Our conveyancer has discovered a defect with the lease for the apartment we are purchasing in Colchester. The seller’s lawyers have offered defective title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancer says that he must be satisfied that the lender is content with this solution. Are we the client or is the bank?
Notwithstanding that you have a mortgage offer from the lender does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the lender are the client. These conveyancing instructions must be adhered to.
Do the Building Society Association intend to launch a searchable register to list practices on the Darlington Building Society conveyancing panel for example in Colchester?
We are not aware of any plans on the part of the BSA to develop such a search facility.
I was advised by a number of estate agents in Colchester to get a quote from a conveyancer on your site. Is there a financial advantage for Estate Agents to promote your lawyers ahead of another?
We don’t make any commission for sending work in our direction. We found it would be just too difficult to pay a commission because home movers will think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
We're first time buyers - had an offer accepted, yet the agent told us that the owners will only go ahead if we appoint the agent's chosen lawyers as they want a ‘quick sale’. Our preferred option is to instruct a high street solicitor accustomed to conveyancing in Colchester
It is improbable the owners are driving this. Should the owner desire ‘a quick sale', turning down a serious buyer is not the way to achieve this. Speak to the vendors direct and make sure they comprehend that (a)you are keen to buy (b)you are ready to go, with finances arranged © you are unencumbered (d) you wish to move quickly (e)however you will continue to use your own,trusted Colchester conveyancing lawyers - not the ones that will give their negotiator at the agency a referral fee or hit his conveyancing targets pre-set by senior management.
I own a leasehold flat in Colchester. Conveyancing and Coventry Building Society mortgage are in place. I have received a letter from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1991. The conveyancing practitioner in Colchester who acted for me is not around. Do I pay?
First contact HMLR to make sure that the individual claiming to own the freehold is in fact the new freeholder. You do not need to instruct a Colchester conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Leasehold Conveyancing in Colchester - A selection of Questions you should consider Prior to Purchasing
Best to be warned whether window replacement or some other significant cost is due shortly that will be shared amongst the tenants and will dramatically increase the the maintenance fees or result in a one off invoice. You should be aware that where the lease has no more than 80 years it will impact the value of the apartment. It is worth checking with your mortgage company that they are willing to lend given the lease term. A short lease means that you will almost definitely have to extend the lease at some point and it is worth discovering how much this will be. Remember, in most cases you would be required to have owned the property for 24 months before you are entitled to carry out a lease extension. Does the lease have in excess of 85 years unexpired?
I dont have enough spare funds to pay a 10% deposit on my apartment purchase in Colchester , but I still want to exchange. Do I have options?
One option is to try and agree a lower deposit. Most property owners will accept a smaller 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