I am getting closer to an exchange on a flat in Isle of Dogs and my parents have transferred the 10% deposit to my property lawyer. I am now advised that as the deposit has not come from me my solicitor needs to disclose this to my bank. I am advised that, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I disclosed to the mortgage company regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
Your conveyancing practitioner is legally required to check with the bank to ensure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only reveal this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
My aunt passed away 10 months ago and as sole heir and executor I was left the house in Isle of Dogs. The house had a small mortgage left on it of around £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Coventry BS, pay off the mortgage. Is this possible?
Where you intend to refinance then Coventry BS will insist on your using a conveyancer on the Coventry BS conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Coventry BS conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Coventry BS mortgage is registered as a charge at the Land Registry.
What can a local search tell me concerning the property I am purchasing in Isle of Dogs?
Isle of Dogs conveyancing often commences with the ordering local authority searches directly from your local Authority or via a personal search organisations such as Searches UK The local search is essential in every Isle of Dogs conveyancing purchase; as long as you wish to avoid any unpleasant once you have moved into your property. The search will reveal data on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic sections.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and identified one round the corner in Isle of Dogs I like with open areas and station nearby, the downside is that it only has 52 years unexpired on the lease. There is not much else in Isle of Dogs for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a home loan the shortness of the lease will likely be a potential deal breaker. Reduce the price by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of twenty four months you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor about this.
I am a negotiator for a busy estate agent office in Isle of Dogs where we have experienced a number of leasehold sales put at risk as a result of short leases. I have been given inconsistent advice from local Isle of Dogs conveyancing solicitors. Please can you clarify whether the seller of a flat can initiate the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I inherited a a ground floor purpose built flat in Isle of Dogs. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the amount payable for a lease extension?
in cases where there is a absentee landlord or if there is disagreement about what the lease extension should cost, under the relevant legislation it is possible to make an application to the LVT to assess the amount due.
An example of a Freehold Enfranchisement matter before the tribunal for a Isle of Dogs property is 12, 14 & 16 Hull Close in May 2010. the Tribunal determined that the premium payable for the acquisition of the freehold to the subject premises was the sum of £18,300 This case related to 3 flats. The number of years remaining on the existing lease(s) was 101.61 years.
Whilst your website is a good idea there are many lawyers listed near Isle of Dogs being on the mortgage company conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the conveyancing panel for our bank?
We do not recommend specific Isle of Dogs firms as the right Isle of Dogs conveyancing firm for you depends on where your priorities lie. For example you may require a local firm with Isle of Dogs knowledge or you might be looking for the low cost conveyancing. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..