I am getting a mortgage with Halifax. I would like to enlist the help of a Licensed Conveyancer in Colchester. Does the Halifax Conveyancing panel include conveyancers regulated by the CLC?
The Halifax conveyancing panel is, like many other lenders, associated to the CML or BSA, open to Licensed Conveyancers regulated by the CLC.
How does conveyancing in Colchester differ for newly converted properties?
Most buyers of new build or newly converted property in Colchester approach us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is completed. This is because builders in Colchester usually purchase 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 Colchester or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a house I put an offer in two weeks back in what was supposed to be a straight forward, chain free conveyancing. Colchester is the location of the property. What do you suggest?
Flying freeholds in Colchester are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Colchester you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Colchester 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 residence.
How do I use the search app to locate a conveyancing solicitor in Colchester on the authorised to act for my bank?
First select a bank such as HSBC Bank, Bank of Scotland or Britannia then choose your location for example Colchester. Conveyancing practices in Colchester and across England and Wales should be identified.
I've found a house that appears to be perfect, at a reasonable price which is making it all the more appealing. I have subsequently been informed that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Colchester. Conveyancing advisers have are soon to be instructed. Will they explain the issues?
The majority of houses in Colchester are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Colchester in which case you should be shopping around for a Colchester conveyancing practitioner and check that they have experience in dealing with leasehold houses. First 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 comes with conditions such as requiring the landlord’spermission to carry out changes to the property. You may also be required to pay a service charge towards the upkeep of the communal areas where the property is located on an estate. Your lawyer will appraise you on the various issues.
I bought a 1 bedroom flat in Colchester, conveyancing formalities finalised 7 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Colchester with a long lease are worth £202,000. The ground rent is £60 invoiced every year. The lease runs out on 21st October 2075
With 56 years unexpired the likely cost is going to range between £29,500 and £34,000 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.