My lawyer has identified a a problem with the lease for the property we are purchasing in Bow. The other side have put forward defective title insurance as a workaround. We are content with insurance and will pay for it. Our lawyer has advised that he must be satisfied that the bank is willing to move forward with this solution. Who is the client here, us or the mortgage company ?
Notwithstanding that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their conditions 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. These conveyancing instructions have to be complied with.
I am the registered owner of a freehold house in Bow but still pay rent, why is this and what is this?
It’s unusual for properties in Bow and has limited impact for conveyancing in Bow but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
I am intent on selling our house in Bow and according to the buyers it appears that there is a risk of it being built land that was not decontaminated. Any high street Bow lawyer would know that there is no such problem. It does beg the question why the buyers instructed a factory type conveyancing practice rather than a conveyancing solicitor in Bow. Having lived in Bow for 5 years we know that this is a non issue. Is it a good idea to contact our local Authority to obtain confirmation need.
It would appear that you have a conveyancing lawyer currently acting for you. What do they say? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
I'm refinancing my current property to a buy to let loan with Alliance & Leicester and intend to use the remaining equity towards a second house. The neighborhood we are talking about is Bow. Will your conveyancers be able to act for the two mortgage companies and link together the transactions?
Do use our comparison tool on this site to check that the solicitors are approved by both banks. Assuming that they are the conveyancer should be able to simultaneously deal with the two transactions but you should talk with you lawyer and make apparent your desired outcome and needs.
My husband and I are first time buyers - agreed a price, yet the estate agent informed us that the vendor will only proceed if we instruct their chosen solicitors as they need a ‘quick sale’. Our preferred option is to instruct a high street solicitor who is accustomed to conveyancing in Bow
We suspect that the owner is unaware of this requirement. Should the seller require ‘a quick sale', turning down a genuine purchaser is going to damage their objectives. Speak to the owners direct and make sure they understand (a)you are serious buyers (b)you are excited to move forward, with finances in place © you are chain free (d) you intend to proceed fast (e)however you are going to appoint your preferred Bow conveyancing lawyers - rather thanthose that will give the negotiator at the agency a introducer fee or hit his conveyancing thresholds demanded by HQ.
The property lawyers carrying out our conveyancing in Bow has sent papers to review that reveal that the land is unregistered with epitome documents. Why is the property not currently recorded at HMLR?
Although the vast majorities of properties in Bow are now registered with HMLR there are still a few that remain unregistered. Any property in Bow that has been transferred since the late 1980’s will have been registered at the HM Land Registry under the compulsory ‘first registration’ scheme. However, if a Bow property has not changed hands in that time then it’s likely the old fashioned title deeds will be the only evidence of ownership.Many Bow conveyancing practitioners should be capable of dealing with this type of conveyancing but where uncertainty prevails the standard proposition presently is for the seller to undertake the registration formalities first and then deal with the disposal - this no doubt result in a drawn-out home move.