We are buying a newly constructed apartment in Chinatown and my conveyancer is advising me that she has to the lender to reveal incentives from the seller. I am under pressure to exchange contracts and I don't want to delay deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I used Action Conveyancing a few years ago for my conveyancing in Chinatown. Now, I need my documents but cannot find the solicitor. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Chinatown of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I'm buying a new build house in Chinatown with a mortgage from Nottingham Building Society. The builders refused to move on the price so I negotiated £7000 of additionals instead. The house builders rep told me not inform my conveyancer about the side-deal as it would affect my loan with Nottingham Building Society. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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 put an offer in a fortnight ago in what was supposed to be a quick, chain free conveyancing. Chinatown is where the house is located. Can you shed any light on this issue?
Flying freeholds in Chinatown are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Chinatown you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Chinatown 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 premises.
I have tried to negotiate informally with with my landlord to extend my lease without any joy. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Chinatown conveyancing firm to help?
Most definitely. We are happy to put you in touch with a Chinatown conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Chinatown premises is 36 New Wanstead in August 2010. The Tribunal arrived at a valuation of the premium for the freehold of £22,359. This case was in relation to 2 flats. The number of years remaining on the existing lease(s) was 73.92 years.
What makes a Chinatown lease unmortgageable?
Leasehold conveyancing in Chinatown is not unique. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are missing. The following missing provisions could result in a defective lease:
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A provision to repair to or maintain parts of the premises A provision for the recovery of money spent for the benefit of another party.
You will have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Coventry Building Society, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the buyer to withdraw.
What are my options where I am dissatisfied with the conveyancer who conducted my conveyancing in Chinatown?
Occasionally the level of service you receive is not as you expect, and is is a fact of life that occasionally things do go wrong. Nevertheless there is recourse where you were dissatisfied with your conveyancing in Chinatown. This varies from trying to resolve matters directly with them, through to reporting a conveyancing practitioner to their regulator. If you remain dissatisfied you may consider enlisting the help of the Legal Ombudsman.