Having sold my house in Great Baddow last November yet the purchaser is whats apping me complaining that his lawyer is waiting to hear from mine. What are the post completion sale legalities following completion?
Post completion of your house sale your solicitor is obliged to deliver the transfer documentation and all additional paperwork to the purchaser's conveyancer. Where relevant, your solicitor must also send confirmation that the mortgage has been redeemed to the purchasers solicitors. There is unlikely to be post completion formalities peculiar conveyancing in Great Baddow.
I had a mortgage agreed in principle with Bank of Ireland. Great Baddow conveyancing lawyers are appointed. How long does it take for Bank of Ireland to send the offer to the property lawyer?
Some lenders take longer than others. Have Bank of Ireland completed the survey? Have you advised Bank of Ireland as to your lawyers' details and checked that your lawyers are on the Bank of Ireland conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I was told two weeks ago that my mortgage has been agreed to by TSB. Is it usual for TSB to only issue the offer once my solicitor in Great Baddow is approved on their conveyancing panel? TSB have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for TSB to deal with your lawyer's application to be on the TSB conveyancing panel. There's no guarantee that your solicitor will be accepted.
I've digested plenty of house buying guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Great Baddow solicitor - who is on the Aldermore conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Aldermore will need an independent valuation of the property. Your lawyer will not arrange this. Usually Aldermore 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 lawyer 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 Great Baddow postcode. As you are getting a mortgage with Aldermore, you could contact them to see if they have a list of approved surveyors in Great Baddow.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Great Baddow?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Great Baddow. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Great Baddow differ for newly converted properties?
Most buyers of new build or newly converted property in Great Baddow approach us having been asked by the developer to sign contracts and commit to the purchase even before the residence is ready to move into. This is because new home sellers in Great Baddow tend to acquire the site, 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 property lawyers 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 Great Baddow or who has acted in the same development.
I have been on the look out for a flat up to £305k and found one near me in Great Baddow I like with a park and transport links nearby, however it's only got 51 remaining years left on the lease. There is not much else in Great Baddow suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a mortgage the shortness of the lease 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 owner has owned the premises for at least twenty four months you could request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
I am attracted to a couple of flats in Great Baddow which have in the region of fifty years unexpired on the leases. should I be concerned?
There are plenty of short leases in Great Baddow. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the marketability of the lease decreases and results in it becoming more expensive to extend the lease. This is why it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We recommend you seek professional help from a solicitor and surveyor with experience in this area.
Leasehold Conveyancing in Great Baddow - Examples of Questions you should consider Prior to buying
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You will want to find out as much as possible concerning the managing agents as they will affect your use and enjoyment of the property. As the proprietor of a leasehold property you are frequently at the mercy of the managing agents from a financial perspective and when it comes to day to day matters such as the cleanliness of the communal areas. You should not be shy to ask other tenants if they are happy with them. In conclusion, be sure you discover the dates that the service fees are due to the relevant party and precisely what you get for your money. The answer will be useful as a) areas may cause problems in the block as the common areas may begin to deteriorate where maintenance remain unpaid b) if the tenants have an issue with the running of the building you will need to have all the details Are any of leasehold owners in arrears of their service charge liability?