My IFA has requested my Rayleigh law firm’s panel reference for the Nat West conveyancing panel. How do I discover this. I have e-mailed my local Rayleigh office but they cant find it on their system.
The sensible thing to do is ask for this information from your Rayleigh lawyer . They maintain a central record lender panel numbers.
Do I find a Licenced Conveyancer or Solicitor for conveyancing in Rayleigh?
There are many recorded licenced Conveyancers in Rayleigh and Solicitor firms in Rayleigh offering conveyancing We would stress that both are supervised by regulatory bodies with both specialising in the legal aspects of transferring property. The two can handle other property legal work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
The mortgage over my property is with Principality for my property in Rayleigh. Conveyancing was finalised 12 months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Principality?
You must advise Principality prior to letting out your property as this is likely to be a breach of Principality’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Principality directly. You need not do this via a Principality conveyancing panel firm.
I can not fathom if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Rayleigh building society branch on various occasions and was reassured it wasn't a problem and they would lend. My Rayleigh conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
As long as the property lawyer is on the bank approved list, she or he must adhere to the CML Handbook conditions for the 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 bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Me and my brother own a terraced Edwardian house in Rayleigh. Conveyancing practitioner represented me and Godiva Mortgages Ltd. I did a free Land Registry search last week and I saw a couple of entries: one for freehold, another for leasehold with the exact same address. I thought I was buying a freehold how can I check?
You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Rayleigh and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the situation with your conveyancing practitioner who completed the work.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in last month in what was supposed to be a straight forward, no chain conveyancing. Rayleigh is the location of the property. Is there any guidance you can give?
Flying freeholds in Rayleigh are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Rayleigh you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Rayleigh may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I am looking at a two apartments in Rayleigh both have approximately 50 years unexpired on the lease term. should I be concerned?
There are plenty of short leases in Rayleigh. The lease is a right to use the property for a prescribed time frame. As the lease gets shorter the value of the lease deteriorates and results in it becoming more costly to extend the lease. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this field.
Leasehold Conveyancing in Rayleigh - Examples of Questions you should consider Prior to buying
Does the lease have in excess of 85 years left? The prefered form of lease structure is where the freehold reversion is in the ownership of the leaseholders. In this situation the lessees benefit from being in charge if their destiny and notwithstanding that a managing agent is frequently retained where it is bigger than a house conversion, the managing agent acts for the leaseholders themselves. Make sure you discover if the the lease includes any onerous restrictions in the lease. For example it is very common in Rayleigh leases that pets are not allowed in in a block in Rayleigh. If you love the apartmentin Rayleigh yet your dog can’t make the move with you then you will be faced hard decision.