Our solicitor has identified a a legal deficiency with the lease for the apartment we are buying in Thurrock. The other side have offered title insurance as a solution. We are content with insurance and will pay for it. Our conveyancing practitioner says that he must ensure that the bank is happy with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancing practitioner will have no choice but to discontinue acting for you.
Should conveyancers request money on account for conveyancing in Thurrock?
Where you are retaining lawyers for conveyancing in Thurrock your lawyer will ask you put them with monies to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. If any deposit is as part of the total price then this will be needed immediately prior to contracts are exchanged. Any further balance that is needed should be transferred a few days ahead of the completion date.
Various online forums that I have frequented warn that are the main cause of stalling in Thurrock conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not feature within the most frequent causes of delays in the conveyancing process. Searches are not likely to be the root cause of slowing down conveyancing in Thurrock.
Are there restrictive covenants that are commonly identified during conveyancing in Thurrock?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Thurrock. 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…’
I am looking at a two maisonettes in Thurrock both have approximately 50 years left on the lease term. Do I need to be concerned?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease shortens the saleability of the lease deteriorates and results in it becoming more expensive to extend the lease. This is why it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease extension can be a protracted process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this area.
Thurrock Leasehold Conveyancing - Sample of Questions you should ask Prior to buying
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What is the maintenance charge and ground rent on the property? How many of the leaseholders are in arrears for their service charge payments?
I today plan to offer on a house that appears to be perfect, at a great price which is making it all the more appealing. I have just found out that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Thurrock. Conveyancing advisers have are about to be appointed. Will they explain the issues?
Most houses in Thurrock are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Thurrock so you should seriously consider shopping around for a Thurrock conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’spermission to carry out alterations. It may be necessary to pay a service charge towards the maintenance of the estate where the house is part of an estate. Your solicitor should appraise you on the various issues.