We selected a high street lawyer for our conveyancing in South Hornchurch today. Upon checking the Terms and Conditions I seeI am on the hook for costs even if the sale doesn't happen. Should I ditch them and select an on-line firm who offer no move no charge conveyancing in South Hornchurch?
It is usually ‘give and take’ in that if "No Completion No Fee" is offered then the fee levels will generally be uplifted to offset those cases that do not go ahead. You should be mindful that these schemes tend not to protect you from expenses such as South Hornchurch conveyancing search costs.
I purchased a freehold property in South Hornchurch but still pay rent, why is this and what is this?
It’s unusual for properties in South Hornchurch and has limited impact for conveyancing in South Hornchurch but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the generation of fresh rentcharges post 1977.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
Should my conveyancer be raising enquiries regarding flooding as part of the conveyancing in South Hornchurch.
Flooding is a growing risk for solicitors conducting conveyancing in South Hornchurch. Some people will acquire a property in South Hornchurch, completely expectant that at some time, it may be flooded. However, leaving to one side the physical damage, if a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the premises. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Conveyancers are not qualified to offer advice on flood risk, however there are a number of searches that may be initiated by the purchaser or by their lawyers which will figure out the risks in South Hornchurch. The conventional set of property information forms sent to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual question of the seller to determine whether the premises has ever been flooded. In the event that flooding has previously occurred and is not notified by the owner, then a buyer could issue a compensation claim as a result of such an incorrect reply. A purchaser’s solicitors should also order an environmental search. This should disclose whether there is any known flood risk. If so, further investigations will need to be carried out.
I am looking for a flat up to £195,000 and identified one close by in South Hornchurch I like with amenity areas and railway links in the vicinity, the downside is that it's only got 51 remaining years left on the lease. There is not much else in South Hornchurch in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a mortgage the shortness of the lease will likely be a potential deal breaker. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this.
I am using a search engine for the term on line conveyancing in South Hornchurch it brings up numerous property lawyersin the vicinity. How do I determine which is the suitable conveyancing solicitor for the sale of my house?
The best method of choosing the right conveyancer is via trusted referral, so seek the opinion of colleagues and those you trust who have bought a property in South Hornchurch or the reputable estate agent or mortgage broker. Fees for conveyancing in South Hornchurch differ, so it's a good idea to request a minimum of four costs illustrations from varying types of property lawyers. Make sure that you know what costs in the quote includes.
I am just shy of a 10% deposit on my flat purchase in South Hornchurch , but I am anxious go ahead. What can I do?
One option is to try and agree a lesser deposit. Many vendors will accept a lower deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last moment