Our solicitor has uncovered a a problem with the lease for the apartment we are purchasing in Chelmsford. The seller’s lawyers have offered defective title insurance as a workaround. We are content with insurance and will cover the costs. Our conveyancer has advised that he must ensure that the lender is willing to move forward with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the lender are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your solicitor will have no choice but to discontinue acting for you.
My Conveyancer in Chelmsford is not on the Britannia Conveyancing Panel. Can I still continue with my prefered solicitor notwithstanding that they are not on the Britannia list of approved lawyers?
Your options are as follows:
- Carry on with your existing Chelmsford solicitors but Britannia will need to instruct a lawyer on their list of acceptable firms. This will result in additional total conveyancing charges and result in frustration.
- Choose an alternative solicitor to act in the purchase, obviously checking they are Persuade your solicitor to use their best endeavours to join the Britannia conveyancing panel
We had appointed conveyancers located in Chelmsford on the Kent Reliance solicitor approved list. They have just billed me a separate amount for the legal aspects of the Kent Reliance mortgage. Is this an additional conveyancing fee set by Kent Reliance?
Unfortunately, as long as it is in their Terms of Engagement or Quote then yes your conveyancer can levy a fee for this. This fee is not dictated by Kent Reliance but by your Chelmsford conveyancing practitioner. Some firms on the Kent Reliance panel will quote an ‘acting for lender’ fee and others do not.
The mortgage over my property is with Yorkshire BS for my property in Chelmsford. Conveyancing was finalised some time ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Yorkshire BS?
Your original mortgage agreement with Yorkshire BS will provide that you need their approval prior to renting your property as this is likely to be a breach of Yorkshire BS’s mortgage conditions. It may be that Yorkshire BS 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 Yorkshire BS directly. It should not be necessary to do this via a Yorkshire BS conveyancing panel firm.
I have instructed a Chelmsford conveyancer having checked that they are on the Lloyds conveyancing panel. Does my lawyer arrange the survey of the property?
Lloyds will need an independent valuation of the property. Your lawyer will not arrange this. Usually Lloyds will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your solicitor will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Chelmsford postcode. As you are getting a mortgage with Lloyds, you could contact them to see if they have a list of approved surveyors in Chelmsford.
How does conveyancing in Chelmsford differ for newly converted properties?
Most buyers of new build property in Chelmsford come to us having been asked by the seller to sign contracts and commit to the purchase even before the house is ready to move into. This is because house builders in Chelmsford typically buy 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 conveyancing solicitors 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 Chelmsford or who has acted in the same development.
I am looking into buying my first house which is in Chelmsford and I am already nervous. I couldn't find anything specific about Chelmsford. Conveyancing will be needed in due course but do you know about the Chelmsford area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Chelmsford. In the meantime here are some basic statistics that we found
I today plan to offer on a house that appears to meet my requirements, at a great figure which is making it more attractive. I have since been informed that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Chelmsford. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Chelmsford ?
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 help the conveyancing process. It is clear that you are purchasing in Chelmsford in which case you should be shopping around for a Chelmsford conveyancing solicitor and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’spermission to carry out changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is part of an estate. Your solicitor will appraise you on the various issues.
I purchased a split level flat in Chelmsford, conveyancing having been completed 6 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Chelmsford with over 90 years remaining are worth £185,000. The ground rent is £65 yearly. The lease expires on 21st October 2086
You have 60 years left to run the likely cost is going to be between £20,000 and £23,000 as well as costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.