We were about to retain a conveyancing solicitor in Colchester found on your site but stumbled across some other costs illustrations on the internet appear cheaper – how come?

One can find many firms of conveyancers advertising what appear to be very low prices. You should think long and hard about how important this transaction is to you that you are willing to be penny wise pound foolish in relation to the quality of the conveyancing. Many of them list a cheap quote to catch your eye but plant supplemental costs in the fine print..

I am considering applying for a Aldermore mortgage for purchase of a new build (under development) in Colchester with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Aldermore ?

There is nothing to stop you using your solicitor, but Aldermore will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.

Despite weeks of looking the Title Certificate and documents to my house are lost. The lawyers who handled the conveyancing in Colchester 5 years ago have long since closed. What are my next steps?

Assuming you have a registered title the details of your ownership will be evidenced by HMLR under a Title Number. It is easy to conduct a search at the Land Registry, locate your property and get current copies of the Registered Entries for less than a fiver. If the title is Leasehold then the Land Registry will usually hold a certified copy of the Registered Lease and again, a copy can be retrieved for £20 inclusive of VAT.

I am looking at a couple of flats in Colchester both have in the region of 50 years unexpired on the leases. Will this present a problem?

There is no doubt about it. A leasehold apartment in Colchester is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the property. For most purchasers and banks, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Colchester conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Leasehold Conveyancing in Colchester - A selection of Queries before buying

How long is the Lease? How is the lease structured? Be sure to investigate if there are any onerous restrictions in the lease. For example plenty of leases prohibit pets being permitted in certain buildings in Colchester. If you like the flatin Colchester but your cat is not allowed to move with you then you will be presented with a hard compromise.

My partner and I about to complete buying a property in Colchester but as a consequence of damage from the recent storms I have agreed compensation from the owner of £2k by way of a deduction in the price. This was going to be addressed as part of the conveyancing process however the bank will not agree to this. Should they have been informed?

Your solicitor listed on the bank conveyancing panel is duty bound to disclose to the lender of any amendments to the sale amount. If you prohibit your property lawyer to notify the price change to your mortgage company then they would have no choice but to disinstructing themselves from acting for you and the bank.