Find a Lender-Approved Local Conveyancer in Shoreditch

My partner and I are getting closer to an exchange on a flat in Shoreditch and my mum and dad have transferred the exchange deposit to my conveyancing practitioner. I am now advised that as the deposit has been sent from someone other than me my property lawyer needs to disclose this to my mortgage company. I am advised that, in also acting for the mortgage company he must inform them that the balance of the purchase price is not just from me. I informed the mortgage company concerning my parents' contribution when I applied for the mortgage, so is it really necessary for this now to delay the deal?

Your conveyancer is legally required to clarify with mortgage company to ensure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only disclose this to your bank if you agree, failing which, your lawyer must cease to continue acting.

Can you explain why leasehold purchase conveyancing in Shoreditch is more expensive?

Shoreditch leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving relevant notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.

We expect to receive a OIP from Clydesdale this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Clydesdale recommend any Shoreditch solicitors on the Clydesdale conveyancing panel, or is it better to go independently?

You will need to appoint Shoreditch solicitors independently although you'll need to choose one on the Clydesdale conveyancing panel. The solicitor represents both you and Clydesdale through the process.

I have paid off my mortgage with RBS. I assume I don't need a Shoreditch conveyancer on the RBS panel to remove the mortgage at the Land Registry. Please confirm.

If you have finished paying off your RBS 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 RBS mortgage from the register. RBS, 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:

1. but are not moving to another property
2. where RBS has sent the Land Registry the discharge electronically, and
3. RBS has instructed the Land Registry to do so

The Land Registry will send you a letter confirming that your RBS mortgage has been paid off.

It is not clear whether my lender requires a lease extension. I have called into my local Shoreditch bank branch on a couple of occasions and was told they are content with the situation and they will lend. My Shoreditch conveyancing solicitor - who is on the lender conveyancing panel- called and was told they will not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?

Provided that the property lawyer is on the lender approved list, she or he must comply with the Council of Mortgage Lenders’ Handbook specifications for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.

Are there restrictive covenants that are commonly identified as part of conveyancing in Shoreditch?

Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Shoreditch. 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…’

How does conveyancing in Shoreditch differ for new build properties?

Most buyers of new build property in Shoreditch contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is built. This is because developers in Shoreditch typically buy the real estate, 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 accustomed to new build conveyancing in Shoreditch or who has acted in the same development.

Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £375,000 flat in Shoreditch on Tuesday in a week. The freeholder has quoted £372 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Shoreditch?

For the majority of leasehold sales in Shoreditch conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

Answering conveyancing due diligence enquiries Where consent is required before sale in Shoreditch Copies of the building insurance and schedule Deeds of covenant upon sale Registering of the assignment of the change of lessee after a sale

Your lawyer will have no control over the level of the charges for this information but the average costs for the information for Shoreditch leasehold property is £350. For Shoreditch conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to supply answers.

I am the proprietor of a two-bedroom flat in Shoreditch. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the sum due for the purchase of the freehold?

if there is a absentee freeholder or where there is dispute about what the lease extension should cost, under the relevant statutes it is possible to make an application to the LVT to determine the premium.

An example of a Lease Extension matter before the tribunal for a Shoreditch flat 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 affected 2 flats. The remaining number of years on the lease was 72.39 years.