My husband and I are planning to acquire a home in Mersea Island and are in fact using a Mersea Island conveyancing practice. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Barclays have this morning contacted us to inform me that there is now an issue as our Mersea Island conveyancer is not on their approved list of lawyers. Is this a problem?
If you are buying a property needing a mortgage it is conventional for the purchasers' solicitors to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Mersea Island solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
I just bought a house at auction in Mersea Island. Conveyancing is needed. What happens now?
Given that you are now exchanged you now have to retain a conveyancing solicitor quickly as you are facing a pending a drop dead date to complete the transaction. Every auction property will ordinarily have a corresponding legal pack. This will include most,if not all of the documents that your solicitor will need. In the case of leasehold premises the auction papers may include a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork specific to a leasehold property. You need to give this to your appointed conveyancing solicitor ASAP. You also need to ensure that you have funds in order to complete the transaction on the set completion date.
Planning on purchasing a apartment in Mersea Island. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Nottingham conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Mersea Island conveyancing practitioner is on the Nottingham conveyancing panel.
HSBC have agreed my home loan in principle, my offer on a property in Mersea Island has been accepted, what happens next?
Your estate agent will need to be advised as to your conveyancer's details (be sure the lawyers are on the bank’s panel). Call up HSBC or the financial adviser and complete any outstanding forms. HSBC will sellect a valuer who will get in contact with the selling agent or vendor to book a time for the valuation to occur. Once conducted (assuming no problems) it takes on average a week for the mortgage offer to be issued. HSBC will issue the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Mersea Island.
How does conveyancing in Mersea Island differ for newly converted properties?
Most buyers of new build residence in Mersea Island come to us having been asked by the seller to sign contracts and commit to the purchase even before the house is constructed. This is because house builders in Mersea Island tend to buy the real estate, 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 Mersea Island or who has acted in the same development.
How does the Landlord & Tenant Act 1954 impact my commercial premises in Mersea Island and how can your lawyers assist?
The 1954 Act affords a safeguard to business tenants, giving them the legal entitlement to make a request to court for a renewal tenancy and remain 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 complex. We are happy to direct you to commercial conveyancing practices who use the act to your advantage and assist with commercial conveyancing in Mersea Island
Last January I purchased a leasehold property in Mersea Island. Do I have any liability for service charges for periods before my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Mersea Island Leasehold Conveyancing - Examples of Questions you should ask before Purchasing
On the whole the cost for major works tend not to be wrapped into the maintenance charges, albeit that some managing agents in Mersea Island require tenants to contribute towards a reserve fund and this is used to offset against larger works. What prohibitions are contained in the Mersea Island Lease? Best to be warned whether redecorating or some other significant cost is due shortly that will be shared between the tenants and will dramatically increase the the maintenance fees or result in a specific payment.