Can you explain why leasehold purchase conveyancing in Rochford costs more?
Rochford leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
We have a mortgage agreed in principle with TSB. Rochford conveyancing practitioners have been appointed. What is the average time that one could expect to receive a mortgage offer from TSB?
There is no definitive answer here. Have TSB done the survey? Have you advised TSB as to your lawyers' details and checked that your lawyers are on the TSB conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I am currently in the process of buying my council flat in Rochford. I have a mortgage offer with Nationwide. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Nationwide, you will need to appoint a solicitor on the Nationwide conveyancing panel.
It is not clear whether my mortgage offer requires a lease extension. I have called into my local Rochford building society branch on a couple of occasions and was informed it wasn't an issue and they would lend. My Rochford conveyancing solicitor - who is on the lender conveyancing panel- called and was told they will not lend based on their specific requirements. I have no idea who is right.
Your conveyancing practitioner must follow the Council of Mortgage Lenders’ Handbook Part 2 provisions for your bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Are there restrictive covenants that are commonly identified as part of conveyancing in Rochford?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Rochford. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I decided to have a survey done on a property in Rochford ahead of retaining lawyers. I have been informed that there is a flying freehold aspect to the house. The surveyor advised that some mortgage companies may refuse to issue a mortgage on this type of home.
It varies from the lender to lender. Lloyds has different instructions from Nationwide. Should you wish to call us we can look into this further with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Rochford. Conveyancing will be smoother if you use a solicitor in Rochford especially if they are familiar with such properties in Rochford.
Are there frequently found problems that you encounter in leases for Rochford properties?
There is nothing unique about leasehold conveyancing in Rochford. All leases are individual and drafting errors can result in certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:
A duty to insure the building A provision for the recovery of money spent for the benefit of another party.
You could have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Norwich and Peterborough Building Society, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the buyer to pull out.
I invested in buying a ground floor flat in Rochford, conveyancing formalities finalised in 2005. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Rochford with an extended lease are worth £181,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease finishes on 21st October 2072
With 51 years left to run we estimate the price of your lease extension to range between £30,400 and £35,200 plus legals.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.