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Find a Clacton On Sea Conveyancing Solictior on Your Lender’s Panel

Ready to buy a new home in Clacton On Sea? Failing to check that a lawyer is on your lender’s list of approved solicitors can put your Clacton On Sea transaction at risk of delay or failure.

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Recently asked questions about conveyancing in Clacton On Sea

I purchased a freehold property in Clacton On Sea but nevertheless pay rent, why is this and what is this?

It is rare for properties in Clacton On Sea and has limited impact for conveyancing in Clacton On Sea but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.

Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the generation of fresh rentcharges from 1977 onwards.

Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.

My fiance and I are hoping to buy a purpose built apartment in Clacton On Sea with a residential mortgage from The Royal Bank of Scotland.We use our Clacton On Sea conveyancing practitioner but The Royal Bank of Scotland informed us she’s not listed on their "panel". We have to appoint a The Royal Bank of Scotland panel solicitor or retain our preferred solicitor and pay for a The Royal Bank of Scotland panel lawyer to act for them. We feel as though this is unjust; is there anything we can do?

No, not really. The home loan offered to you is subject to its various provisions, a common one being that conveyancers will be on the The Royal Bank of Scotland approved list. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for The Royal Bank of Scotland

How does conveyancing in Clacton On Sea differ for newly converted properties?

Most buyers of new build premises in Clacton On Sea approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is constructed. This is because house builders in Clacton On Sea usually buy the land, 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 property lawyers 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 accustomed to new build conveyancing in Clacton On Sea or who has acted in the same development.

I am looking for a ground for flat up to £245,000 and identified one near me in Clacton On Sea I like with amenity areas and station in the vicinity, the downside is that it only has 49 years unexpired on the lease. There is not much else in Clacton On Sea for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?

Should you need a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Reduce the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least 2 years you may ask them to 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 consult your conveyancing lawyer about this matter.

Looking forward to exchange soon on a ground floor flat in Clacton On Sea. Conveyancing lawyers have said that they will have a report out to me within the next couple of days. What should I be looking out for?

The report on title for your leasehold conveyancing in Clacton On Sea should include some of the following:

    Does the lease require carpeting throughout thus preventing wood flooring? The physical ownership of the premises. This might be the property itself but may incorporate a loft or cellar if applicable. What the implications are if you are in breach of your lease terms? Are pets allowed in the flat?
For a comprehensive list of information to be contained in your report on your leasehold property in Clacton On Sea please ask your lawyer in advance of your conveyancing in Clacton On Sea.

Clacton On Sea Conveyancing for Leasehold Flats - A selection of Queries before buying

    Where a Clacton On Sea lease has no more than 80 years it will have adverse implications on the salability of the apartment. Check with your bank that they are content with residual term of the lease. A short lease means that you will most likely need a lease extension at some point and you need to have some idea of how much this would cost. Remember, in most cases you will need to own the residence for 24 months before you are eligible to extend the lease. Generally speaking the cost for major works tend not to be wrapped into the maintenance charges, although a few managing agents in Clacton On Sea ask tenants to pay into a sinking fund and this is used to offset against major works. Does the lease have onerous restrictions?

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Neighbouring Locations

Manningtree
Frinton On Sea
Harwich
Walton on the Naze
Clacton On Sea

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