Can you explain why leasehold purchase conveyancing in Mersea Island costs more?
Mersea Island leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
We're in Mersea Island, First time buyers buying with a mortgage (lender is Co-operative , and our lawyer is on the Co-operative conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Co-operative conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I just bought a property at auction in Mersea Island. Conveyancing is required. What are my next steps?
Having exchanged you will need to instruct a conveyancing lawyer soon as you are faced with a fast approaching deadline in which to complete the transaction. An auction property should have a bespoke auction pack. This will likely include the copy title deeds, local authority and drainage searches. In the case of leasehold premises the auction pack should contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork pertinent to a leasehold property. You must give this to your appointed conveyancing solicitor as soon as possible. Do make sure that that you have the requisite funding organised to complete on the date specified in the contract.
We are due to move property in August. Does my conveyancing solicitor liaise with the removal company on the day of completion. As an aside, can you recommend a removal company in Mersea Island. Conveyancing firm was found before I stumbled across your page.
On the day of completion you will need to pick up the keys from the selling agent however this should only be done when the previous owners lawyers advise the agent that they have the completion monies and the keys can be passed over. Subsequently you will need to advise the removal men that you are ready to move in. We are not in a position to suggest a particular removal organisation but can help you find a conveyancing in Mersea Island or a lawyer with expertise in conveyancing in Mersea Island.
I can not work out if my lender requires a lease extension. I have telephoned my Mersea Island bank branch on a couple of occasions and was told they are content with the situation and they would lend. My Mersea Island conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they refuse to lend based on their specific requirements. Who do I believe?
Provided that the conveyancing practitioner is on the mortgage company panel, they must adhere to the Council of Mortgage Lenders’ Handbook specifications for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
I am buying a house and the conveyancer has identified Chancel Repair to which the house may be obligated to pay given it’s proximity to the area of such a church. He has mentioned insurance. Is this strictly warranted for conveyancing in Mersea Island
Unless a previous acquisition of the house completed post 12 October 2013 you can expect solicitors conducting conveyancing in Mersea Island to remain recommending a chancel search and or chancel repair liability insurance.
I am looking for a flat up to £305k and found one round the corner in Mersea Island I like with open areas and railway links nearby, however it only has 49 remaining years left on the lease. I can't really find anything else in Mersea Island for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a mortgage that many years will be a potential deal breaker. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of twenty four months you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.
I've recently bought a leasehold property in Mersea Island. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I own a ground floor flat in Mersea Island, conveyancing was carried out 3 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Mersea Island with a long lease are worth £190,000. The ground rent is £45 levied per year. The lease ends on 21st October 2086
With 62 years remaining on your lease the likely cost is going to range between £17,100 and £19,800 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.