I am obtaining a offer of a home loan from Nat West. I would like to use a Licensed Conveyancer in Sawbridgeworth. Does the Nat West Conveyancing panel exclude Licensed Conveyancers?

The Nat West conveyancing panel is, like many other lenders, associated to the CML or Building Society Association, open to Licensed Conveyancers regulated by the CLC.

Due to move into my new home in Sawbridgeworth next Monday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the mortgage company. What risks does the lender expect the insurance to cover?

All property lawyers on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook conditions. These obligations are not limited to conveyancing in Sawbridgeworth.

I opted to have a survey carried out on a property in Sawbridgeworth prior to appointing conveyancers. I have been told that there is a flying freehold overhang to the house. My surveyor advised that some lenders tend not grant a loan on a flying freehold house.

It depends who your proposed lender is. HSBC has different instructions from Nationwide. Should you wish to telephone us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Sawbridgeworth. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Sawbridgeworth to see if the conveyancing will be more expensive.

I am looking at a two maisonettes in Sawbridgeworth which have approximately 50 years left on the lease term. Will this present a problem?

A lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the saleability of the lease decreases and results in it becoming more expensive to extend the lease. This is why it is often a good idea to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this area.

I acquired a leasehold flat in Sawbridgeworth, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Sawbridgeworth with an extended lease are worth £175,000. The ground rent is £65 invoiced annually. The lease ceases on 21st October 2082

You have 58 years remaining on your lease we estimate the price of your lease extension to range between £23,800 and £27,400 plus costs.

The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.

I have finally had an offer on an apartment in Sawbridgeworth accepted, the owner does nevertheless have a connected purchase. The current proprietors have submitted an offer on a property, however it’s not yet agreed to, and has viewings of other properties in the pipeline. I have instructed a nearby conveyancing solicitor in Sawbridgeworth. What should be my next step? When do I get the mortgage application with TSB going with TSB?

It is normal to have concerns where there is an associated chain as you are unlikely to want to be too out of pocket too early (home loan application is approx one thousand pounds, then survey, Sawbridgeworth conveyancing search costs, etc). First, you must ensure that your solicitor is on the TSB conveyancing panel. Concerning the subsequent phase this very much depends on the circumstances of your transaction, desire for this property and on the state of the market. During a rising market the majority of buyers would apply for a home loan with TSB and arrange for the valuation and only if it was satisfactory would they pay their lawyer to press on with searches.