We are only a couple days away from an exchange on a flat in East London and my mum and dad have transferred the 10% deposit to my conveyancing practitioner. I am now informed that as the deposit has been received from someone other than me my lawyer needs to make a notification to my lender. I am advised that, in also acting for the lender he must advise them that the balance of the purchase price is coming from anyone other than me. I informed the lender regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
The property lawyer is duty bound to clarify with mortgage company to ensure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only reveal this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
Do conveyancers request an advanced payment for conveyancing in East London?
Where you are retaining lawyers for conveyancing in East London your solicitor will ask you put them with monies to cover the search fees. This will be the total of the cost of the Local Authority Search. If any deposit is as part of the sale price then this will be asked for shortly in advance of contracts are exchanged. Any further balance that is due will be payable shortly before completion.
The estate agent has sent us the confirmation of our purchase of a new build apartment in East London. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in East London
Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? There must be mutual enforceability of lessee’s covenants. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Forfeiture - bankruptcy or liquidation must not apply under this provision.
I decided to have a survey completed on a property in East London before retaining conveyancers. I have been informed that there is a flying freehold element to the house. The surveyor advised that some banks will refuse to issue a loan on a flying freehold house.
It depends who your proposed lender is. Lloyds has different requirements for example to Halifax. Should you wish to call us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in East London. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in East London to see if the conveyancing will be more expensive.
My wife and I may need to rent out our East London 1st floor flat temporarily due to taking a sabbatical. We instructed a East London conveyancing practice in 2002 but they have closed and we did not think at the time seek any advice as to whether the lease permits subletting. How do we find out?
The lease governs relations between the freeholder and you the flat owner; specifically, it will indicate if subletting is prohibited, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. Most leases in East London do not contain subletting altogether – such a clause would adversely affect the market value the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
I have tried to negotiate informally with with my landlord to extend my lease without getting anywhere. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a East London conveyancing firm to assist?
Most certainly. We can 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 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 affected 1 flat. The unexpired term was 73.26 years.
What should I expect to pay for conveyancing in East London?
Almost all East London conveyancing solicitors will charge a set fee. Where extra work become due during the conveyancing your solicitor is obliged advise you in writing of any additional fees for any work immediately it becomes foreseeable. Some work on a no completion no charge offering, others will charge a fraction of the set charges, depending on the stage at which the deal aborts.
It may be helpful for you to obtain a few conveyancers to supply you a quotation.