I am getting a mortgage offer from Nat West. I hope to instruct a Licensed Conveyancer in Southend. Does the Nat West Conveyancing panel allow for conveyancers regulated by the CLC?
The Nat West approved solicitor list is, like many other lenders, represented by the Council or Mortgage Lenders or BSA, open to Licensed Conveyancers regulated by the CLC.
Is there a reason why leasehold purchase conveyancing in Southend costs more?
The conveyancing charges on a leasehold property in Southend is inevitably higher when contrasted to a freehold residence. This is due to the additional investigations required in corresponding with the freeholder and management company to collate the information about whether the rent and service fee have been paid and whether there are any large sums expected to be spent in the near future on repairs or maintenance of the building.
My apartment in Southend is up for sale and I have accepted an offer. Does my conveyancing practitioner need to be on the Leeds Building Society conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Leeds Building Society 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 panel criteria fairly frequently at the moment.
I am purchasing my first flat in Southend with a mortgage from HSBC Bank. The developers refused to budge the price so I negotiated £7000 of fixtures and fittings instead. The house builders rep advised me not disclose to my lawyer about the extras as it would affect my loan with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the UK Finance website. UK Finance form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Can you provide any top tips for leasehold conveyancing in Southend with the aim of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Southend can be reduced where you instruct lawyers the minute you market your property and request that they start to put together the leasehold information which will be required by the buyers’ representatives. You believe that you know the number of years remaining on your lease but it would be advisable double-check via your lawyers. A buyer’s conveyancer will be unlikely to recommend their client to where the lease term is below 75 years. In the circumstances it is important at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale. If you hold a share in a the freehold, you should make sure that you are holding the original share document. Arranging a replacement share certificate can be a lengthy process and slows down many a Southend conveyancing transaction. Where a reissued share certificate is necessary, you should approach the company officers or managing agents (where applicable) for this as soon as possible. If you have carried out any alterations to the premises would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Southend state that internal structural changes or laying down wooden flooring calls for a licence issued by the Landlord approving such alterations. If you fail to have the approvals in place do not communicate with the landlord without checking with your conveyancer in advance. If there is a history of conflict with your landlord or managing agents it is very important that these are resolved before the property is put on the market. The purchasers and their solicitors will be nervous about purchasing a flat where a dispute is unresolved. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to reveal the dispute as over rather than unsettled.
I have attempted and failed to negotiate with my landlord to extend my lease without any joy. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Southend conveyancing firm to assist?
You certainly can. We are happy to put you in touch with a Southend conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Southend property is 75 Woolstone Road in February 2012. the decision of the Tribunal was that the appropriate amount to be paid to purchase the freehold was the sum of £17,711 . This case was in relation to 2 flats. The number of years remaining on the existing lease(s) was 68.28 and 158.
I am in the process of buying my first property in Southend. Conveyancing lawyer already instructed. The broker advised that a survey is not needed as the property was only constructed in 1997.
At the very least you should order a Home Buyer's Report. Given the property was constructed over a decade ago the property will be without a warranty, so you don't want to take a risk. For a property that age with no signs of problems a Home Buyer's report could suffice. The report should highlight any obvious issues and recommend further investigation where relevant. Where there are any signs of problems get a comprehensive structural survey.