The sellers of the property we are hoping to buy have instructed a conveyancing firm in Canvey Island who has recommended a exclusivity contract with a down payment 6,000. Is it wise to enter into such agreements?
Exclusivity agreements are agreements binding a property seller and prospective acquirer granting the buyer exclusive rights to the sale of the property for a set period of time. Essentially, an exclusivity is a document specifying that you will be issued with a contract at a later date being the main conveyancing contract. It is generally used for buyer protection though in some cases, the vendor may enjoy an upside from such agreements as well. There are many positives and negatives to using an agreement but you need to check with your lawyer but beware that it may result in incurring extra in conveyancing fees. For these reasons these contracts are not popular when it comes to conveyancing in Canvey Island.
It is 10 years ago since I acquired my property in Canvey Island. Conveyancing lawyers have now been instructed on the sale but I am unable to locate my title deeds. Will this jeopardise the sale?
Don’t worry too much. Firstly the deeds may be with the lender or they may be in the possession of the lawyers who oversaw the purchase. Secondly in most cases the property will be recorded at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors procuring up to date copy of the land registers. The vast majority of conveyancing in Canvey Island involves registered property but in the rare situation where your property is unregistered it is more of a problem but is not insurmountable.
My Conveyancer in Canvey Island is not listed on the Santander Solicitor Panel. Is it possible for me to use my prefered solicitor notwithstanding that they are excluded from the Santander panel?
The limited options available to you here include:
- Complete the purchase with your preferred Canvey Island solicitors but Santander will need to retain a solicitor on their panel. This will inevitably rack up the overall conveyancing fees as well as cause frustration.
- Get a new lawyer to to deal with the purchase, obviously checking they are on the Santander panel
I have a mortgage with Nationwide for my property in Canvey Island. Conveyancing has been completed 12 months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Nationwide?
Nationwide must be informed of your intention in advance of renting your property as this is likely to be a breach of Nationwide’s mortgage conditions. It may be that Nationwide will allow you to rent 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 Nationwide directly. It should not be necessary to do this via a Nationwide conveyancing panel solicitor.
After weeks of negotiation I have agreed a price on a house in Canvey Island. My mortgage broker pressured me to appoint their property lawyer. I paid an on account payment of £150. A couple of days later, the lawyer contacted me embarrassingly acknowledging that they were not on the Aldermore conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Aldermore panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Principality have agreed my mortgage in principle, my offer on a apartment in Canvey Island has been accepted, what happens next?
Your property agent will wish to be advised as to your lawyer's details (ensure that the lawyers are on the lender’s panel). Call up Principality or the financial adviser and complete any appropriate documentation. Principality will sellect a valuer who will get in contact with the estate agent or vendor to schedule an appointment. Once conducted (assuming no problems) it takes on average ten days to get a mortgage offer. Principality will issue the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Canvey Island.
Is it necessary to take out insurance to cover chancel repairs when acquiring a residence in Canvey Island?
Unless a previous acquisition of the property completed post 12 October 2013 you can take it that solicitors delivering conveyancing in Canvey Island to continue to suggest a chancel search and or chancel repair liability policy.
Due to sign contracts shortly on a studio apartment in Canvey Island. Conveyancing solicitors have said that they report fully within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Canvey Island should include some of the following:
-
Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice? Alterations to the flat Specifying your legal entitlements in relation to common areas in the block.By way of example, does the lease provide for a right of way over an accessway or staircase? You should have a good understanding of the building insurance requirements
I inherited a studio flat in Canvey Island, conveyancing formalities finalised 7 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Canvey Island with over 90 years remaining are worth £265,000. The ground rent is £50 invoiced every year. The lease comes to an end on 21st October 2102
You have 76 years remaining on your lease we estimate the premium for your lease extension to be between £8,600 and £9,800 as well as legals.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.