My friend's mother is a property lawyer. I expect that I will receive friends and family pricing for conveyancing, However if that does not come materialise, what level of costs would I typically be looking at for conveyancing in Rochford?
It’s sensible to get two or three conveyancing quotes. Make use of our comparison tool on this page. You will notice that estimates seem to contrast greatly but the service one can expect are distinct between solicitors as is the case with most professions.
We have very assertive vendors who has recommended a preliminary agreement with a non-refundable deposit of 5k. Is it wise to enter into such agreements?
Lock out agreements are contracts binding a property owner and prospective acquirer giving the buyer a ‘clear field’ to the sale of the premises for a certain period of time. For all intents and purposes, an exclusivity is a document specifying that you should have a contract at a later time which is the contract for the actual sale. It is generally utilised for buyer confidence though in many situations, the seller may stand to benefit from such agreements as well. There are numerous positives and negatives to having an agreement but you should to check with your conveyancer but note that it may end up costing you more in conveyancing fees. For these reasons these agreements are avoided when it comes to conveyancing in Rochford.
Are the BSA intent on creating a searchable register to to identify law firms on the Norwich and Peterborough Building Society conveyancing panel for example in Rochford?
Lexsure has not been advised of any intention on the part of the BSA to promote such a register.
Do I select a Licenced Conveyancer or Solicitor for conveyancing in Rochford?
There are two types of lawyers who can conduct conveyancing in Rochford namely CLC regulated conveyancers or solicitors. The two can administer conveyancing services that required to complete the disposal or purchase of property. Both are obliged to perform Rochford conveyancing on similar quality and guidelines so you can be safe in the knowledge that your conveyancing will be properly carried out and that all requisite steps should be appropriately attended to.
I had a mortgage agreed in principle with Nationwide. Rochford conveyancing lawyers are selected. How long does it take for Nationwide to send the offer to the property lawyer?
Some lenders take longer than others. Have Nationwide completed the survey? Have you informed Nationwide as to your lawyers' details and checked that your lawyers are on the Nationwide conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
It is unclear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Rochford building society branch on various occasions and was told it does not affect the mortgage offer and they will lend. My Rochford 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.
The lawyer has to comply with the CML Handbook Part 2 conditions for your lender. 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.
I am employed by a reputable estate agency in Rochford where we have experienced a few flat sales jeopardised as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Rochford conveyancing firms. Please can you clarify whether the owner of a flat can instigate the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I own a basement flat in Rochford, conveyancing was carried out in 2010. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Rochford with an extended lease are worth £176,000. The ground rent is £50 yearly. The lease expires on 21st October 2105
With only 80 years unexpired we estimate the price of your lease extension to span between £8,600 and £9,800 as well as legals.
The figure above a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more detailed investigations. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.