serious purchaser is likely to cause more damage than good. Speak to the vendors direct and make sure they comprehend that (a)you are keen to buy (b)you are ready to progress, with mortgage lined up © you do not need to sell (d) you intend to proceed fast (e)however you intend to appoint your preferred Rayleigh conveyancing solicitors - as opposed tothe ones that will provide their negotiator at the agency a commission or achieve conveyancing thresholds set by head office.