I am nearing an exchange on a flat in Stamford Hill and my parents have sent the 10% deposit to my conveyancer. I am now advised that as the deposit has been received 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 bank he must inform them that the balance of the purchase price is not just from me. I informed the lender about my parents' contribution when I applied for the mortgage, so is it really necessary for this now to delay the deal?
Your solicitor is duty bound to check with lender to ensure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only disclose this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
I am the registered owner of a freehold property in Stamford Hill but nevertheless pay rent, why is this and what is this?
It is rare for properties in Stamford Hill and has limited impact for conveyancing in Stamford Hill but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the generation of fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
I appreciate that there are debates on Chancel Insurance on online forums. Do I need chancel insurance when acquiring a house in Stamford Hill? or Apparently there is an ancient law that could mean that house owners living in a parish church boundary may be liable to contribute towards repairs towards the chancel within the church. Is this a legitimate concern for conveyancing in Stamford Hill?
Unless a previous acquisition of the premises took place post 12 October 2013 you could take it that lawyers delivering conveyancing in Stamford Hill to continue to advocate a chancel search and or chancel repair liability insurance.
I am looking into buying my first house which is in Stamford Hill and I am already nervous. I couldn't find anything specific about Stamford Hill. Conveyancing will be needed in due course but do you know about the Stamford Hill area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Stamford Hill. In the meantime here are some basic statistics that we found
We're new on the property ladder - agreed a price, yet the selling agent informed us that the vendor will only issue a contract if we appoint their preferred lawyers as they need a ‘quick sale’. My instinct tells me that we should use a local solicitor who is accustomed to conveyancing in Stamford Hill
We suspect that the seller is not behind this requirement. If they desire ‘a quick sale', turning down a motivated buyer is likely to cause more damage than good. Avoid the agents and go straight to the owners and explain that (a)you are keen to buy (b)you are excited to move forward, with finances in place © you are chain free (d) you intend to proceed fast (e)but you intend to use your own,trusted Stamford Hill conveyancing solicitors - not the ones that will earn the estate agent a kickback or meet his conveyancing thresholds set by HQ.
I've recently bought a leasehold house in Stamford Hill. Do I have any liability for service charges for periods before my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I have given up seeking a lease extension in Stamford Hill. Can this matter be resolved via the Leasehold Valuation Tribunal?
if there is a missing freeholder or if there is dispute about what the lease extension should cost, under the relevant statutes you can apply to the LVT to arrive at the premium.
An example of a Lease Extension decision for a Stamford Hill premises is Flat 25, Stamford Hill Mansions Stamford Hill in April 2010. The Tribunal therefore determined that the premium to be paid by the lessee to the freeholder for the extension of the lease should be £28,984.00 This case was in relation to 1 flat. The unexpired term was 59 years.