Is there a reason why leasehold purchase conveyancing in Epping costs more?
The conveyancing fees on a leasehold property in Epping is often greater than on a freehold transaction. This is because there is an amount of extra work necessary in liaising with the freeholder and managing agents to obtain evidence about whether the rent and service fee have been cleared and whether there are any significant expenditure in the foreseeable future on repairs or maintenance of the block.
A relative informed me that in buying a property in Epping there may be various restrictions affecting the ability to carry out external alterations to the property. Is this right?
There are a number of properties in Epping which have some sort of restriction or requirement of consent to perform external variations. Part of the conveyancing in Epping should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
My lawyer has informed me that flying freehold insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Epping?
The appropriate level of flying freehold indemnity insurance depends on who your lender is. It would differ for example between Nationwide Building Society and Leeds Building Society. Conveyancing lawyers as opposed to members of the public take out such insurances.
Our sealed bid on a property in Epping has been accepted, but there is a chain. The owners have put an offer on a flat, but it’s not been accepted yet, and are looking at other properties booked. I have chosen a local conveyancing solicitor in Epping. What should be my next step? At what stage should I apply for the mortgage with Virgin Money?
It is normal to have apprehensions where there is a chain as you are unlikely to want to incur expenses prematurely (mortgage application is in the region of £1k, then survey, Epping conveyancing search charges, etc). First, you must ensure that your conveyancing practitioner is on the Virgin Money approved list. Regarding the subsequent phase this very much dictated by the circumstances of your transaction, motivation for the property and on the state of the market. During a rising market some home buyers will apply for the mortgage with Virgin Money and pay for the valuation and only if it was satisfactory would they request their lawyer to proceed with searches.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Epping. Conveyancing is necessary evil 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 conveyancing.
Set out below is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Epping
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? 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. Please supply a car parking plan. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
I am looking into buying my first house which is in Epping and I am already nervous. I couldn't find anything specific about Epping. Conveyancing will be needed in due course but do you know about the Epping area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Epping. In the meantime here are some basic statistics that we found
I am a fortnight into a leasehold purchase having been referred to a firm by the selling agent to execute conveyancing in Epping. I am not happy. Could you you assist me in finding new lawyers?
They would have to be really bad in order to consider diss instructing them. Has your mortgage offer been issued? If so you need to inform them of the replacement solicitor and get the mortgage documents are re-issued. The solicitor ideally should be on the banks panel to avoid escalating expenses and frustration. So that should be your first question of the new solicitors. The find a solicitor tool can help you find a lender approved solicitor for your home move in Epping
We own a leasehold flat in Epping. Conveyancing was completed in last year. I have been told that I mustn’t allow the lease length get too low. Is this correct?
Epping domestic long term leases are for a fixed term - usually ninety nine years when they commenced. However a significant flats in Epping were built or converted 35 or more years ago and so such leases now have under 80 years left to run. That may seem like plenty of time however Banks, Building Societies and other mortgage lenders generally require leases to have a minimum of 75 years remaining to adequate security. This means that when you come to sell the property you will need a lease extension if you are nearing seventy five years. To optimize your property value you should be thinking about whether to extend your lease well in advance of selling the property. Furthermore significant benefits to doing so before the lease reaches even 80 years as when the lease falls below 80 years the amount you have to pay to extend starts to increase.