I am in the process of selling my ground floor flat in Wickford and the EA has just e-mailed to advise that the purchasers are switching conveyancer. The excuse is that the bank will only engage with solicitors on their approved list. On what basis would a leading lender only work with certain lawyers rather the firm that they want to choose to handle their conveyancing in Wickford ?
Banks have always had panels of law firms that can act for them, but in recent years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lenders point to the increase in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are not going to have any sway in the decision.
Should our lawyer be raising questions about flooding during the conveyancing in Wickford.
Flooding is a growing risk for conveyancers dealing with homes in Wickford. Some people will acquire a house in Wickford, completely aware that at some time, it may suffer from flooding. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not qualified to give advice on flood risk, however there are a number of searches that can be undertaken by the buyer or by their solicitors which will figure out the risks in Wickford. The conventional set of property information forms given to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) contains a usual question of the owner to discover whether the premises has suffered from flooding. In the event that flooding has previously occurred which is not revealed by the vendor, then a buyer may issue a compensation claim stemming from an inaccurate response. The buyer’s solicitors should also carry out an environmental search. This should disclose if there is any known flood risk. If so, more detailed investigations should be made.
three months have elapsed following my purchase conveyancing in Wickford concluded. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £170,000. 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 asset 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.
Just had an offer accepted on a new build flat in Wickford. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Wickford
Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please confirm the Lease plans are surveyor prepared. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. There must be mutual enforceability of lessee’s covenants.
I am employed by a reputable estate agency in Wickford where we have experienced a few leasehold sales derailed as a result of short leases. I have received conflicting advice from local Wickford conveyancing firms. Can you confirm whether the seller of a flat can initiate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Wickford Leasehold Conveyancing - Sample of Queries before Purchasing
The prefered form of lease arrangement is a share of the freehold. In this scenario the lessees benefit from being in charge if their destiny and notwithstanding that a managing agent is usually employed where the building is larger than a house conversion, the managing agent retained by the leaseholders. Is the freehold owned jointly by the tenants? How much is the ground rent and service charge?