We have very assertive vendors who has suggested a exclusivity contract with a non-refundable deposit two thousand pounds. Are such agreements sensible?
This form of arrangement isn't frequently used in Shoreditch, conveyancers are often inclined to direct clients away from them as they divert attention from the main conveyancing focus and if you end up losing your deposit then the lawyer at best left with an upset client and at worst a litigious one. Secondly, there is no certainty that just because the owner has executed an exclusivity agreement they will complete the sale with you. They may breach the contract if they receive sufficient incentive to do so because a wronged buyer with the benefit of a lockout agreement will still have to show losses as a consequence of the breach and these may not equalise the financial benefit that your seller may gain by breaching the contract, no matter how morally reprehensible the behaviour is.
What is the first thing I need to know about purchase conveyancing in Shoreditch?
Not many law firms or advisers will tell you this but conveyancing in Shoreditch and elsewhere in England and Wales is often a confrontational process. In other words, when it comes to conveyancing there is lots of opportunity for conflict between you and other parties involved in the transaction. E.g., the seller, estate agent and on occasion a bank. Selecting a lawyer for your conveyancing in Shoreditch an important selection as your conveyancer is your adviser, and is the SOLE person in the legal process whose interest is to protect your legal interests and to protect you.
On occasion a third party with a vested interest will attempt to persuade you that you should follow their advice. For example, the property agent may claim to be helping by claiming that your conveyancer is slow. Or your mortgage broker may tell you to do something that is against your lawyers advice. You should always trust your lawyer above all other parties in the conveyancing process.
I had a mortgage agreed in principle with Santander. Shoreditch conveyancing solicitors were instructed. How long does it take for Santander to issue the offer to the conveyancer?
There is no definitive answer here. Have Santander conducted the valuation? Have you advised Santander as to your lawyers' details and checked that your lawyers are on the Santander conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I have paid off my mortgage with Bank of Ireland. I assume I don't need a Shoreditch solicitor on the Bank of Ireland panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Bank of Ireland mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Bank of Ireland mortgage from the register. Bank of Ireland, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Bank of Ireland has sent the Land Registry the discharge electronically, and
- Bank of Ireland has instructed the Land Registry to do so
After what seems like an age I have had an offer on a flat in Shoreditch agreed to, but there is a chain. The owners have offered on somewhere, however it’s not yet tied up, and have viewings of other properties in the pipeline. I have instructed a high street conveyancing solicitor in Shoreditch. What should be my next step? At what point should I apply for the mortgage with Nottingham?
It is understandable to have apprehensions where there is a chain as you are unlikely to want to incur expenses too early (home loan application is approx one thousand pounds, then valuation, Shoreditch conveyancing search costs, etc). First, you should ensure that your property lawyer is on the Nottingham approved list. Regarding the next stages this very much dictated by the circumstances of your transaction, motivation for this property and on the state of the market. In a rising market the majority of purchasers would apply for a home loan with Nottingham and pay for the valuation and only if it comes back ok would they ask their conveyancing practitioner to press on with searches.
It has been four months following my purchase conveyancing in Shoreditch completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm purchasing my first flat in Shoreditch with a mortgage from Barnsley Building Society. The developers refused to reduce the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent suggested that I not disclose to my lawyer about this extras as it could affect my loan with the bank. Should I keep quiet?.
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.
Harry (my fiance) and I may need to rent out our Shoreditch basement flat temporarily due to a career opportunity. We instructed a Shoreditch conveyancing practice in 2002 but they have closed and we did not think at the time get any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Even though your previous Shoreditch conveyancing lawyer is no longer available you can check your lease to see if you are permitted to let out the apartment. The accepted inference is that if the deeds are silent, subletting is permitted. There may be a precondition that you need to seek consent via your landlord or some other party prior to subletting. The net result is you not allowed to sublet in the absence of prior consent. The consent should not be unreasonably withheld. If your lease prohibits you from letting out the property you should ask your landlord for their consent.
We have reached the end of our tether in seeking a lease extension in Shoreditch. Can this matter be resolved via the Leasehold Valuation Tribunal?
in cases where there is a missing freeholder or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to arrive at the premium.
An example of a Lease Extension matter before the tribunal for a Shoreditch property is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case was in relation to 2 flats. The unexpired lease term was 72.39 years.
