Should conveyancers ask for money on account for my conveyancing in Basildon?
If you are buying a property in Basildon your solicitor will request that you put them with monies to cover the search fees. Generally this is asked for to cover the fees of the Local Authority Search. When the down payment is as part of the sale price then this should be asked for shortly ahead of contracts are exchanged. The final balance that is due will be payable a few days prior to the completion date.
When it comes to lenders such as Co-operative, do Basildon conveyancers face an annual charge to be on the conveyancing panel?
We are unaware of any mortgage company fees to register on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
I am currently in the process of buying my council flat in Basildon. I have a mortgage offer with Aldermore. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Aldermore, you will need to appoint a solicitor on the Aldermore conveyancing panel.
I've read lots of house buying guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Basildon solicitor - who is on the Nationwide conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Nationwide will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nationwide will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Basildon surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Should my solicitor be raising enquiries regarding flooding during the conveyancing in Basildon.
Flooding is a growing risk for conveyancers conducting conveyancing in Basildon. There are those who acquire a property in Basildon, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not best placed to impart advice on flood risk, but there are a various checks that can be initiated by the buyer or by their conveyancers which can figure out the risks in Basildon. The conventional set of property information forms supplied to a buyer’s solicitor (where the Conveyancing Protocol is adopted) includes a standard inquiry of the owner to find out whether the premises has suffered from flooding. In the event that the property has been flooded in past and is not revealed by the owner, then a purchaser may commence a legal claim for losses as a result of such an misleading reply. The purchaser’s conveyancers will also commission an environmental search. This should disclose whether there is any known flood risk. If so, more detailed investigations will need to be initiated.
I've recently found out that there is a flying freehold element on a property I put an offer in two weeks back in what should have been a simple, no chain conveyancing. Basildon is the location of the property. Is there any guidance you can impart?
Flying freeholds in Basildon are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Basildon you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Basildon may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I am a sole trader intending to lease a unit on the high street. Can you recommend conveyancers offering no-move-no fees for commercial conveyancing in Basildon for under £2000?
We are happy to recommend firms who have an in-depth of experience of commercial conveyancing in Basildon, including the sale and purchase of businesses as well as simply property. If you are hoping to buy or lease a shop, pub, restaurant, office, retail premises or a complete business we will put you in touch with the right solicitor. Regarding the costs this will depend on the structure and heads of terms of the deal. Please provide us with your contact information or email us so that we can furnish you with a detailed commercial conveyancing quote.
I am employed by a long established estate agency in Basildon where we have witnessed a few leasehold sales derailed due to leases having less than 80 years remaining. I have received contradictory information from local Basildon conveyancing firms. Please can you clarify whether the seller of a flat can instigate the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I bought a studio flat in Basildon, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Basildon with over 90 years remaining are worth £191,000. The ground rent is £55 yearly. The lease terminates on 21st October 2078
With 53 years remaining on your lease we estimate the premium for your lease extension to span between £27,600 and £31,800 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.