My mortgage broker has requested my Colchester solicitor’s panel reference for the Nat West conveyancing panel. Can you suggest how I find this out. I have contacted my local Colchester branch but they have not responded to me.
The sensible thing to do is ask for this information from your Colchester conveyancer . Most Colchester conveyancing practices will keep a file or database of lender panel information which would include, if applicable, their conveyancing panel details for each lender.
We were just about to sign contracts for a garden flat in Colchester. We have hit a problem. Our mortgage offer with Bank of Scotland runs out on 25/6/2025 but the sellers are insisting on a completion date of 27/6/2025. Can one extend the loan expiry date?
The person best placed to deal with your question is your solicitors who should determine whether he or she is better off negotiating with the mortgage company, owner’s solicitors, property agents or possibly all three taking into account the history of your house move to date.
It is is a decade since I bought my house in Colchester. Conveyancing lawyers have recently been appointed on the sale but I am unable to locate the deeds. Is this a major issue?
Don’t worry too much. Firstly the deeds may be retained by the lender or they may be in the possession of the conveyancers who handled the purchase. Secondly the likelihood is that the property will be registered at the land registry and you will be able to establish that you own the property by your conveyancing lawyers obtaining up to date copy of the land registers. Most conveyancing in Colchester relates to registered property but in the unlikely event that your home is not registered it adds to the complexity but is not insurmountable.
My partner has encouraged me to instruct his lawyers for conveyancing in Colchester. Do I take his recommendation?
There are no two ways about it the best way to select a conveyancing lawyer is to seek recommendations from friends or family who have used the firm that you are considering.
I am employed by a busy estate agent office in Colchester where we have experienced a few flat sales put at risk as a result of short leases. I have received contradictory information from local Colchester conveyancing firms. Could you confirm whether the owner of a flat can commence the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I own a 2 bed flat in Colchester, conveyancing having been completed 6 years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Colchester with a long lease are worth £190,000. The ground rent is £45 invoiced annually. The lease expires on 21st October 2087
With only 62 years unexpired the likely cost is going to span between £17,100 and £19,800 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.
I have instructed a Colchester conveyancing solicitor for our home move (FTB’s) and have noticed in the Ts and Cs that they are not covered by the Financial Conduct Authority. Should I be worried or is that usually the case with lawyer?
We can't see why they should be. Most conveyancer don't lend money. They should be governed by the SRA, who dictate strict conditions regulating monies sitting on client account.