I am need of leasehold conveyancing for a flat in a fairly new development (6 years old) in Essex. Almost all the flats are already disposed of. Is it strictly necessary to order neighbourhood searches for my conveyancing in Essex?
You are putting yourself at risk in refusing to carrying out Essex conveyancing searches. Without searches you have no clarity over flooding, environmental etc which may mean you walk away due to potential problems down the line. If you are buying mortgage free there is no legal necessity to have them, but we would absolutely advise in the strongest possible terms that your solicitor conducts them. If timings and cost are top of your concerns you should consider with your conveyancer about the possibility of search insurance
We are planning to acquire a property and need a conveyancing solicitor in Essex who is on the Barclays solicitor panel. Can you recommend a local solicitor?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Barclays . We don't recommend any particular firms conducting conveyancing in Essex.
My bid for a property was accepted at auction in Essex. Conveyancing is necessary. What happens now?
Now that you have for in every practical sense signed on the dotted line you will need to appoint a conveyancing lawyer quickly as you are faced with a tight a drop dead date to complete the property. All auction property will ordinarily have a bespoke legal set of papers. This will likely include the copy title deeds, local authority and drainage searches. In the case of leasehold premises the conveyancing pack may include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork pertinent to leasehold premises. You must give this to the solicitor working for you at the earliest opportunity. You also need to ensure that your finances are in order to complete the transaction on the set completion date.
I have decided to exercise my right to buy my property in Essex off the council. I have a mortgage offer with Aldermore. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Aldermore, you will need to appoint a solicitor on the Aldermore conveyancing panel.
The mortgage over my property is with HSBC for my property in Essex. Conveyancing was finalised 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 HSBC?
You must advise HSBC in advance of renting your property as this is likely to be a breach of HSBC’s mortgage conditions. It may be that HSBC 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 HSBC directly. It should not be necessary to do this via a HSBC conveyancing panel solicitor.
Is it simple use the search tool to select a conveyancing practitioner in Essex on the approved list for my lender?
First choose a lender such as Santander, Bank of Scotland or Nottingham Building Society then choose your location for example Essex. Conveyancing practices in Essex and further afield should be shown.
I am looking at a couple of flats in Essex both have about forty five years left on the lease term. Do I need to be concerned?
There is no doubt about it. A leasehold apartment in Essex is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the salability of the property. The majority of buyers and lenders, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Essex conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I invested in buying a 2 bed flat in Essex, conveyancing was carried out December 2000. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Essex with over 90 years remaining are worth £186,000. The ground rent is £55 per annum. The lease finishes on 21st October 2078
With only 52 years remaining on your lease we estimate the premium for your lease extension to be between £29,500 and £34,000 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.
To what extent are Essex conveyancing solicitors duty bound by the Law Society to publish clear conveyancing costs?
Inbuilt into the Solicitors Code of Conduct are set rules and regulations as to how the Solicitors Regulation Authority (SRA) allow solicitors to publicise their charges to clients.The Law Society have a practice note giving advice on how to publicise transparent charges to avoid breaching any such rule. Practice notes are not legal advice issued by the Law Society and is not intended as the only standard of good practice a conveyancing solicitor should adhere to. The Practice Note does, nevertheless, represent the Law Society’s view of acceptable practice for publicising conveyancing charges, and accordingly it’s a recommended read for any solicitor or conveyancer in Essex or further afield.