Me and my partner are about to exchange buying a house in East London but as a consequence of wreckage from a small fire at the property I have was able negotiate compensation from the vendor of £3k by way of a reduction in the price. This was going to be addressed as part of the conveyancing process however Nationwide will not permit this. Should they have been notified?
The conveyancing practitioner that is on the Nationwide conveyancing panel is duty bound to disclose to Nationwide of any variations to the purchase price. If you prohibit your conveyancer to report the price change to Nationwide then they would have to discontinue acting for you. In addition, Nationwide and you would have to appoint a new conveyancing practitioner for your conveyancing in East London.
My bid for a property was accepted at auction in East London. Conveyancing is required. What happens now?
Now that you are exchanged you must retain a conveyancing practitioner soon as you will have a fast approaching a drop dead date to complete the purchase. Every auction property should have a bespoke legal set of papers. This will likely include evidence of title and search results. In the case of leasehold property the legal papers should include a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork specific to leasehold premises. You need to give this to the lawyer instructed by you as soon as possible. You also need to ensure that you have funds in order to complete on the on the contractual date .
I have today made my last payment due on my mortgage with HSBC. I assume I don't need a East London property lawyer on the HSBC panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your HSBC mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the HSBC mortgage from the register. HSBC, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where HSBC has sent the Land Registry the discharge electronically, and
- HSBC has instructed the Land Registry to do so
I have a mortgage with Yorkshire BS for my property in East London. Conveyancing has been completed months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Yorkshire BS?
You must advise Yorkshire BS in advance of letting out your property as this is likely to be a breach of Yorkshire BS’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Yorkshire BS directly. You need not do this via a Yorkshire BS conveyancing panel lawyer.
Will our lawyer be raising enquiries concerning flooding as part of the conveyancing in East London.
The risk of flooding is if increasing concern for conveyancers dealing with homes in East London. Some people will acquire a property in East London, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not best placed to give advice on flood risk, but there are a number of checks that can be initiated by the buyer or by their solicitors which should figure out the risks in East London. The standard property information forms sent to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) incorporates a standard question of the seller to discover whether the premises has ever been flooded. In the event that flooding has previously occurred and is not revealed by the owner, then a purchaser may bring a compensation claim stemming from an inaccurate reply. A purchaser’s solicitors may also order an environmental report. This will higlight if there is a recorded flood risk. If so, additional investigations should be carried out.
I've recently found out that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a quick, chain free conveyancing. East London is the location of the property. Can you offer any advice?
Flying freeholds in East London are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in East London you would need to get your solicitor to go through the deeds diligently. Your mortgage company 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 premises.
What does commercial conveyancing in East London cover?
East London conveyancing for business premises incorporates a broad array of services, supplied by regulated solicitors, relating to business premises. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of tenancies.
Can you provide any advice for leasehold conveyancing in East London from the point of view of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in East London can be bypassed where you instruct lawyers the minute you market your property and request that they start to collate the leasehold documentation needed by the buyers’ representatives. The majority of landlords or Management Companies in East London charge for providing management packs for a leasehold home. You or your lawyers should find out the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in East London. If there is a history of conflict with your landlord or managing agents it is essential that these are settled before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is clearly preferable to present the dispute as over as opposed to unsettled. If you have the benefit of shareholding in the freehold, you should make sure that you hold the original share document. Organising a new share certificate can be a time consuming formality and frustrates many a East London home move. If a duplicate share is required, you should approach the company director and secretary or managing agents (where applicable) for this sooner rather than later.
I have given up trying to reach an agreement for a lease extension in East London. Can this matter be resolved via the Leasehold Valuation Tribunal?
Absolutely. We can put you in touch with a East London conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a East London property 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 was in relation to 1 flat. The number of years remaining on the existing lease(s) was 73.26 years.