Much to our surprise we have been informed by our financial adviser that my Leytonstone lawyer is not on the bank Solicitor panel. How can I check?
Your first step should be to contact your Leytonstone conveyancer. It is reasonable to expect your lawyer to inform you of the situation. If they are not on the panel they may recommend you to a Leytonstone conveyancing firm that is on the approved list of lawyers for your bank.
Completed the sale of my flat in Leytonstone last April yet the purchaser is whats apping daily to moan that his lawyer needs to hear from mine. What are the post completion sale formalities now that I have sold?
Following your sale your lawyer should forward the transfer deeds and all additional paperwork to the buyer’s conveyancer. If applicable, your conveyancer must also evidence that the home loan has been redeemed to the purchasers solicitors. There are no post completion tasks peculiar conveyancing in Leytonstone.
Should commercial conveyancing searches disclose impending roadworks that may impact a commercial land in Leytonstone?
Many commercial conveyancing solicitors in Leytonstone will perform a SiteSolutions Highways report as it reduces the time that conveyancers invest in looking into accurate data on highways that impact buildings and development assets in Leytonstone. The report provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Leytonstone.
For each commercial conveyancing transaction in Leytonstone it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately could cause delays to Leytonstone commercial conveyancing transactions as well as pose a risk to future intentions for the site. These searches are not conducted for domestic conveyancing in Leytonstone.
I'm purchasing my first flat in Leytonstone with a mortgage from HSBC Bank. The builders refused to reduce the price so I negotiated £7000 of extras instead. The estate agent advised me not to tell my conveyancer about this side-deal as it will impact my mortgage with HSBC Bank. Should I keep quiet?.
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.
What advice can you give us when it comes to choosing a Leytonstone conveyancing practice to carry out our lease extension conveyancing?
When appointing a property lawyer for lease extension works (regardless if they are a Leytonstone conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We suggest that you talk with two or three firms including non Leytonstone conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be of use:
How many lease extensions have they carried out in Leytonstone in the last year?
I own a first flat in Leytonstone. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the amount payable for a lease extension?
You certainly can. We can put you in touch with a Leytonstone conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Leytonstone property 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 unexpired residue of the current lease was 73.92 years.
Our lawyer in Leytonstone has discovered a defect with the lease for the flat we are purchasing in Leytonstone. The seller’s lawyers have offered defective title insurance as a solution. We are happy with insurance and will pay for it. Our solicitor says that as he is on the bank conveyancing panel he must ensure that the lender is happy with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. A precondition to being on the mortgage company approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.