I am purchasing a house mortgage free in Rayleigh. I have lived for the previous 15 years in Rayleigh. Conveyancing searches are expensive. Given that I know the road and vicinity intimately must I have all the conveyancing searches?
Provided that you do not need a home loan, then the vast majority of the Rayleigh conveyancing searches are non-obligatory. Your conveyancer will 'advise', perhaps strongly, that you should have searches completed, but he has a professional duty to do this. One thing to consider; if you are going to dispose of the house in the future, it may be of importance to your future purchaser what the searches reveal. There are plenty of instances where houses with functional issues can still reveal negative search results. A good conveyancing solicitor in Rayleigh will provide you some sensible guidance in this regard.
I just bought a house at auction in Rayleigh. Conveyancing is needed. What is next?
Given that you are now legally bound yourself to purchase you should find a conveyancing practitioner soon as you will have a fast approaching deadline in which to complete the property. An auction property will ordinarily have a bespoke legal set of papers. This will include most,if not all of the documents that your conveyancer will need. If you have purchased leasehold premises the conveyancing papers may contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork relating to leasehold premises. You must pass this on to the lawyer working for you ASAP. Do make sure that that you have the requisite funding in place to complete on the on the contractual date .
I am purchasing a property in Rayleigh. A rare aspect is that the roof has a solar panel. Aldermore have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Aldermore your lawyer must check the conveyancing requirements contained in Section 2 of UK Finance Lenders’ Handbook for Aldermore. The Council of Mortgage Lenders’ Handbook contains minimum provisions for solar panel roof-space leases, and conveyancers are required to report to Aldermore where a lease fails to comply with these conditions. The provisions relate to the installation of panels on properties countrywide and is not isolated to Rayleigh.
It is unclear whether my bank requires a lease extension. I have called into my local Rayleigh building society branch on various occasions and was informed it wasn't an issue and they will lend. My Rayleigh conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Your solicitor has to comply with the Council of Mortgage Lenders’ Handbook section two requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Do commercial conveyancing searches reveal impending roadworks that may affect a commercial property in Rayleigh?
Many commercial conveyancing solicitors in Rayleigh will order a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in looking into accurate data on highways that impact buildings and development assets in Rayleigh. The search result provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Rayleigh.
For each commercial conveyancing transaction in Rayleigh it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately can result in delays to Rayleigh commercial conveyancing transactions as well as present a risk to future intentions for the site. These searches are not ordered for residential conveyancing in Rayleigh.
I am looking for a flat up to £235,500 and identified one near me in Rayleigh I like with a park and railway links nearby, however it's only got 52 years on the lease. I can't really find anything else in Rayleigh suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a mortgage that many years will be problematic. Discount the offer by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you may request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
Should I cancel the direct debit for my mortgage with HSBC once a completion date for my home sale in Rayleigh has been agreed?
No, you should keep meeting any mortgage payments to HSBC until the mortgage is repaid on completion as part of your Rayleigh conveyancing.