I can't travel far from Bookham. What is the rationale as to why all Bookham solicitors are not on all lender panels?
A decade ago most banks had an attitude to risk which is different than today. The financial regulator in 2010 carried out a thematic review into fraud which concluded: know the property lawyers on your panel. Accordingly, lenders have since soughtmore data from law firms regarding their operations and the individuals employed by them and set certain criteria such as completing a minimum amount of transactions. Hundreds of firms have found themselves removed from lender panels even though they had 100% healthy track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms found it impossible meet the criteria of volume of transactions the lenders insisted on.
I am hoping to move into my new home in Bookham next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the lender. 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 UK Finance Lenders’ Handbook conditions. These requirements are not unique to conveyancing in Bookham.
It is is a decade since I bought my home in Bookham. Conveyancing lawyers have now been appointed on the sale but I can't track down the title documents. Is this a problem?
Don’t worry too much. First there is a possibility that the deeds will be retained by the lender or they may be in the possession of the lawyers who acted in your purchase. Secondly in most cases the title will be registered at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors obtaining current official copies of the land registers. Almost all conveyancing in Bookham involves registered property but in the rare situation where your home is unregistered it is more of a problem but is not insurmountable.
I am buying a property and the conveyancer has mentioned Chancel Repair for which the property may be liable because it falls into the area of such a church. He has suggested insurance. Is this really appropriate for conveyancing in Bookham
Unless a prior purchase of the house completed after 12 October 2013 you may expect lawyers conducting conveyancing in Bookham to remain encouraging a chancel search and or chancel repair liability insurance.
I used Wolstenholmes several years ago for my conveyancing in Bookham. Now, I need my documents however the law firm has closed. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to assist in tracing your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Bookham of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Do you have any advice for leasehold conveyancing in Bookham from the point of view of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Bookham can be avoided where you appoint lawyers as soon as you market your property and request that they start to put together the leasehold information which will be required by the buyers’ lawyers. If you have carried out any alterations to the premises would they have required Landlord’s consent? In particular have you laid down wooden flooring? Most leases in Bookham state that internal structural alterations or installing wooden flooring calls for a licence from the Landlord acquiescing to such changes. Should you dont have the approvals in place do not communicate with the landlord without checking with your lawyer before hand. If there is a history of any disputes with your freeholder or managing agents it is essential that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be nervous about purchasing a property where a dispute is ongoing. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over rather than ongoing. Some Bookham leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
Bookham Conveyancing for Leasehold Flats - A selection of Questions you should consider before buying
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How long is the Lease? Its a good idea to find out as much as possible regarding the company managing the building as they will affect your use and enjoyment of the property. Being a leasehold owner you are frequently in the clutches of the managing agents from a financial perspective and when it comes to day to day issues such as the cleanliness of the common parts. Enquire of other tenants if they are happy with their service. Finally, find out the dates that you are obliged pay the service charge to the managing agents and specifically what you get for your money. Who are the managing agents?