lenderpanel

Find a Rayleigh Conveyancing Solictior on Your Lender’s Panel

Ready to buy a new home in Rayleigh? Failing to check that a lawyer is on your lender’s list of approved solicitors can put your Rayleigh transaction at risk of delay or failure.

Only LenderPanel.com provides a subset of authorised Rayleigh conveyancers for over 130 lenders.


Recently asked questions about conveyancing in Rayleigh

I am obtaining a mortgage offer from Nat West. My intention is to retain the legal services of a Licensed Conveyancer in Rayleigh. Does the Nat West Conveyancing panel include conveyancers regulated by the CLC?

The Nat West conveyancing panel is, like many other lenders, represented by the Council or Mortgage Lenders or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.

The Rayleigh conveyancing firm handling our Rayleigh conveyancing has identified a difference when comparing the information in the home valuation report and what is revealed within the conveyancing documents. My solicitor has advised that he is obliged to ensure that the bank is happy with this discrepancy and is content to go ahead. Is my solicitor’s course or action legitimate?

Your lawyer must comply with the UK Finance Lenders’ Handbook specifications which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.

My bid for a property was accepted at auction in Rayleigh. Conveyancing is required. What is next?

Now that you are exchanged you will need to hire the services of a conveyancing lawyer quickly as you now have a fast approaching a drop dead date to complete the transaction. An auction property should have a corresponding auction pack. This should include the copy title deeds, local authority and drainage searches. Where you are dealing with leasehold property the legal pack should provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork relating to a leasehold property. You need to hand this to the solicitor working for you ASAP. Do make sure that your finances are organised to complete on the on the contractual date .

When it comes to mortgage companies such as Skipton, do Rayleigh lawyers incur an annual charge to be on the list of approved solicitors?

We are not aware of any mortgage company fees to be on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel application.

Leeds Building Society have agreed my mortgage in principle, my offer on a flat in Rayleigh has been agreed to, what happens next?

The estate agent will need to be advised as to your property lawyer's details (ensure that the lawyers are on the bank’s panel). Telephone Leeds Building Society or the financial adviser and finalise any appropriate forms. Leeds Building Society will sellect a valuer who will get in contact with the estate agent or vendor to arrange an appointment. Once conducted (assuming no problems) it takes approximately a week to get a mortgage offer. Leeds Building Society will issue the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in Rayleigh.

About to purchase a new build flat in Rayleigh. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.

Here are examples of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Rayleigh

    Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Forfeiture - bankruptcy or liquidation must not apply under this provision. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. There must be mutual enforceability of lessee’s covenants. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.

I am looking at a couple of flats in Rayleigh both have approximately forty five years left on the lease term. Will this present a problem?

There is no doubt about it. A leasehold apartment in Rayleigh is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the salability of the property. For most buyers and mortgage companies, leases with less than eighty years become less and less marketable. 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 Rayleigh 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 any new 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 inherited a studio flat in Rayleigh, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Rayleigh with an extended lease are worth £211,000. The ground rent is £45 yearly. The lease comes to an end on 21st October 2086

With only 68 years left to run we estimate the premium for your lease extension to span between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.

The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.

Last updated

Find out more about how flying freehold can affect your the value of a property.