My partner and I are only a couple days away from an exchange on a property in Epping and my parents have transferred the ten percent deposit to my solicitor. I am now informed that as the deposit has been received from someone other than me my conveyancing practitioner needs to disclose this to my lender. Apparently, in also acting for the mortgage company he must inform them that the balance of the purchase price is not just from me. I advised the mortgage company about my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
Your conveyancing practitioner is duty bound to clarify with the bank to make sure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only disclose this to your lender if you agree, failing which, your lawyer must cease to continue acting.
At what point does exchange of contracts happen for domestic conveyancing in Epping and do I need to attend the conveyancers office?
Where you are round the corner to one of the conveyancing solicitors in Epping you are invited in to sign the paperwork. That being said, the lender approved solicitors we recommend provide countrywide coverage for conveyancing and provide as equally detailed and professional a job for you when communicating with you by post or email. The signing of the contract is not when everything is set in stone. A signed contract is just a prerequisite for the conveyancer to exchange contracts at the suitable time, which is ordinarily shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a lengthy "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Epping)to be in the office at the appropriate time.
We wanted to use a property lawyer in Epping for our house move. Our financial adviser has since advised us that our mortgage lenders HSBC Bank won't deal with them. Why is this not regarded as unduly restrictive?
Before the recession most mortgage companies had a different appetite for risk. Almost all Epping conveyancing firms would have been on many bank panels. The Financial Services Authority in 2010 completed a thematic investigation into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, mortgage companies have regularly sought more data from law firms concerning their operations and their employees and establishing certain criteria such a completing on a minimum number of transactions. Many Epping conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Epping is amongst the hundreds of areas where the solicitors we recommend are members of the panel for HSBC Bank.
Should commercial conveyancing searches disclose impending roadworks that could impact a commercial estate in Epping?
Its becoming the norm that commercial conveyancing solicitors in Epping will order a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in sourcing accurate data on highways that impact buildings and development assets in Epping. The search result provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Epping.
For each commercial conveyancing transaction in Epping it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately can cause delays to Epping commercial conveyancing deals as well as present a risk to future plans for the site. These searches are not conducted for domestic conveyancing in Epping.
We are 18 days into a residential purchase having been recommend to solicitors by the local agent to do our conveyancing in Epping. I am am starting to be dissatisfied with the quality of service. Could you help me find new solicitors?
A conveyancer would need to be really poor in order to consider replacing them. Has the mortgage been generated? If so you will need to advise them of the new contact details and have the mortgage documents are re-issued. Your new solicitor ideally needs to be on the mortgage company panel to avoid escalating fees and delays. That should be your starting point. The find a solicitor tool will help you find a bank approved lawyer for your home move in Epping
I am tempted by the attractive purchase price for a two apartments in Epping both have approximately 50 years left on the leases. Do I need to be concerned?
There are no two ways about it. A leasehold apartment in Epping is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. The majority of purchasers and banks, leases with less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Epping conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I purchased a 1 bedroom flat in Epping, conveyancing having been completed 10 years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Epping with an extended lease are worth £206,000. The ground rent is £45 invoiced every year. The lease ends on 21st October 2090
With 66 years remaining on your lease we estimate the premium for your lease extension to range between £11,400 and £13,200 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.