My flat in Mersea Island is up for sale and I have a buyer. Will my property lawyer have to be required to be on the Clydesdale conveyancing panel in order to deal with the discharge of my mortgage?
Ordinarily, even if your lawyer is not on the Clydesdale conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their specifications fairly frequently at the moment.
We previously instructed conveyancing lawyers located in Mersea Island on the Virgin Money solicitor panel. They have just billed me a separate charge for handling the Virgin Money mortgage. Is this a supplemental conveyancing fee set by Virgin Money?
Unfortunately, so long as it is in their Terms of Engagement or Quote then yes your conveyancing practitioner can levy a fee for this. This fee is not dictated by Virgin Money but by your Mersea Island conveyancing practitioner. Some firms on the Virgin Money panel will quote ’dealing with mortgage’ fee but plenty of firms incorporate it on their overall fee.
It is unclear whether my bank requires a lease extension. I have called into my local Mersea Island building society branch on numerous occasions and was told it does not affect the mortgage offer and they will lend. My Mersea Island conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they would not lend based on their published requirements. I have no idea who is right.
As long as the solicitor is on the bank panel, she or he must follow the CML Handbook specifications for the bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
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 Mersea Island solicitor - who is on the RBS conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
RBS will need an independent valuation of the property. Your lawyer will not arrange this. Usually RBS 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. You may wish to consider appointing your own Mersea Island surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
How does conveyancing in Mersea Island differ for new build properties?
Most buyers of new build or newly converted property in Mersea Island approach us having been asked by the builder to exchange contracts and commit to the purchase even before the property is finished. This is because new home sellers in Mersea Island typically 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 conveyancers 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 Mersea Island or who has acted in the same development.
I have been on the look out for a ground for flat up to £305k and identified one close by in Mersea Island I like with open areas and station nearby, however it only has 51 years unexpired on the lease. There is not much else in Mersea Island suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a mortgage the shortness of the lease may be an issue. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of 2 years you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
Due to complete next month on a basement flat in Mersea Island. Conveyancing lawyers inform me that they report fully tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Mersea Island should include some of the following:
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The physical extent of the demise. This could be the flat itself but may incorporate a roof space or basement if relevant. Your conveyancers should enable you to have an understanding of the insurance obligations Information as to the provision in the lease to pay service charges - in respect of the block, and the wider rights a tenant has Ground rent - what is payable and what the invoice dates are, and be on notice if this will change in the future The landlord’s rights to access the premises. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided.
I acquired a studio flat in Mersea Island, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Mersea Island with a long lease are worth £227,000. The ground rent is £50 levied per year. The lease ends on 21st October 2097
You have 72 years left to run we estimate the price of your lease extension to range between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.
I pay a maintenance contribution for my appartment in Mersea Island. Due to losing my job and personal issues I fell into arrears with remittance. The freeholders agreed a payment schedule but there remains in the region of £1750 left to be paid.
I am under pressure to dispose of the property and I am worried this will hold me back if I have to pay off the arrears first. Do I have to settle before - is this possible?
It would be wise to speak with the lawyer carrying out your Mersea Island conveyancing but one option may be to arrange for the arrears to be transferred to the purchasers. The sale price due would be reduced to reflect the amount of debt they assume. They could then pay the fees once they are the owners.