My wife and I are soon to complete on the purchase of a property in Homerton but as a consequence of damage from the recent storms I have was able negotiate recompense from the seller of £3k by way of a deduction in the price. This was going to be dealt with as part of amending the contract yet Leeds Building Society are not allowing this. Why were they notified?
The property lawyer that is on a Leeds Building Society approved list is required to inform Leeds Building Society of any variations to the purchase price. If you prohibit your solicitor to notify the reduction to Leeds Building Society then they would have to discontinue acting for you. In addition, Leeds Building Society and you would have to appoint a new lawyer for your conveyancing in Homerton.
What is the first thing I need to know regarding purchase conveyancing in Homerton?
You may not hear this from too many lawyers but conveyancing in Homerton or throughout England and Wales is often a confrontational process. In other words, when it comes to conveyancing there exists lots of opportunity for conflict between you and others involved in the home moving process. E.g., the vendor, estate agent and even potentially the bank. Choosing a solicitor for your conveyancing in Homerton an important selection as your conveyancer is your adviser, and is the ONE party in the process whose responsibility is to act in your legal interests and to protect you.
We are witnessing a distinct ongoing adversarial element to conveyancing- someone must be blamed for the process taking so long. We recommend that you should always trust your lawyer above the other parties in the home moving process.
We're in Homerton, FTBs buying with a mortgage (lender is Principality , and our solicitor is on the Principality conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Principality conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Just acquired a detached house in Homerton , how long will it take for the Land Registry to deal with the formalities evidencing the transfer to my name? My Homerton conveyancing solicitor works at snail pace, so I want to be sure that my purchase is registered.
As far as conveyancing in Homerton is concerned, registration is no faster or slower than the rest of England and Wales. As opposed to being determined by geographic area, timeframes can adjust subject to the party submitting the application, whether there are errors and if the Land registry communicate with any third parties. As of today roughly three quarters of such applications are fully addressed in less than three weeks but some can be subject to longer delays. Historically registration is effected after the new owner is living at the property so 'speed' is not always top priority but if it is urgent that the the registration takes place urgently then you or your conveyancer should speak with the land registry and explain the circumstances.
I have been on the look out for a ground for flat up to £305k and found one near me in Homerton I like with amenity areas and station nearby, the downside is that it's only got 52 years unexpired on the lease. There is not much else in Homerton in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a mortgage the shortness of the lease will likely be a potential deal breaker. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
What advice can you give us when it comes to appointing a Homerton conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Homerton conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non Homerton conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be useful:
What are the charges for lease extension conveyancing?
Notwithstanding our best endeavours, we have been unsuccessful in negotiating a lease extension in Homerton. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a missing freeholder or if there is disagreement about what the lease extension should cost, under the relevant legislation you can apply to the Leasehold Valuation Tribunal to make a decision on the price.
An example of a Freehold Enfranchisement decision for a Homerton flat is 104 Nightingale Road in May 2009. The Tribunal's Decision is that the premium torbe paid for the enfranchisement in this case is £112,174 This case affected 10 flats. The remaining number of years on the lease was 71.25 years.