Can you explain why leasehold purchase conveyancing in Tiptree is more expensive?
Tiptree 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.
My husband and I wish to acquire a 1 bedroom apartment in Tiptree with a loan from The Mortgage Works.We like our Tiptree conveyancing lawyer but The Mortgage Works informed us his firm is not on their approved list of member firms. It seems we are left with no choice but to instruct a The Mortgage Works panel lawyer or keep our high street solicitor and pay for one of their panel ones to act for them. We feel as though this is unjust; Can we not simply insist that The Mortgage Works use our lawyer?
Unfortunately,no. The mortgage offered to you is subject to its various provisions, one of which will be that lawyers must be on the The Mortgage Works conveyancing panel. Until recently, most banks had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for The Mortgage Works
Various web forums that I have frequented warn that are a common cause of delay in Tiptree conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not figure within the top 10 causes of delays during the legal transfer of property. Searches are unlikely to feature in any slowing down conveyancing in Tiptree.
I am buying a new build flat in Tiptree. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Tiptree
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The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. There must be mutual enforceability of lessee’s covenants. 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 confirm the Lease plans are surveyor prepared.
We're new to the buying process - had an offer accepted, yet the estate agent told us that the seller will only proceed if we instruct their chosen conveyancers as they want a ‘quick sale’. My instinct tells me that we should use a local solicitor who is accustomed to conveyancing in Tiptree
We suspect that the owner is not behind this demand. Should the owner desire ‘a quick sale', taking such a hostile approach to a motivated buyer is counter productive. Try to communicate with the owners directly and make sure they comprehend that (a)you are keen to buy (b)you are ready to go, with finances arranged © you are chain free (d) you wish to move quickly (e)however you intend to appoint your preferred Tiptree conveyancing lawyers - rather thanthose that will provide their estate agent a kickback or hit his conveyancing figures demanded by corporate headquarters.
My wife and I purchased a leasehold house in Tiptree. Conveyancing and Santander mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Tiptree who previously acted has now retired. Any advice?
First make enquiries of the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. There is no need to instruct a Tiptree conveyancing practitioner to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I inherited a 1 bedroom flat in Tiptree, conveyancing formalities finalised in 1998. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Tiptree with a long lease are worth £211,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease ceases on 21st October 2090
With 68 years remaining on your lease the likely cost is going to span between £9,500 and £11,000 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.