Me and my husband are purchasing a leasehold flat in East London. My Conveyancer is not on the lender approved list. Can I still retain my East London conveyancing solicitor notwithstanding that they are excluded from the bank list of approved lawyers?
Various options include
- Complete the deal with your preferred East London solicitor but your bank will no doubt retain a solicitor on their approved panel. This will result in additional charges and likely delay.
- Get a new lawyer to act in the purchase, obviously checking they are on the bank conveyancing panel.
- Convince your solicitor to attempt to join the bank panel
I am told that my conveyancing solicitors will need to check that the building insurance when buying a house in East London. My lender is Nationwide Building Society
Nationwide Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 3/1/2021, the requirements read as follows :
I need some quick conveyancing in East London as I have pressure to complete within 4 weeks. A mortgage is not required. Can I decline from having conveyancing searches to save money and time?
If.Given you are not taking a mortgage you have the choice not to do searches although no conveyancer would advise that you don't. With lots of history conveyancing in East London the following are examples of issues that can crop up and adversely impact future saleability: Enforcement Actions, Outstanding Charges, Outstanding Grants, Road Schemes,...
It has been 4 months following my purchase conveyancing in East London completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in East London differ for newly converted properties?
Most buyers of new build premises in East London come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is constructed. This is because new home sellers in East London usually buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in East London or who has acted in the same development.
I am hoping to put an offer on a small detached house that appears to be perfect, at a great price which is making it more attractive. I have just found out that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in East London. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in East London ?
Most houses in East London are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in East London so you should seriously consider shopping around for a East London conveyancing solicitor and be sure that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’sconsent to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the estate where the house is part of an estate. Your lawyer will appraise you on the various issues.
Notwithstanding our best efforts, we have been unsuccessful in trying to reach an agreement for a lease extension in East London. Can the Leasehold Valuation Tribunal adjudicate on premiums?
You certainly can. We are happy to put you in touch with a East London conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a East London flat 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 related to 1 flat. The number of years remaining on the existing lease(s) was 73.26 years.