I am obtaining a mortgage with Halifax. I hope to instruct a Licensed Conveyancer in Newham. Does the Halifax Solicitor panel allow for conveyancers regulated by the CLC?
The Halifax conveyancing panel is, like many other lenders, associated to the Council or Mortgage Lenders or BSA, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
My husband and I are approaching an exchange on a property in Newham and my parents have sent the exchange deposit to my lawyer. I am now informed that as the deposit has not come from me my lawyer needs to disclose this to my bank. I am advised that, in also acting for the mortgage company he must inform them that the balance of the purchase price is coming from anyone other than me. I informed the lender concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
The solicitor is obliged to clarify with mortgage company to ensure that they understand 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 permit them to, failing which, your lawyer must cease to continue acting.
Is there a reason why leasehold purchase conveyancing in Newham is more expensive?
In summary, leasehold conveyancing in Newham and London usually warrants more due diligence compared to freehold conveyancing. This includes lease investigation, liaising with the landlord about serving appropriate notices, obtaining up-to-date service charge and management information, obtaining the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different leaseholders have owned the lease since it was first granted.
Will my lawyer be raising enquiries regarding flooding during the conveyancing in Newham.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Newham. There are those who buy a house in Newham, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or dispose of the property. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Conveyancers are not best placed to offer advice on flood risk, however there are a numerous searches that may be initiated by the buyer or on a buyer’s behalf which can give them a better appreciation of the risks in Newham. The standard completed inquiry forms sent to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard inquiry of the owner to determine whether the property has suffered from flooding. In the event that flooding has previously occurred which is not revealed by the owner, then a buyer could bring a claim for damages as a result of such an misleading answer. A purchaser’s conveyancers should also conduct an enviro report. This will indicate whether there is a recorded flood risk. If so, further inquiries should be conducted.
I am buying a new build house in Newham benefiting from help to buy. The sellers would not reduce the amount so I negotiated 6k of extras instead. The property agent suggested that I not to tell my conveyancer about the side-deal as it could jeopardize my mortgage with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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've recently bought a leasehold property in Newham. Am I liable to pay service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
My wife and I have hit a brick wall in seeking a lease extension in Newham. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a missing landlord or where there is dispute 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 payable.
An example of a Lease Extension case for a Newham premises is 46 Credon Road in January 2014. On 11 September 2013 Deputy District Judge Price sitting at the Bow County Court made a vesting order that the freeholder surrender his lease and be granted a new lease of the Premises on such terms as may be determined by the First Tier Tribunal (Property Chamber).The appropriate sum as concluded by the Tribunal was £7225 This case was in relation to 1 flat. The number of years remaining on the existing lease(s) was 69.77 years.