I plan on acquiring a maisonette in Wickford. My Conveyancer is not on the bank conveyancing panel. Is it possible for me to continue with my Wickford conveyancing solicitor notwithstanding that they are not on the lender panel?
You must have a conveyancing practitioner to complete the formalities if you take out a loan to purchase your property. They will carry out all the appropriate due diligence on the property, make sure that you’re registered as proprietor and ensure that all the necessary mortgage documentation is dealt with. You can appoint a Wickford property lawyer of your choosing. Nevertheless, where the property lawyer appointed is not a member of the lender conveyancing panel further fees will be incurred as separate legal representation will be need by the bank. Lender panel applications can be submitted, so where your conveyancer has not historically applied for membership they should take the chance to apply.
I am hoping to move into my new home in Wickford next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the bank. What does the insurance need to cover?
All property lawyers on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 requirements. These obligations are not limited to conveyancing in Wickford.
My wife and I own a renovated Victorian house in Wickford. Conveyancing lawyer acted for me and Britannia. I did a free Land Registry search last week and there are two entries: one for freehold, the second leasehold under the exact same address. I'd like to know for sure, how can I find out??
You need to read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Wickford and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the position with the conveyancing solicitor who carried out the work.
How does conveyancing in Wickford differ for newly converted properties?
Most buyers of new build or newly converted property in Wickford approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is constructed. This is because developers in Wickford tend to acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Wickford or who has acted in the same development.
I have been recommended by a few estate agents in Wickford to choose a solicitor on your site. Is there a financial incentive for Estate Agents to promote your services over alternative conveyancing organisations?
We refuse to offer any referral fee for directing people to this site. We thought it would be too underhand to pay a commission as members of the public would think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.