We are a couple about to sign contracts for a property in Shadwell. We encountered a stumbling block. The mortgage offer with Accord Mortgages Ltd expires on 13/1/2020 but the vendors are suggesting a completion date of 15/1/2020. Can one extend the loan offer?
The best person to address this issue is your conveyancer who will assess if they better off negotiating with the lender, seller’s conveyancers, estate agents or conceivably all parties based on the history of your transaction as of today.
I have been told that property searches are the primary reason for stalling in Shadwell house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not figure amongst the common causes of hindrances during the legal transfer of property. Local searches are unlikely to feature in any delay in conveyancing in Shadwell.
Are there restrictive covenants that are commonly picked up during conveyancing in Shadwell?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Shadwell. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I have been on the look out for a flat up to £245,000 and found one close by in Shadwell I like with open areas and station nearby, however it only has 52 remaining years left on the lease. There is not much else in Shadwell suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a home loan the remaining unexpired lease term will likely be problematic. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least twenty four months you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this.
Are there any apps to help search for a Shadwell solicitor on the Nationwide Building Society conveyancing panel? I drive a motor bike and am prepared to travel upto 10miles to meet the conveyancer.
Feel free to make use of the search on this page. Please select a bank and your location and you will see a number of Shadwell conveyancing lawyers locally. We have listed some Shadwell conveyancing firms at the bottom of this page and you can contact them to see if they are on the Nationwide Building Society approved list
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £450,000 apartment in Shadwell next week. The management company has quoted £324 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Shadwell?
Shadwell conveyancing on leasehold flats normally involves administration charges invoiced by management companies :
Addressing conveyancing due diligence questions
Where consent is required before sale in Shadwell
Copies of the building insurance and schedule
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
Following months of negotiations 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 absentee freeholder or where there is disagreement about the premium for a lease extension, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to calculate the price payable.
An example of a Freehold Enfranchisement decision for a Shadwell residence 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.