My husband and I are hoping to acquire a home in Tilbury and have instructed a Tilbury conveyancing practice. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Norwich and Peterborough Building Society have this morning contacted us to advise us that there is now an issue as our Tilbury solicitor is not on their approved list of lawyers. Is this a problem?
If you are buying a property requiring a mortgage it is normal for the purchasers' lawyers to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Tilbury solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
I am told that my conveyancing solicitors will need to check that the building insurance when buying a house in Tilbury. My lender is Platform
Platform have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 3/12/2023, the requirements read as follows :
How does conveyancing in Tilbury differ for new build properties?
Most buyers of new build property in Tilbury approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is completed. This is because builders in Tilbury typically purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Tilbury or who has acted in the same development.
Due to the guidance of my in-laws I had a survey completed on a house in Tilbury prior to retaining lawyers. I have been advised that there is a flying freehold overhang to the house. The surveyor has said that some mortgage companies may refuse to give a mortgage on such a premises.
It depends who your proposed lender is. Lloyds has different requirements from Halifax. If you call us we can look into this further with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Tilbury. Conveyancing may be slightly more expensive based on your lender's requirements.
I need to retain a conveyancing solicitor for remortgage conveyancing in Tilbury. I have stumble upon a web site which seems to have the ideal offering If there is a chance to get all formalities completed via email that would be ideal. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Having checked my lease I have discovered that there are only 62 years unexpired on my lease in Tilbury. I now want to get lease extension but my freeholder is missing. What should I do?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. However, you will be required to prove that you have done all that could be expected to track down the lessor. On the whole an enquiry agent should be useful to try and locate and to produce an expert document which can be accepted by the court as evidence that the landlord is indeed missing. It is wise to seek advice from a property lawyer both on devolving into the landlord’s absence and the vesting order request to the County Court overseeing Tilbury.
I am the registered owner of a 1 bedroom flat in Tilbury, conveyancing having been completed May 2001. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Tilbury with an extended lease are worth £202,000. The average or mid-range amount of ground rent is £60 per annum. The lease expires on 21st October 2079
You have 56 years left to run we estimate the premium for your lease extension to span between £29,500 and £34,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.