We decided to purchase a newly converted flat in Shadwell with a loan from Britannia.We use our Shadwell conveyancing practitioner but Britannia informed us his firm is not listed on their "panel". It seems we have no choice but to instruct a Britannia panel lawyer or keep our local solicitor and fork out for a Britannia panel lawyer to act for them. This seems very unfair; is there anything we can do?
No, not really. The loan offered to you is subject to its terms and conditions, one of which will be that lawyers must be on the Britannia approved list. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Britannia
Will commercial conveyancing searches disclose proposed roadworks that could affect a commercial premises in Shadwell?
Its becoming the norm that commercial conveyancing solicitors in Shadwell will execute a SiteSolutions Highways report as it reduces the time that conveyancers expend in looking into accurate data on highways that impact buildings and development assets in Shadwell. The search result sets out 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 Shadwell.
For every commercial conveyancing transaction in Shadwell it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately could cause delays to Shadwell commercial conveyancing deals as well as pose a risk to future intentions for the site. These searches are not carried out for domestic conveyancing in Shadwell.
How does conveyancing in Shadwell differ for new build properties?
Most buyers of new build or newly converted property in Shadwell approach us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is constructed. This is because new home sellers in Shadwell usually buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Shadwell or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £235,500 and found one near me in Shadwell I like with a park and transport links in the vicinity, the downside is that it's only got 51 years on the lease. There is not much else in Shadwell for this price, so just wondered if I would be making a mistake buying a short lease?
If you require a home loan the shortness of the lease will likely be problematic. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of twenty four months you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
All being well we will complete the sale of our £125,000 flat in Shadwell in just under a week. The landlords agents has quoted £396 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Shadwell?
Shadwell conveyancing on leasehold flats often involves the buyer’s solicitor sending enquiries for the landlord to address. Although the landlord is not legally bound to answer these enquiries most will be willing to do so. They are entitled to charge a reasonable administration fee for responding to questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some transactions it exceeds £800. The management information fee levied by the landlord must be accompanied by a summary of rights and obligations in respect of administration charges, otherwise the charge is technically not due. Reality however dictates that you have no choice but to pay whatever is requested of you if you want to exchange contracts with the buyer.
After years of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in Shadwell. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Where there is a missing freeholder or where there is disagreement about the premium for a lease extension, under the relevant legislation you can apply to the LVT to determine the sum to be paid.
An example of a Freehold Enfranchisement matter before the tribunal for a Shadwell premises is 12, 14 & 16 Hull Close in May 2010. the Tribunal determined that the premium payable for the acquisition of the freehold to the subject premises was the sum of £18,300 This case was in relation to 3 flats. The unexpired residue of the current lease was 101.61 years.
I am purchasing a property and need a conveyancing solicitor in Shadwell who is on the bank solicitor panel. Could you point me in the right direction as regards a Shadwell conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for the mortgage company who carry out conveyancing in Shadwell. We dont recommend any particular firm.