I am nearing exchange of contracts for my flat in Billericay and the EA has just telephoned to say that the buyers are changing their law firm. The reason given is that the mortgage company will only engage with solicitors on their conveyancing panel. Why would a big named mortgage company only work with certain lawyers rather the firm that they want to appoint to handle their conveyancing in Billericay ?
Banks have always had an approved set of law firms that can act for them, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lenders point to the increase in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are not going to have any impact on this.
We just had an offer accepted to purchase with Loughborough BS. I visited a few high street companies yet cant to find a Billericay conveyancing firm on the Loughborough BS panel. Can you assist?
You should make the most of the find a conveyancing panel solicitor tool on this page. Pick the lender and type Billericay or your location and you will discover a number of lawyer based in Billericay or by proximity to you.
Despite weeks of looking the Title Certificate and documents to our home can not be found. The solicitors who did the conveyancing in Billericay 10 years ago have long since closed. What do I do?
Assuming the title is registered the details of your ownership will be retained by the Land Registry with a Title Number. It is possible to carry out a search at the Land Registry, identify your property and secure up to date copies of the property title for a small fee. If the property is Leasehold then the Land Registry will usually retain a certified duplicate of the Registered Lease and again, a copy can be retrieved for a small fee.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in last month in what was supposed to be a simple, chain free conveyancing. Billericay is where the house is located. Can you offer any assistance?
Flying freeholds in Billericay are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Billericay you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Billericay may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I've recently bought a leasehold flat in Billericay. Am I liable to pay service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Billericay Conveyancing for Leasehold Flats - Sample of Queries Prior to buying
Where a Billericay lease has no more than 80 years it will affect the value of the apartment. Check with your bank that they are willing to go ahead with the loan given the lease term. A short lease means that you will almost definitely have to extend the lease at some point and it is worth discovering how much this will be. Remember, in most cases you will be required to have owned the residence for 24 months before you are eligible to extend the lease. What is the the remaining lease term? You should want to find out as much as you can concerning the managing agents as they can either make your living at the property much easier or much more difficult. Being a leasehold owner you will be at the mercy of the managing agents from a financial perspective and when it comes to day to day issues like the cleanliness of the communal areas. Don't be shy to ask prospective neighbours whether they are happy with their service. In conclusion, be sure you understand the dates that the service charges are due to the managing agents and specifically how they are spending the funds.