I am buying my first flat in Leytonstone with a loan from HSBC Bank. The sellers refused to budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent told me not inform my solicitor about this extras as it would jeopardize my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I have been on the look out for a leasehold apartment up to £305k and found one close by in Leytonstone I like with amenity areas and transport links nearby, however it's only got 49 remaining years left on the lease. There is not much else in Leytonstone suitable, so just wondered if I would be making a grave error buying a short lease?
Should you require a mortgage the shortness of the lease will likely be problematic. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least 2 years you can request that they start the process of the extension 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 consult your conveyancing lawyer concerning this.
Am I right to be wary that brokers that I am dealing with are encouraging me to use an online conveyancing firm rather than a local Leytonstone conveyancing firm?
As is the case with many professional services, often input from connections can be very helpful. Yet there are lots of people with a vested interest in a conveyancing matter; estate agents, financial adviser and banks may put forward lawyers to retain. Sometimes these lawyers might be known to one of the organisations as one of the best in their field, but occasionally there is an underlying commercial relationship behind the endorsement. You have the right to choose your own conveyancer. Don't forget that some banks operate an approved list of lawyers you are obliged to use for the lender related work in your home move.
My husband and I are novice buyers - had an offer accepted, yet the estate agent told us that the owners will only proceed if we appoint their chosen solicitors as they need a ‘quick sale’. My instinct tells me that we should use a family solicitor with experience of conveyancing in Leytonstone
We suspect that the owner is unaware of this requirement. Should the vendor require ‘a quick sale', turning down a serious purchaser is going to damage their objectives. Bypass the agents and go straight to the sellers and explain that (a)you are keen to buy (b)you are ready to progress, with finances in place © you do not need to sell (d) you wish to move quickly (e)however you intend to use your own,trusted Leytonstone conveyancing lawyers - not the ones that will give their estate agent a referral fee or meet his conveyancing figures pre-set by head office.
After years of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Leytonstone. Can we issue an application to the Residential Property Tribunal Service?
Most certainly. We can put you in touch with a Leytonstone conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Leytonstone premises is 36 New Wanstead in August 2010. The Tribunal arrived at a valuation of the premium for the freehold of £22,359. This case related to 2 flats. The unexpired term as at the valuation date was 73.92 years.
Are there common problems that you see in leases for Leytonstone properties?
There is nothing unique about leasehold conveyancing in Leytonstone. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:
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A provision to repair to or maintain parts of the premises Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Barnsley Building Society, and Aldermore all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to pull out.
Me and my wife have just had an offer accepted on a apartment and had an appointment on Tuesday with the Post Office for the mortgage. They warned me that when it comes to appointing a property lawyer that unless they are on their approved panel of conveyancers then we will be subject to an an additional fee of £200. This is because they would then have to select a solicitor to act for them as well as the one we choose to act for ourselves and we are liable for their costs. I have asked the Post Office to send me with a list so I can request quotes only from their approved conveyancers but was told that I need to check with each individual conveyancer to see if they are on the panel. Is their an easier way of going about this?
Ask the Post Office what their criteria for joining their panel is for a conveyancer.Then ask the conveyancing practitioner of your choice whether they fit that criteria and have they acted on mortgages for the Post Office previously. If the answer to those is yes, then just clarify this with the Post Office. Another option is to use our search facility and we should be able to locate a property lawyer in Leytonstone on the approved list for the Post Office.