I am told that my conveyancing solicitors will need to check that the building insurance when buying a house in East London. My lender is The Mortgage Works
The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 17/4/2024, the requirements read as follows :
Me and my partner are buying a house in East London. It might be a silly question but how we can trust a solicitor? At some point we will need to deposit money into their account. What protection do we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Do I select a Licenced Conveyancer or Solicitor for conveyancing in East London?
There are two types of lawyers who can perform conveyancing in East London namely CLC regulated conveyancers or solicitors. Both professionals handle conveyancing services that you need to complete the disposal or purchase of property. Both are required to execute East London conveyancing on similar quality and guidelines so you may be sure that your conveyancing will be properly administered and that the requisite procedures will be appropriately followed.
We are getting the release of further funds on our mortgage from Nottingham as we wish to conduct renovations to our home in East London. Are we obliged to appoint a bricks and mortar East London solicitor on the Nottingham conveyancing panel to deal with the legals?
Nottingham would not normally instruct firms on their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Nottingham conveyancing panel.
I'm buying my first flat in East London with a mortgage from HSBC Bank. The builders refused to reduce the price so I negotiated five thousand pounds worth of extras instead. The house builders rep suggested that I not disclose to my conveyancer about the side-deal as it may impact my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold issue on a house I have offered on last month in what was supposed to be a quick, chain free conveyancing. East London is the location of the property. Can you offer any guidance?
Flying freeholds in East London are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside East London 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 East London may ascertain 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 residence.
How do I identify a East London solicitor on the Coventry Building Society conveyancing panel? I have a car and am willing to travel upto 25miles to meet the conveyancer.
Feel free to make use of the search on this website. Please choose the bank and your location and you will see a number of East London conveyancing lawyers located nearest you. We have listed some East London conveyancing firms towards the end of this page and you can contact them to verify whether they are on the Coventry Building Society approved list
I am employed by a reputable estate agent office in East London where we see a few leasehold sales put at risk due to short leases. I have received conflicting advice from local East London conveyancing solicitors. Please can you confirm whether the seller of a flat can instigate the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I have had difficulty in trying to purchase the freehold in East London. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Where there is a absentee landlord or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to determine the amount due.
An example of a Freehold Enfranchisement case for a East London residence is 20 Avonwick Road in July 2013. The Tribunal was dealing with an application under Section 26 of the Leasehold Reform Housing and Urban Development Act 1993 for a determination of the freehold value of the property. It was concluded that the price to be paid was Fifteen Thousand Nine Hundred and Seventy (£15,970) divided as to £8,200 for Flat 20 and £7,770 for Flat 20A This case related to 1 flat. The unexpired lease term was 73.26 years.