Our conveyancer has identified a a legal deficiency with the lease for the flat we are purchasing in Tilbury. The seller’s lawyers have suggested title insurance as a workaround. We are content with insurance and will pay for it. Our lawyer has advised that he must ensure that the bank is happy with this solution. Who is the client here, us or the mortgage company ?
Notwithstanding that you have a mortgage offer from the bank does not mean to say that the property will meet their specifications for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the mortgage company are the client. The appropriate lender conditions have to be complied with.
We just had an offer accepted to purchase with Coventry BS. I popped in a few local firms yet cant to find a Tilbury conveyancing firm on the Coventry BS approved list. Please you assist?
You should make the most of the find a conveyancing panel solicitor tool on this web page. Please choose the mortgage company and type Tilbury or your preferred area and you will be presented with a number of lawyer based in Tilbury or nearest you.
Will our solicitor be asking questions regarding flooding during the conveyancing in Tilbury.
The risk of flooding is if increasing concern for lawyers carrying out conveyancing in Tilbury. There are those who buy a house in Tilbury, fully aware that at some time, it may be flooded. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Solicitors are not best placed to impart advice on flood risk, but there are a various checks that can be undertaken by the buyer or on a buyer’s behalf which will figure out the risks in Tilbury. The conventional set of information given to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) includes a usual inquiry of the vendor to find out whether the premises has ever been flooded. In the event that flooding has previously occurred which is not revealed by the seller, then a purchaser could bring a claim for damages as a result of such an incorrect reply. The purchaser’s solicitors may also commission an environmental search. This should reveal if there is any known flood risk. If so, more detailed inquiries should be conducted.
How does conveyancing in Tilbury differ for newly converted properties?
Most buyers of new build premises in Tilbury come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is completed. This is because builders in Tilbury typically acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Tilbury or who has acted in the same development.
Completion is due on the disposal of our £300,000 flat in Tilbury in just under a week. The management company has quoted £372 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Tilbury?
Tilbury conveyancing on leasehold apartments more often than not involves the purchaser’s solicitor sending enquiries for the landlord to answer. Although the landlord is not legally bound to address these enquiries most will be content to do so. They are at liberty to charge a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some transactions it is above £800. The management information fee invoiced by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration fees, without which the invoice is not strictly payable. Reality however dictates that one has little choice but to pay whatever is demanded if you want to exchange contracts with the buyer.
I inherited a studio flat in Tilbury, 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? Equivalent properties in Tilbury with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease terminates on 21st October 2079
With 56 years remaining on your lease we estimate the price of your lease extension to be between £29,500 and £34,000 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.