I plan on acquiring a maisonette in Tilbury. My lawyer is not listed on the bank approved panel. Am I still permitted to retain my Tilbury conveyancing solicitor notwithstanding that they are not on the bank panel?
You have a couple of choices open to you here
- Proceed with your preferred Tilbury conveyancing practitioner but your mortgage company will need to appoint a solicitor on their approved list. The net result is additional cost together with probable frustration.
- Choose a new conveyancer to conduct the conveyancing, ensuring that they are on the bank conveyancing panel.
- Convince your conveyancing practitioner to do everything possible to join the bank’s panel of solicitors
five months have elapsed since my purchase conveyancing in Tilbury concluded. I have checked the Land Registry website which shows that I paid £200,000 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 premises 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.
I am purchasing my first flat in Tilbury with a loan from Nottingham Building Society. The sellers refused to reduce the amount so I negotiated 6k of additionals instead. The estate agent advised me not disclose to my solicitor about the extras as it could put at risk my mortgage with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am 14 days into a residential purchase having been referred to conveyancers by the high street agent to perform conveyancing in Tilbury. I am not happy. Can you help me find new conveyancers?
A solicitor would have to be very poor in order to consider changing them. Has your mortgage been sent? If so you need to make them aware of the replacement solicitor and get the offer are re-issued. Your conveyancer should be on the lenders panel to avoid supplemental costs and complications. So that should be your first question of the new solicitors. Our find a solicitor tool can assist you in finding a bank approved conveyancer for your conveyancing in Tilbury
Are there frequently found defects that you witness in leases for Tilbury properties?
Leasehold conveyancing in Tilbury is not unique. Most leases are individual and drafting errors can sometimes mean that certain provisions are missing. The following missing provisions could result in a defective lease:
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A duty to insure the building
You may have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Chelsea Building Society, and Godiva Mortgages Ltd all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to withdraw.
I own a studio flat in Tilbury, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Tilbury with over 90 years remaining are worth £202,000. The ground rent is £60 levied per year. The lease finishes on 21st October 2081
With 57 years unexpired we estimate the price of your lease extension to range between £28,500 and £33,000 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.
Builders have suggested I use a property lawyer and I've obtained a quote from them. They are nearly £400 less expensive than my own Tilbury lawyer. What's the catch?
Builders normally have lists of property lawyers who are quick and who know the developer’s paperwork and conveyancing practitioner. As many developers offer an inducement to choose a preferred conveyancer for this reason, any increased charges can be avoided and a builder will not put forward a conveyancing factory and run the risk of having the conveyancing stall when they want exchange in 28 days. The argument for not opting for the recommended property lawyer is that they may be hesitant to 'push' your interests for fear of upsetting the housebuilder. If you worry that this may be the situation you should stick with your local Tilbury solicitor.