I just acquired a flat at auction in Winchelsea. Conveyancing is needed. What happens now?

Given that you are now legally bound yourself to purchase you will need to appoint a conveyancing lawyer quickly as you are facing a pending a drop dead date to complete the transaction. An auction property will ordinarily have a bespoke auction set of papers. This should include the copy title deeds, local authority and drainage searches. In the case of leasehold premises the legal pack should provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation specific to a leasehold property. You should pass this on to your appointed conveyancing solicitor at the earliest opportunity. You also need to ensure that that you have the requisite funding in order to complete the transaction on the set completion date.

Are all Winchelsea Conveyancing Quality Solicitors on the RBS conveyancing panel?

A selection of banks and building societies now make use of CQS as the starting point for Panel membership such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to join their approved list of conveyancing solicitors.

is it true that all Winchelsea solicitors on the Santander conveyancing panel are governed by the SRA?

As a firm of solicitors, in order to be on the Santander approved list of solicitors they would need to be regulated by the Solicitors Regulatory Authority. Some banks do allow licenced conveyancers on their panel in which case such organisation would be regulated by the CLC.

Will my conveyancer be making enquiries about flooding as part of the conveyancing in Winchelsea.

Flooding is a growing risk for lawyers carrying out conveyancing in Winchelsea. Plenty of people will acquire a house in Winchelsea, fully expectant that at some time, it may be flooded. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or sell the property. Steps can be carried out during the course of a property purchase to forewarn the purchaser.

Solicitors are not qualified to give advice on flood risk, but there are a various checks that may be initiated by the buyer or on a buyer’s behalf which can give them a better understanding of the risks in Winchelsea. The standard property information forms supplied to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) includes a usual question of the owner to discover whether the property has suffered from flooding. If flooding has previously occurred and is not revealed by the vendor, then a buyer may commence a legal claim for losses as a result of such an incorrect answer. The buyer’s lawyers should also commission an environmental report. This should higlight whether there is any known flood risk. If so, further investigations will need to be made.

I opted to have a survey done on a property in Winchelsea before instructing lawyers. I have been told that there is a flying freehold overhang to the property. Our surveyor advised that some mortgage companies tend not give a loan on this type of home.

It varies from the lender to lender. Santander has different requirements for example to Nationwide. If you contact us we can investigate further with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Winchelsea. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Winchelsea to see if the conveyancing will be more expensive.

I am tempted by the attractive purchase price for a couple of apartments in Winchelsea both have approximately forty five years remaining on the leases. should I be concerned?

There are plenty of short leases in Winchelsea. The lease is a right to use the premises for a period of time. As the lease shortens the value of the lease reduces and results in it becoming more expensive to extend the lease. For this reason it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this field.

I inherited a garden flat in Winchelsea, conveyancing formalities finalised 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? Corresponding flats in Winchelsea with over 90 years remaining are worth £176,000. The ground rent is £50 invoiced annually. The lease comes to an end on 21st October 2106

With only 80 years left to run the likely cost is going to span between £7,600 and £8,800 as well as professional fees.

The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There may be other concerns 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 before getting professional advice.

Our lawyer in Winchelsea has discovered a defect with the lease for the property we are buying in Winchelsea. The seller’s lawyers have put forward defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our lawyer says that as he is on the lender conveyancing panel he must check that the lender is happy with this solution. Who is the client here, us or the mortgage company?

Just because you have a mortgage offer from the lender does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Winchelsea conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the lender are the client. The appropriate lender requirements have to be complied with by the bank conveyancing panel who has to balance acting for you and the bank