We had chosen conveyancers based in Mersea Island on the Barclays solicitor panel. They have just billed me a supplemental fee for handling the Barclays mortgage. Is this an additional conveyancing fee set by Barclays?
Unfortunately, so long as it is in their Terms of Engagement or estimate then yes your solicitor can charge a fee for this. The charge is not dictated by Barclays but by your Mersea Island lawyer. Numerous firms on the Barclays panel will charge an ‘acting for lender’ fee but some firms incorporate it on their overall fee.
We have agreed to purchase a house in Mersea Island. An unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender UBS be concerned?
As you are obtaining a mortgage with UBS your lawyer must check the formal requirements set out in Part 2 of UK Finance Lenders’ Handbook for UBS. The CML Handbook sets out minimum provisions for solar panel roof-space leases, and property lawyers are required to report to UBS where a lease fails to comply with these requirements. The conditions relate to the installation of panels on properties nationwide and is not isolated to Mersea Island.
I have a mortgage with Santander for my property in Mersea Island. Conveyancing has been completed a year ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Santander?
Santander must be informed of your intention before letting out your property as this is likely to be a breach of Santander’s mortgage conditions. It may be that Santander will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Santander directly. It should not be necessary to do this via a Santander conveyancing panel firm.
Should our conveyancer be raising questions regarding flooding during the conveyancing in Mersea Island.
Flooding is a growing risk for lawyers dealing with homes in Mersea Island. Some people will acquire a property in Mersea Island, fully expectant that at some time, it may suffer from flooding. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Conveyancers are not best placed to offer advice on flood risk, but there are a various searches that can be undertaken by the purchaser or on a buyer’s behalf which can figure out the risks in Mersea Island. The standard information sent to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard inquiry of the vendor to determine if the premises has suffered from flooding. In the event that flooding has previously occurred and is not notified by the seller, then a buyer could commence a legal claim for losses stemming from an inaccurate answer. A purchaser’s solicitors should also order an enviro report. This will higlight whether there is any known flood risk. If so, additional inquiries will need to be initiated.
I am purchasing my first flat in Mersea Island with the aid of help to buy. The builders refused to reduce the price so I negotiated five thousand pounds worth of extras instead. The property agent suggested that I not disclose to my lawyer about the deal as it may impact my loan with the lender. Should I keep quiet?.
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.
I opted to have a survey done on a house in Mersea Island ahead of instructing conveyancers. I have been informed that there is a flying freehold overhang to the property. The surveyor has said that some lenders will not give a mortgage on a flying freehold house.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Nationwide. Should you wish to call us we can check with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Mersea Island. Conveyancing will be smoother if you use a solicitor in Mersea Island especially if they are accustomed to such properties in Mersea Island.
What tools are available to identify a Mersea Island solicitor on the Coventry Building Society conveyancing panel? I have a car and am prepared to travel upto 10kilometers to meet the solicitor.
You can use the search on this page. Please pick a bank and your location and you will see a number of Mersea Island conveyancing lawyers located nearest you. We have detailed some Mersea Island conveyancing firms at the bottom of this page and you can contact them to verify if they are on the Coventry Building Society member panel
I am looking at a two flats in Mersea Island both have in the region of forty five years left on the leases. should I be concerned?
There is no doubt about it. A leasehold flat in Mersea Island is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. The majority of purchasers and lenders, leases with under eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Mersea Island conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Mersea Island Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to Purchasing
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This question is useful as a) areas may result in problems for the building as the common areas may start to deteriorate if repairs are not paid for b) if the leaseholders have a dispute with the running of the building you will want to have complete disclosure Is anyone aware of any major works anticipated that will likely increase the maintenance fees? It would be prudent to find out as much as you can regarding the company managing the block as they will affect your use and enjoyment of the property. Being a leasehold owner you are often in the clutches of the managing agents both financially and when it comes to every day issues such as the tidiness of the communal areas. Enquire of other tenants whether they are happy with their management. Finally, find out the dates that the service fees are due to the appropriate party and precisely what it includes.