I require conveyancing for an apartment in a relatively new development (seven years built) in Stepney. The vast majority the appartments are already occupied. Is it strictly necessary to order local searches for my conveyancing in Stepney?
Where you are obtaining a mortgage, your lender will require some (many) of the searches so you'll have no choice. If not, then Stepney conveyancing searches are optional. No doubt your conveyancer, will ’encourage’, perhaps in the strongest possible terms, that you should have the searches done, but he or she has a professional duty to do this. One thing to bear in mind; if you are likely to sell the house one day, it may be of interest to your future buyer what the searches contain. Sometimes houses with no practical issues can still throw up adverse search results. But if you choose to instruct your lawyer to proceed without searches then your lawyer will have to follow your instructions or it may be necessary to instruct a new lawyer for your conveyancing in Stepney.
It is 10 years ago since I purchased my house in Stepney. Conveyancing lawyers have recently been instructed on the sale but I can't find the title documents. Will this cause complications?
You need not be too concerned. First there is a possibility that the deeds will be kept by the mortgage company or they may be in the possession of the lawyers who acted in the purchase. Secondly in most cases the property will be recorded at the land registry and you will be able to prove you are the registered owner by your conveyancing solicitors obtaining current official copies of the land registers. Almost all conveyancing in Stepney relates to registered property but in the unlikely event that your property is not registered it is more tricky but is not insurmountable.
Please explain the implications if my lawyer’s firm is suspended from the Aldermore Solicitor panel ahead of completing my conveyancing in Stepney?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Will our conveyancer be making enquiries about flooding during the conveyancing in Stepney.
The risk of flooding is if increasing concern for solicitors dealing with homes in Stepney. There are those who buy a property in Stepney, completely aware that at some time, it may suffer from flooding. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the premises. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.
Conveyancers are not best placed to offer advice on flood risk, however there are a number of checks that may be initiated by the purchaser or by their lawyers which will give them a better appreciation of the risks in Stepney. The standard information sent to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard inquiry of the seller to discover if the property has suffered from flooding. If flooding has previously occurred which is not revealed by the owner, then a buyer may commence a compensation claim stemming from an misleading reply. The purchaser’s lawyers will also order an enviro search. This will reveal if there is a recorded flood risk. If so, more detailed investigations will need to be initiated.
The estate agent has sent us the confirmation of our purchase of a new build flat in Stepney. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here are examples of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Stepney
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
We are midway through buying a house in Stepney. Conveyancing solicitor has told us the property is "Leasehold". Should this make a difference on our Santander valuation?
Stepney conveyancing does not usually involve leasehold houses. The key factor here is the length of lease and the ground rent. If it's 999 years with a peppercorn rent, it's almost the same as freehold, so it’s unlikely to impact the saleability too much.
At the other extreme, if it's, say, Sixty years it is bound to have a significant effect on the value, and most likely wouldn't be mortgageable. The remaining lease term and ground rent will be set out in the lease which should be made available to your conveyancing practitioner.