My wife and I are about to complete on the purchase of a house in Leytonstone but as a consequence of damage from a small fire at the property I have managed to agree reparation from the owner of three thousand pounds by way of a adjustment in the price. I had intended this to be addressed as part of amending the contract however Lloyds are not allowing this. Why were they informed?
Any conveyancer being on a Lloyds conveyancing panel is obliged to disclose to Lloyds of any amendments to the purchase price. If you were to refuse your conveyancing practitioner to notify the reduction to Lloyds then they would have to discontinue acting for you. In addition, Lloyds and you would have to appoint a new conveyancing practitioner for your conveyancing in Leytonstone.
I purchased a freehold residence in Leytonstone yet invoiced for rent, why is this and what is this?
It is rare for properties in Leytonstone and has limited impact for conveyancing in Leytonstone 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 date back hundreds of years, but the Rent Charge Act 1977 barred the generation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
I am looking for a leasehold apartment up to £195,000 and identified one round the corner in Leytonstone I like with a park and transport links nearby, the downside is that it only has 61 years unexpired on the lease. I can't really find anything else in Leytonstone in this price bracket, so just wondered if I would be making a grave error buying a short lease?
If you need a mortgage the shortness of the lease will be problematic. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years 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 current lease with a zero ground rent applied. You should speak to your conveyancing lawyer about this.
Am I best advised to use a Leytonstone conveyancing practitioner in close proximity to the house I am buying? I have an old university friend who can deal with the legal work however his firm is located 400miles drive away.
The benefit of a local Leytonstone conveyancing firm is that you can pop in to sign documents, hand in your ID and pester them if necessary. They will also have local intelligence which is a bonus. However nothing is more important than finding someone that will pull out all the stops for you. If if people you trust instructed your friend and on the whole were happy that must surpass using an unknown Leytonstone conveyancing lawyer just because they are based in the area.
I have just started marketing my basement flat in Leytonstone. Conveyancing solicitors are to be appointed soon, but I have recently had a quarterly maintenance charge invoice – should I leave it to the buyer to sort out?
It best that you clear the service charge as normal given that all rents and maintenance invoices should be apportioned as part of the financial calculations for completion monies, so you will be reimbursed by the buyer for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I am the registered owner of a two-bedroom flat in Leytonstone. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the sum payable for the purchase of the freehold?
Where there is a missing freeholder or where there is disagreement about the premium for a lease extension, under the relevant statutes it is possible to make an application to the Leasehold Valuation Tribunal to arrive at the price.
An example of a Freehold Enfranchisement decision for a Leytonstone flat is 36 New Wanstead in August 2010. The Tribunal arrived at a valuation of the premium for the freehold of £22,359. This case affected 2 flats. The remaining number of years on the lease was 73.92 years.
Should I be worried if there is an issue with one of the searches for my conveyancing in Leytonstone?
Ordinarily, the majority of concerns arising from Leytonstone conveyancing search responses can be dealt with in advance of completion or title insurance may be put in place. You should remember that even though you are acquiring the premises and may be willing to live with the search results, your lender may not, and when all said and done they have the word say.