We are buying a brand new flat in Homerton and my conveyancer is advising me that she is duty bound to the lender to disclose incentives from the developer. The Estate Agents are hassling me to sign contracts and I don't want to prolong the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Will our conveyancer be raising questions concerning flooding as part of the conveyancing in Homerton.
Flooding is a growing risk for conveyancers specialising in conveyancing in Homerton. Plenty of people will buy a house in Homerton, 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 get a mortgage, satisfactory insurance cover, or sell the property. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Solicitors are not qualified to impart advice on flood risk, but there are a various checks that may be undertaken by the buyer or by their conveyancers which will give them a better appreciation of the risks in Homerton. The conventional set of information sent to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) includes a standard question of the vendor to determine if the premises has historically flooded. If flooding has previously occurred and is not revealed by the seller, then a buyer could commence a legal claim for losses as a result of such an misleading reply. A buyer’s solicitors may also commission an environmental search. This will reveal if there is a recorded flood risk. If so, additional investigations will need to be carried out.
About to purchase a new build flat in Homerton. Conveyancing is a frightening process 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 questions that you may expect your new-build leasehold conveyancing in Homerton
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please confirm the Lease plans are surveyor prepared. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
I opted to have a survey done on a property in Homerton in advance of retaining solicitors. I have been advised that there is a flying freehold overhang to the house. The surveyor advised that some mortgage companies tend refuse to give a mortgage on such a premises.
It varies from the lender to lender. Santander has different requirements for example to Birmingham Midshires. If you call us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Homerton. Conveyancing may be slightly more expensive based on your lender's requirements.
How can the Landlord & Tenant Act 1954 impact my business offices in Homerton and how can you help?
The particular law that you refer to provides protection to commercial leaseholders, granting the right to make a request to court for a renewal lease and continue in occupation when the lease comes to an end. There are certain specified grounds where a landlord can refuse a lease renewal and the rules are complex. Fees are different for commercial conveyancing. Homerton is one of the hundreds of locations in which our lawyers have offices
Two months into buying a property in Homerton. Conveyancing solicitor has told us the title is "Leasehold". Should this impact the marketability of the property?
Homerton conveyancing does not in most situations involve leasehold houses. The key factor here is the remaining lease term and the ground rent. If it's 999 years with a peppercorn rent, it's virtually freehold, so it’s unlikely to impact the value significantly.
On the flip side, if it's, say, Sixty years it is bound to have a significant impact on the saleability, and most likely wouldn't be mortgageable. The remaining lease term and ground rent will be specified in the lease which should be made available to your solicitor.