Is there a reason why leasehold purchase conveyancing in Chelmsford is more expensive?
The conveyancing costs on a leasehold property in Chelmsford is inevitably more expensive than on a freehold property. This is due to the additional investigations necessary in corresponding with the freeholder and management company to collate the evidence about whether the rent and service fee have been paid and whether there are any significant expenditure in the near future on repairs or maintenance of the block.
I have been told that property searches are the number one reason for obstruction in Chelmsford house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not figure within the most frequent causes of hindrances during the legal transfer of property. Local searches are unlikely to be the root cause of delay in conveyancing in Chelmsford.
I'm purchasing a new build house in Chelmsford benefiting from help to buy. The sellers would not budge the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent suggested that I not to tell my solicitor about the side-deal as it may affect my loan with Britannia. Is this normal?.
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.
Over the last few months I have been searching for a flat up to £195,000 and identified one near me in Chelmsford I like with open areas and station in the vicinity, the downside is that it's only got 49 years on the lease. There is not much else in Chelmsford in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a mortgage the shortness of the lease may be an issue. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least twenty four months you may request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
How do I use your search facility to get a fee calculation from a conveyancing lawyer in Chelmsford on the approved list for my bank?
Step one is to choose a mortgage company such as Barclays , The Royal Bank of Scotland or Barclays Direct then type in your location a common one being Chelmsford. Conveyancing organisations in Chelmsford and beyond should be shown.
I've found a house that appears to tick a lot of boxes, at a great price which is making it all the more appealing. I have subsequently found out that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Chelmsford. Conveyancing lawyers have are about to be instructed. Will they explain the issues?
The majority of houses in Chelmsford are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Chelmsford in which case you should be shopping around for a Chelmsford conveyancing solicitor and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’sconsent to conduct alterations. You may also be required to pay a contribution towards the maintenance of the communal areas where the property is part of an estate. Your lawyer should advise you fully on all the issues.
I purchased a basement flat in Chelmsford, conveyancing having been completed 10 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Chelmsford with an extended lease are worth £185,000. The average or mid-range amount of ground rent is £65 yearly. The lease finishes on 21st October 2086
With only 61 years remaining on your lease the likely cost is going to range between £18,100 and £20,800 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.