I am hoping to receive a mortgage offer from Santander. I intend to instruct a Licensed Conveyancer in East Beckton. Does the Santander Conveyancing panel exclude Licensed Conveyancers?
The Santander approved solicitor list is, like many other lenders, associated to the Council or Mortgage Lenders or BSA, open to Licensed Conveyancers regulated by the CLC.
My son is about to exchange on a house that has just been built in East Beckton with a mortgage from Lloyds. His conveyancer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Lloyds conveyancing panel as a standard part of the process, and to the valuer when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Lloyds conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I have 71 years unexpired on my lease and need a lease extension for my flat in East Beckton. Conveyancing solicitors on the Virgin panel can deal with such extensions correct?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 14/4/2019 the requirements read as follows :
After months of negotiation I have agreed a price on an apartment in East Beckton. My mortgage broker suggested a conveyancer. I paid an upfront payment of £175. Shortly after, the conveyancing practitioner called me embarrassingly acknowledging that they were not on the Santander conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Santander panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
After shopping around on the internet I have found a East Beckton conveyancer having made sure that they are on the Bank of Ireland conveyancing panel. Does my lawyer arrange the survey of the property?
Bank of Ireland will need an independent valuation of the property. Your lawyer will not arrange this. Usually Bank of Ireland will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own East Beckton surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Our offer on a house in East Beckton has been agreed to, the owners do however have a tied purchase. The vendors have put an offer on a flat, however it’s not yet agreed to, and have viewings of other apartments booked. I have selected a bricks and mortar conveyancing solicitor in East Beckton. What do I do now? At what point should I apply for the mortgage with Yorkshire BS?
It is normal to have apprehensions where there is a chain as you are unlikely to want to incur costs too early (home loan application is in the region of one thousand pounds, then survey, East Beckton conveyancing search costs, etc). The first course of action is to ensure that your conveyancing practitioner is on the Yorkshire BS conveyancing panel. As to the next phase this very much dictated by the uniqueness of your case, motivation for the property and on the state of the market. During a hot market many purchasers will apply for the mortgage with Yorkshire BS and pay for the valuation and only if it was satisfactory would they pay their lawyer to proceed with the conveyancing in East Beckton.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and identified one round the corner in East Beckton I like with open areas and railway links nearby, however it's only got 52 remaining years left on the lease. There is not much else in East Beckton for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a mortgage that many years will likely be problematic. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you could request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this.
I've found a house that appears to meet my requirements, at a great price which is making it all the more appealing. I have just been informed that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in East Beckton. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in East Beckton ?
Most houses in East Beckton are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in East Beckton so you should seriously consider looking for a East Beckton conveyancing practitioner and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’sconsent to carry out changes to the property. It may be necessary to pay a service charge towards the maintenance of the estate where the property is part of an estate. Your conveyancer should report to you on the legal implications.
After months of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in East Beckton. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
if there is a missing landlord or where there is dispute about the premium for a lease extension, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to judgment on the amount due.
An example of a Lease Extension matter before the tribunal for a East Beckton flat is 46 Credon Road in January 2014. On 11 September 2013 Deputy District Judge Price sitting at the Bow County Court made a vesting order that the freeholder surrender his lease and be granted a new lease of the Premises on such terms as may be determined by the First Tier Tribunal (Property Chamber).The appropriate sum as concluded by the Tribunal was £7225 This case affected 1 flat. The unexpired term was 69.77 years.