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Recently asked questions about conveyancing in Pitsea

I have been told that property searches are the main reason for stalling in Pitsea house deals. Is that correct?

The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not feature within the top 10 causes of delays during the legal transfer of property. Searches are not likely to feature in any slowing down conveyancing in Pitsea.

Over the last few months I have been searching for a ground for flat up to £305k and identified one close by in Pitsea I like with a park and station nearby, the downside is that it's only got 49 years on the lease. I can't really find anything else in Pitsea suitable, so just wondered if I would be making a grave error buying a short lease?

Should you require a mortgage that many years may be problematic. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.

Am I right to be concerned by brokers that I am dealing with are encouraging me to use an online conveyancing firm rather than a local Pitsea conveyancing firm?

As with lots of professional services, often suggestions from relatives can be extremely useful or valuable. Yet there are many parties with a vested interest in a conveyancing transaction; estate agents, mortgage brokers and lenders may put forward lawyers to choose. On occasion these solicitors might be known to one of the organisations as one of the best in their field, but occasionally there might be a commercial relationship behind the recommendation. You are free to appoint your own lawyer. Don't forget that most lenders operate an approved list of conveyancers you have to use for the lender aspect of your home move.

I am using a search engine for the phrase cheap conveyancing in Pitsea it shows results of numerous conveyancerslocally. How do I determine which is the suitable solicitor for the sale of my house?

The preferential way of finding the right conveyancer is through a personal recommendation, so enquire of friends and family who have acquired a property in Pitsea or a local estate agent or financial adviser. Fees for conveyancing in Pitsea differ, so it's sensible to obtain at least three costs illustrations from varying types of companies. Dont forget to clarify that the fees are fixed.

I am attracted to a couple of flats in Pitsea which have approximately forty five years remaining on the leases. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold flat in Pitsea is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the value of the property. For most buyers 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 property 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 Pitsea conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 the agreed 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.

I bought a basement flat in Pitsea, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Similar properties in Pitsea with a long lease are worth £181,000. The ground rent is £55 yearly. The lease ceases on 21st October 2075

With only 51 years unexpired the likely cost is going to range between £30,400 and £35,200 as well as plus your own and the landlord's "reasonable" professional fees.

The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.

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