My wife and I are purchasing a newly built apartment in Lea Bridge and my conveyancer is advising me that she has to the mortgage company to disclose incentives from the builder. I am under pressure to sign contracts and I don't want to delay the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a lender 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.
I own a freehold residence in Lea Bridge but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Lea Bridge and has limited impact for conveyancing in Lea Bridge but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
What happens if my solicitor is suspended from the Santander Solicitor panel ahead of completing my conveyancing in Lea Bridge?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
My bid for a property was accepted at auction in Lea Bridge. Conveyancing is required. What happens now?
Now that you are for all intents and purposes signed on the dotted line you will need to retain a conveyancing lawyer soon as you are facing a pending deadline in which to complete the transaction. All auction property will have a corresponding legal pack. This will likely include most,if not all of the paperwork that your lawyer will need. If you have purchased leasehold property the legal papers may provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation pertinent to leasehold premises. You should give this to your appointed conveyancing solicitor ASAP. Do make sure that you have funds in order to complete on the date specified in the contract.
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Lea Bridge building society branch on numerous occasions and was told they are content with the situation and they will lend. My Lea Bridge conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they refuse to lend in accordance with their published requirements. Who do I believe?
Your property lawyer has to follow the CML Handbook Part 2 specifications for your bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
I've read lots of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Lea Bridge solicitor - who is on the Kent Reliance conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Kent Reliance will need an independent valuation of the property. Your lawyer will not arrange this. Usually Kent Reliance will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Lea Bridge surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I am buying a new build flat in Lea Bridge. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here is a sample of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Lea Bridge
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. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
Due to the encouragement of my in-laws I had a survey completed on a property in Lea Bridge before retaining lawyers. I have been informed that there is a flying freehold element to the property. Our surveyor has said that some banks will refuse to issue a mortgage on this type of house.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Halifax. Should you wish to call us we can look into this further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Lea Bridge. Conveyancing may be slightly more expensive based on your lender's requirements.