I am in the throes of changing my existing standard home loan to a Buy to Let TSB mortgage. I have been informed by my broker that I must appoint a solicitor as part of the process. I spoke to my previous Essex conveyancing firm who who completed the conveyancing when I initially acquired the property. The fee estimate supplied of £500 is surprising as its a remortgage than a sale or purchase.
The estimate does seem a little steep. If you you were to look around you may be able to trim some of the cost by perhaps a hundred pounds. That being said, assuming were satisfied with the service the firm gave you mightlive to regret opting for an a cheaper solicitor. Don't forget to enquire the conveyancer can also act for TSB. Do utilise our search tool to locate a Essex conveyancing firm on the TSB conveyancing panel, which can often include conveyancing solicitors in Essex.
How does conveyancing in Essex differ for new build properties?
Most buyers of new build residence in Essex contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is ready to move into. This is because house builders in Essex usually buy the site, 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 conveyancers 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 used to new build conveyancing in Essex or who has acted in the same development.
In what way can the Landlord & Tenant Act 1954 affect my commercial premises in Essex and how can your lawyers assist?
The particular law that you refer to affords protection to commercial leaseholders, giving them the legal entitlement to apply to court for a new lease and continue in occupation at the end of the lease term. There are certain specified grounds where a landlord can refrain from granting a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Essex is one of the numerous areas of the UK in which our lawyers are located
I need to appoint a conveyancing solicitor for freehold conveyancing in Essex. I have chance upon a web site which seems to have the perfect solution If it is possible to get all the legals done via web that would be preferable. Should I be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am employed by a busy estate agency in Essex where we have experienced a few flat sales put at risk as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Essex conveyancing firms. Please can you clarify whether the seller of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I bought a split level flat in Essex, conveyancing was carried out May 2009. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Essex with over 90 years remaining are worth £216,000. The average or mid-range amount of ground rent is £50 yearly. The lease runs out on 21st October 2092
With only 70 years unexpired we estimate the premium for your lease extension to range between £9,500 and £11,000 plus costs.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.