My partner and I are hoping to purchase a flat in Colchester and are in fact using a Colchester conveyancing practice. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Nottingham Building Society have this morning contacted us to advise us that they have now hit a problem as our Colchester lawyer is not on their conveyancing panel. Is this a problem?
If you are buying a property requiring a mortgage it is normal for the purchasers' lawyers to also represent the purchaser's lender. 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 Quality Scheme. Your property lawyer should contact your mortgage company 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 are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Colchester solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Does a directory service exist listing Santander panel solicitors in Colchester on the Council of Mortgage Lender’s Website?
Unfortunately not yet. There is no such tool on the Council of Mortgage Lenders or Building Society Association sites. Very few lenders make their panel listings open the public on the web. Where you are seeking to appoint a Colchester solicitor on the Santander please make the most of our tool.
I am due to exchange contracts on my apartment. I had a double glazing fitted in October 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Yorkshire BS are being pedantic. The Colchester solicitor who is on the Yorkshire BS conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Yorkshire BS are requiring a building regulation certificate. Why do Yorkshire BS have a conveyancing panel if they don't accept advice from them?
It is probably the case that Yorkshire BS have referred the matter to their valuer. The reason why Yorkshire BS may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Our offer on a property in Colchester has been agreed to, the vendors do however have a dependent purchase. The vendors have put an offer on a flat, but it’s not been accepted yet, and are looking at other flats in the pipeline. I have instructed a high street conveyancing solicitor in Colchester. What should be my next step? When do I get the mortgage application with Virgin Money started?
It is normal to have anxieties where there is a chain as you are unlikely to want to incur expenses prematurely (home loan application is in the region of one thousand pounds, then valuation, Colchester conveyancing search costs, etc). First, you must check that your conveyancer is on the Virgin Money conveyancing panel. Concerning the next steps this very much dictated by the specifics of your case, desire for the property and on the state of the market. In a hot market some purchasers would apply for a home loan with Virgin Money and pay for the valuation and only if it was satisfactory would they request their conveyancer to press on with searches.
I require quick conveyancing in Colchester as I am under pressure to exchange contracts inside 4 weeks. A mortgage is not required. Can I escape the need for conveyancing searches to save fees and time?
As you are not getting a mortgage you have the choice not to have searches carried out although no law firm would advise that you don't. Drawing on years of experience of conveyancing in Colchester the following are instances of issues that can be revealed and therefore affect market value: Enforcement Notices, Outstanding Charges, Outstanding Grants, Unadopted Roads,...
The deeds to my property can not be found. The conveyancers who dealt with the conveyancing in Colchester 5 years ago have long since closed. Will I be able to sell the house?
Gone are the days when you need to have the physical original deeds to evidence that you are the owner of your registered land or premises, as the Land Registry have everything they need in a digital format.
Over the last few months I have been searching for a leasehold apartment up to £305k and identified one round the corner in Colchester I like with a park and station in the vicinity, the downside is that it's only got 61 years unexpired on the lease. There is not much else in Colchester suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term will be an issue. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you can ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this.
I am tempted by the attractive purchase price for a two flats in Colchester both have about 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?
A lease is a right to use the property for a prescribed time frame. As the lease shortens the marketability of the lease decreases and results in it becoming more costly to extend the lease. This is why it is advisable to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease extension can be a protracted process. We recommend you seek professional help from a solicitor and surveyor with experience in this field.
I am the registered owner of a 1st floor flat in Colchester, conveyancing formalities finalised 5 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Colchester with an extended lease are worth £211,000. The average or mid-range amount of ground rent is £50 per annum. The lease ends on 21st October 2093
You have 68 years unexpired we estimate the premium for your lease extension to be between £9,500 and £11,000 as well as legals.
The figure above a general guide to costs for renewing 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 other issues that need to be considered and clearly you should 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.