I am five weeks into the sale of my flat in Writtle and the EA has just e-mailed to advise that the purchasers are changing their law firm. The reason given is that the lender will only engage with solicitors on their approved list. Why would a leading lender only engage with certain law firms rather the firm that they want to choose for their conveyancing in Writtle ?
Banks have always had an approved set of law firms they are content to work with, 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 represented 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 monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms 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 unlikely to have any sway in the decision.
What does my ID and proof of funds have anything to do with my conveyancing in Writtle? Is this really necessary?
To satisfy the Money Laundering Regulations any Writtle conveyancing firm will require proof of identity in all conveyancing transactions. This is normally dealt with by provision of a passport and an original bank statement or utility bill showing your correct address.
Under Money Laundering Regulations, conveyancers are required to check not simply the identity of conveyancing clients but also the origin of fund that they receive in respect of any matter. An unwillingness to disclose this may lead to your conveyancer cancelling their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to inform the appropriate authorities should they believe that any monies received by them may contravene the Money Laundering Regulations.
I need some quick conveyancing in Writtle as I am faced with an ultimatum to sign on the dotted line in less than one month. A home loan is not required. Can I escape the need for conveyancing searches to save money and time?
If.Given you are not getting a home loan you are at free not to do searches although no lawyer would recommend that you don't. Drawing on our experience of conveyancing in Writtle the following are instances of issues that can appear and therefore impact future saleability: Enforcement Actions, Overdue Charges, Outstanding Grants, Railway Schemes,...
My wife and I purchased a renovated Edwardian property in Writtle. Conveyancing lawyer represented me and Nationwide Building Society. I happened to do a free search for it on the Land Registry database and there are a couple of entries: the first freehold, the second leasehold under the matching property. If a house is not a freehold shouldn't I have been informed?
You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Writtle and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the position with your conveyancing solicitor who completed the work.
The estate agent has sent us the confirmation of our purchase of a new build flat in Writtle. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Writtle
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If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. There must be mutual enforceability of lessee’s covenants. Forfeiture - bankruptcy or liquidation must not apply under this provision. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
If all goes to plan we aim to complete the sale of our £200,000 flat in Writtle in 5 days. The managing agents has quoted £420 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Writtle?
Writtle conveyancing on leasehold maisonettes more often than not involves the buyer’s solicitor sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to respond to such questions most will be content to do so. They are at liberty to invoice a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some transactions it exceeds £800. The management information fee levied by the landlord must be sent together with a synopsis of rights and obligations in respect of administration charges, otherwise the invoice is technically not due. Reality however dictates that you have no choice but to pay whatever is demanded if you want to sell the property.
Writtle Conveyancing for Leasehold Flats - Examples of Questions you should consider before Purchasing
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Make sure you enquire if the the lease includes any adverse restrictions in the lease. For example plenty of leases prohibit pets being permitted in certain buildings in Writtle. If you like the apartmentin Writtle but your cat is not allowed to make the move with you then you will be presented with a difficult compromise. Most Writtle leasehold apartments will have a service charge for the upkeep of the building invoiced on behalf of the freeholder. Should you buy the flat you will have to pay this liability, usually in instalments throughout the year. This may be anything from a couple of hundred pounds to thousands of pounds for bigger purpose-built buildings. There will also be a ground rent for you to pay annual, this is usually not a significant sum, say approximately £25-£75 but you should to check it because occasionally it can be many hundreds of pounds. Is the freehold owned jointly by the leaseholders?