My Dalston solicitor has discovered a difference between the surveyor’s assumptions in the home valuation report and what is in the legal papers for the property. My solicitor has advised that he is duty bound to check that the bank is OK with this discrepancy and is still content to lend. Is my lawyer’s approach appropriate?
Your lawyer must comply with the UK Finance Lenders’ Handbook provisions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Should our lawyer be raising questions regarding flooding as part of the conveyancing in Dalston.
Flooding is a growing risk for conveyancers dealing with homes in Dalston. There are those who buy a property in Dalston, completely aware that at some time, it may be flooded. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Solicitors are not best placed to offer advice on flood risk, however there are a various checks that can be initiated by the buyer or by their conveyancers which will figure out the risks in Dalston. The standard completed inquiry forms given to a buyer’s lawyer (where the Conveyancing Protocol is adopted) incorporates a usual question of the vendor to determine if the property has ever been flooded. In the event that flooding has previously occurred which is not revealed by the seller, then a purchaser could commence a compensation claim as a result of such an incorrect answer. A buyer’s lawyers should also conduct an environmental report. This will indicate if there is a recorded flood risk. If so, further investigations will need to be carried out.
I own a terraced Victorian property in Dalston. Conveyancing solicitor acted for me and Norwich and Peterborough Building Society. I happened to do a free search for it on the Land Registry database and there are a couple of entries: the first freehold, another for leasehold with the matching property. I'd like to know for sure, how can I find out??
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Dalston and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the position with your conveyancing lawyer who conducted the conveyancing.
I am buying my first flat in Dalston benefiting from help to buy. The sellers refused to reduce the amount so I negotiated 6k of extras instead. The house builders rep told me not to tell my solicitor about the deal as it would jeopardize my loan with the lender. Should I keep quiet?.
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.
My husband and I are a fortnight into a leasehold purchase having been referred to a firm by the selling agent to execute conveyancing in Dalston. I am am very frustrated with the quality of service. Could you help me find new lawyers?
They would need to be really bad to suggest replacing them. Has your loan offer been issued? In the event that it has you must advise them of the replacement solicitor and have the offer are issued to the new lawyers. Your solicitor ideally needs to be on the lenders panel to avoid supplemental fees and delays. So that should be your starting point. The search tool can assist you in finding a lender approved solicitor for your conveyancing in Dalston
Can you provide any top tips for leasehold conveyancing in Dalston from the point of view of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Dalston can be avoided where you appoint lawyers the minute you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ representatives. If you have had conflict with your freeholder or managing agents it is essential that these are resolved before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to present the dispute as historic as opposed to unsettled. Some Dalston leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors. You believe that you know the number of years remaining on your lease but it would be advisable double-check via your lawyers. A purchaser's lawyer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is below 80 years. It is therefore important at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale. If you hold a share in a the Management Company, you should ensure that you have the original share certificate. Organising a replacement share certificate can be a lengthy formality and delays many a Dalston conveyancing deal. Where a reissued share certificate is required, you should approach the company director and secretary or managing agents (if relevant) for this as soon as possible.
I have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Dalston conveyancing firm to assist?
You certainly can. We are happy to put you in touch with a Dalston conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Dalston residence is 150 Amhurst Road in December 2013. The tribunal concluded that the premium to be paid by the applicant for the enfranchisement of the subject property was £43,500. This case related to 4 flats. The unexpired term as at the valuation date was 90 (or thereabouts).