I went with a high street lawyer for our conveyancing in Essex last week. Upon checking the official terms of business it is apparent thatI am on the hook for costs even if the movefalls through. Would I be best advised to choose a web based conveyancing brokerage promising no move no charge conveyancing in Essex?
Generally there is a compromise along the lines that if "No Completion No Fee" is offered then the fee levels will generally be higher to neutralise the conveyances that do not go ahead. Also remember that these schemes tend not to cover expenditure such as Essex conveyancing search expenses.
I am the single recipient of my late father’s will with all property in now in my sole name, including the my former home in Essex. Conveyancing formalities meant that the Land Registry date was in November. I plan to dispose of the property. I do know about the Mortgage Lenders six month 'rule', meaning my property ownership could be regarded the same way as though I had purchased the house in November. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be caught by that. How sensible a view mortgage companies take of it, depend on the lender as this provision primarily exists to pick up on the purchase and immediately sell or the flipping of property.
When it comes to lenders such as Coventry BS, do Essex property lawyers incur a fee to be on the list of approved solicitors?
We are unaware of any lender fees to register on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
It is unclear whether my bank requires a lease extension. I have called into my local Essex building society branch on various occasions and was told it wasn't a problem and they will lend. My Essex conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they refuse to lend in accordance with their specific requirements. I simply don't know who is right.
The solicitor must follow the Council of Mortgage Lenders’ Handbook section two requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Me and my brother have a renovated Georgian property in Essex. Conveyancing solicitor acted for me and Godiva Mortgages Ltd. I did a free Land Registry search last week and there are two entries: the first freehold, the second leasehold with the matching property. I thought I was buying a freehold how can I check?
You need to assess 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 Essex and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the position with the conveyancing practitioner who conducted the work.
I'm buying a new build house in Essex with the aid of help to buy. The sellers would not reduce the amount so I negotiated 6k of fixtures and fittings instead. The property agent suggested that I not to tell my conveyancer about this deal as it will impact my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Hoping to buy a property located in Essex and I am already nervous. I couldn't find anything specific about Essex. Conveyancing will be needed in due course but do you know about the Essex area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Essex. In the meantime here are some basic statistics that we found
I am in need of some leasehold conveyancing in Essex. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and most are in Essex - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I acquired a 1st floor flat in Essex, conveyancing having been completed May 2001. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Essex with a long lease are worth £192,000. The average or mid-range amount of ground rent is £55 yearly. The lease comes to an end on 21st October 2079
With only 54 years unexpired we estimate the premium for your lease extension to range between £32,300 and £37,400 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.