My Mersea Island lawyer has discovered a difference between the surveyor’s assumptions in the home valuation report and what is revealed within the legal papers for the property. My lawyer has advised that he needs to ensure that the bank is happy with this discrepancy and is content to go ahead. Is my conveyancer’s course or action correct?
Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
We are planning to acquire a property and need a conveyancing solicitor in Mersea Island who is on the Santander solicitor panel. Can you recommend a local conveyancing firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Santander . We don't recommend any particular firms conducting conveyancing in Mersea Island.
Should my lawyer be raising enquiries concerning flooding as part of the conveyancing in Mersea Island.
The risk of flooding is if increasing concern for conveyancers conducting conveyancing in Mersea Island. There are those who purchase a house in Mersea Island, fully aware that at some time, it may be flooded. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or dispose of the property. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Solicitors are not best placed to give advice on flood risk, but there are a various searches that can be carried out by the purchaser or on a buyer’s behalf which can give them a better understanding of the risks in Mersea Island. The standard property information forms given to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual inquiry of the vendor to determine if the premises has historically flooded. If the premises has been flooded in past which is not revealed by the owner, then a purchaser may issue a legal claim for losses as a result of such an incorrect response. The purchaser’s solicitors may also carry out an enviro report. This should indicate whether there is a recorded flood risk. If so, more detailed inquiries will need to be conducted.
I've recently found out that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a simple, no chain conveyancing. Mersea Island is where the house is located. Is there any guidance you can impart?
Flying freeholds in Mersea Island are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Mersea Island you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Mersea Island may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I only have 68 years unexpired on my flat in Mersea Island. I now want to get lease extension but my freeholder is can not be found. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. However, you will be required to prove that you or your lawyers have done all that could be expected to locate the freeholder. On the whole an enquiry agent should be helpful to conduct investigations and prepare a report to be accepted by the court as proof that the landlord can not be located. It is wise to seek advice from a conveyancer in relation to proving the landlord’s disappearance and the vesting order request to the County Court overseeing Mersea Island.
I purchased a 1 bedroom flat in Mersea Island, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Mersea Island with over 90 years remaining are worth £211,000. The ground rent is £45 invoiced annually. The lease comes to an end on 21st October 2092
You have 67 years unexpired we estimate the premium for your lease extension to span between £10,500 and £12,000 as well as 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 without more detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.
We own a leasehold flat in Mersea Island. Conveyancing was completed in 2011. I have read on numerous advice forums that I mustn’t allow the the remaining lease term to get too low. Why is that a problem?
Mersea Island domestic long term leases are for a prescribed term - usually 99 years when they are first granted. However many appartments in Mersea Island were built or converted in the 60’s and so such leases now have under 80 years left to run. That may seem like plenty of time but Banks, Building Societies and other mortgage lenders on the whole require leases to have at least 75 years left to adequate security. Accordingly when you come to sell the property you will need a lease extension if you are nearing 75 years. To optimize your property value you should be thinking about whether or not to extend your lease long before you come to sell it. Furthermore strong financial reasons to taking action before the lease hits 80 years as when the lease is below eighty years the amount to be paid to extend starts to get a lot more expensive.