It is 10 years ago since I acquired my property in Old Ford. Conveyancing lawyers have now been retained on the sale but I can't locate the deeds. Is this a major issue?
Don’t worry too much. First the deeds may be retained by the lender or they could be in the possession of the lawyers who acted in the purchase. Secondly the chances are that the land will be recorded at the land registry and you will be able to prove you are the registered owner by your conveyancing solicitors acquiring up to date copy of the land registers. Nearly all conveyancing in Old Ford relates to registered property but in the rare situation where your property is unregistered it is more of a problem but is resolvable.
I have been referred to a conveyancing solicitor in Old Ford. I I am struggling to find out whether they are on the Norwich and Peterborough Building Society conveyancing panel. Could you or the lender confirm if they are on the panel?
The first thing to do is call your conveyancer and ask them whether they can act for the bank. Alternatively you should get in touch with Norwich and Peterborough Building Society who may be able to help.
What is the difference between a licensed conveyancer and conveyancing solicitor in Old Ford
There are many recorded licenced Conveyancers in Old Ford and Solicitor partnerships in Old Ford who provide Conveyancing services We would stress that both are regulated professionals specialising in the legal work in the home buying process. Both can deal with associated property related work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
When it comes to lenders such as Lloyds, do Old Ford conveyancers have to pay a fee to be on the conveyancing panel?
We are not aware of any mortgage company fees to register on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
Virgin Money have agreed my home loan in principle, my bid on a house in Old Ford has been accepted, what are the next steps?
Your property agent will need to know who your solicitors are (ensure that the conveyancers are on the bank’s panel). Call up Virgin Money or the financial adviser and finalise any appropriate paperwork. Virgin Money will sellect a valuer who will get in touch with the selling agent or owners to book an appointment. Once conducted (assuming no problems) it takes on average a fortnight for the mortgage offer to be issued. Virgin Money will send the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Old Ford.
I am buying a new build house in Old Ford with the aid of help to buy. The sellers would not budge the amount so I negotiated 6k of extras instead. The house builders rep advised me not disclose to my lawyer about this extras as it would put at risk my loan with the 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.
I work for a reputable estate agency in Old Ford where we see a few leasehold sales jeopardised as a result of short leases. I have been given conflicting advice from local Old Ford conveyancing solicitors. Could you shed some light as to whether the vendor of a flat can initiate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Notwithstanding our best efforts, we have been unsuccessful in trying to purchase the freehold in Old Ford. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a absentee freeholder or where there is disagreement about what the lease extension should cost, under the relevant statutes it is possible to make an application to the Leasehold Valuation Tribunal to arrive at the sum to be paid.
An example of a Freehold Enfranchisement case for a Old Ford property is 26 Rhondda Grove in June 2009. The net price payable by the leaseholders as determined by the Tribunal was £3,015.13. This comprised £11,300 premium for the reversion less £8,284.87 costs as ordered by the County Court.
I’m about to sell my ground floor flat in Old Ford.Conveyancing lawyers have not yet been instructed however I have recently received a yearly service charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should pay the invoice as you normally would given that all rents and service charges should be allottedas 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 next payment 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. Having a clear account will assist your cause and will leave you no worse off financially