There is wide range of issues when conducting Leasehold Conveyancing in Essex mainly due to the varied nature of the areas it covers. There are a number of open spaces throughout Essex where new build properties are being constructed and areas are being developed or re-generated.
New Build Conveyancing in Essex
There are a large number of new build properties in Essex, e.g. in Gants Hill, Romford, Harlow and Barking. These are mainly leasehold properties/ flats.
The purchase of a new build property is slightly different to the purchase of an older leasehold property. There is usually an extensive amount of documentation in the pre-contract package to review; far more than would be seen in a standard leasehold conveyancing purchase.
Amendments to the draft lease or draft contract are usually not accepted since the developer or building company require all the leases to be identical or very similar.
In some instances, the builder or developer may offer a cash incentive to the purchaser. Any new build conveyancing lawyer acting for purchaser would have to take instructions as to the exact nature of such incentives and also whether or not any sums of money have been paid up front to the builder/developer.
If you are buying with the assistance of a mortgage then any cash inducements or discounts to the purchase price would have to be disclosed to the lender. Cash incentives will affect the purchase price and this is something that the lenders require notification of.
Much of the pre-contract conveyancing documentation supplied by the seller’s conveyancing solicitor for a new build property is fairly standard but particular note should be made of things such as the existence of a suitable building warranty, and how long the purchase will take to complete.
When a new build leasehold property is being sold while it is still being built it may not be possible to agree on a fixed date for completion. This must be clearly explained to the purchaser. Very often a ‘long stop’ date will be agreed to in the contract and will state that completion will take place on giving, say, two weeks notice but completion must take place before the ‘long stop’ date. The fact that a completion date may not be fixed on exchange of contracts can cause problems for a purchaser particularly if they are involved in a chain.
If there is a mortgage offer, then the conveyancer must diarise the date the offer expires and ensure the offer is renewed and a fresh valuation carried out (if applicable) to ensure everything is in place for completion. Many mortgage offers expire after six months and often the leasehold conveyancing process involved with a new build can far exceed six months. Often, as little as two weeks notice is given by the seller’s solicitor that completion is to take place.
Fridaysmove or your chosen conveyancer conducting new build conveyancing in Essex should also consider whether the contract should be protected by registration in the event there is a long delay between exchange and completion.
Other matters such as checking through planning permissions and building regulations consents relating to the construction of the building and checking to see who is responsible for the upkeep of roads and drains etc. must be looked into properly by the conveyancer. The seller will normally have entered into an agreement with the local highway authority and the water authority respectively for the adoption of the roads and drains after a certain period which means that the authorities will assume responsibility of them.
Essex Council Properties – Right to Buy Conveyancing in Essex
There are also a number of council properties scattered throughout Essex. Conveyancing will be required if a tenant meets certain conditions a tenant of a council property normally has a right to buy the property. The property is sold based on the open market value less any discount the tenant is entitled to. If the property is sold within 5 years of buying it, in most cases, a proportion of the discount has to be paid back to the landlord. Also, the transfer must include a provision stating that if the property is sold within 10 years the landlord gets first refusal. Form more information about Right to Buy Conveyancing please contact our Conveyancing in Essex Team.
Shared Ownership Conveyancing In Essex
There are a number of shared ownership properties within Essex. Shared ownership enables those who would not otherwise be able to afford to buy a property themselves, purchase a share in a property. The other share is normally owned by the housing association, e.g. Blackwater, Acorn or Witham Housing Associations in Essex. The larger the share you own, the less rent you will have to pay. Fridaysmove or the conveyancer you have chosen to instruct will explain the terms of the shared ownership lease to you and the nature of your interest in the property.