Can you explain why leasehold purchase conveyancing in Pitsea costs more?
In short, leasehold conveyancing in Pitsea and elsewhere usually involve additional hours of investigation compared to freehold transactions. This includes reviewing the lease, liaising with the landlord concerning serving required notices, procuring up-to-date service charge and management information, procuring the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different leaseholders have owned the lease since it was first granted.
My wife and I buying a 3 bedroom semi in Pitsea. We would like to convert the garage to an office at the house.Will legal due diligence on the property involve checks to see if these alterations are permitted?
Your property lawyer will review the deeds as conveyancing in Pitsea will sometimes reveal restrictions in the title deeds which restrict categories of alterations or necessitated the permission of a 3rd party. Some extensions call for local authority planning consent and approval under the building regulations. Some locations are designated conservation areas and special planning restrictions apply which often prevent or affect extensions. You should check these things with a surveyor prior to committing yourself to a purchase.
We have a mortgage agreed in principle with Co-operative. Pitsea conveyancing lawyers were selected. What is the average time that one could expect to receive a mortgage offer from Co-operative?
Some lenders take longer than others. Have Co-operative done the valuation? Have you advised Co-operative as to your lawyers' details and checked that your lawyers are on the Co-operative conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
HSBC have agreed my home loan in principle, my bid on a property in Pitsea has been accepted, what happens next?
Your estate agent will want to be advised as to your conveyancer's details (be sure the solicitors are on the bank’s approved list). Contact HSBC or your financial adviser and complete any relevant forms. HSBC will sellect a valuer who will get in contact with the estate agent or vendor to arrange a slot for the valuation to occur. Once carried out (assuming no problems) it takes on average a fortnight to get a mortgage offer. HSBC will issue the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in Pitsea.
Should commercial conveyancing searches disclose impending roadworks that could affect a commercial estate in Pitsea?
Its becoming the norm that commercial conveyancing solicitors in Pitsea will order a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in looking into accurate data on highways that impact buildings and development assets in Pitsea. The search result provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Pitsea.
For every commercial conveyancing transaction in Pitsea it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately could result in delays to Pitsea commercial conveyancing transactions as well as present a risk to future intentions for the site. These searches are not conducted for domestic conveyancing in Pitsea.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Pitsea?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Pitsea. 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…’
Over the last few months I have been searching for a leasehold apartment up to £305k and found one near me in Pitsea I like with a park and railway links nearby, however it only has 61 years unexpired on the lease. I can't really find anything else in Pitsea suitable, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a home loan the remaining unexpired lease term will likely be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least 2 years you can request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.
I own a leasehold flat in Pitsea. Conveyancing was finalised in 2010. I have heard that I mustn’t allow the lease length get too low. What is the reasoning?
Pitsea leasehold properties are for a set term - normally just under one hundred years when they commenced. However a significant flats in Pitsea were constructed or converted 20 or more years ago and so these leases now have less than eighty years left to run. That may seem like plenty of time but Banks, Building Societies and other mortgage companies tend to require leases to have a minimum of seventy five years left to be mortgageable. Accordingly when you come to sell the property you will need a lease extension if you are getting close to seventy five years. To increase your property value you should be considering whether or not to extend your lease long before you come to sell it. There are also strong financial reasons to taking action before the lease reaches even eighty years as when the lease is less than 80 years the amount you have to pay to extend starts to escalate.