My husband and I are buying a 3 bedroom flat in Mersea Island with a mortgage. We have a Mersea Island conveyancer, but the mortgage company advise she’s not on their "panel". It appears that we have little choice but to select one of the bank panel conveyancing practices or keep our Mersea Island conveyancer and pay for one of their panel ones to act for them. This seems very unfair; can we not demand that the mortgage company use our Mersea Island solicitor ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Mersea Island conveyancing lawyer to apply to be on the conveyancing panel.
Why is leasehold purchase conveyancing in Mersea Island is more expensive?
The conveyancing fees for a leasehold property in Mersea Island is frequently more expensive when contrasted to a freehold acquisition or disposal. This is due to the additional work required in communicating with the landlord and managing agents to collate the evidence concerning whether the rent and service fee have been paid and whether there are any large sums expected to be spent in the foreseeable future on repairs or maintenance of the block.
I've recently found out that there is a flying freehold element on a property I have offered on a fortnight ago in what should have been a straight forward, no chain conveyancing. Mersea Island is the location of the property. Is there any guidance you can impart?
Flying freeholds in Mersea Island are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Mersea Island you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Mersea Island may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I've found a house that seems to tick a lot of boxes, at a great figure which is making it more attractive. I have subsequently been informed that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Mersea Island. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Mersea Island ?
Most houses in Mersea Island are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Mersea Island in which case you should be shopping around for a Mersea Island conveyancing practitioner and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’sconsent to conduct alterations. You may also be required to pay a service charge towards the maintenance of the estate where the house is part of an estate. Your solicitor will advise you fully on all the issues.
I inherited a 1st floor flat in Mersea Island, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Mersea Island with a long lease are worth £216,000. The average or mid-range amount of ground rent is £50 per annum. The lease ends on 21st October 2095
You have 69 years left to run the likely cost is going to range between £9,500 and £11,000 plus legals.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.
What type of premises does your Mersea Island conveyancing estimates apply to?
The quotes supplied are only relevant to standard residential property in England & Wales. Should you have any different needs such as industrial or agricultural property or commercial conveyancing in Mersea Island please telephone us to address this further .