We are purchasing a 1 bedroom apartment in Upper Walthamstow with a mortgage. We would like to retain our Upper Walthamstow lawyer, however the bank advise he's not on their "panel". It appears that we have no option but to use one of the mortgage company panel solicitors or retain our Upper Walthamstow conveyancing practitioner as well as pay for one of their panel lawyers to represent them. This feels very unfair; can we not require that the mortgage company use our Upper Walthamstow solicitor ?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Upper Walthamstow conveyancing solicitor to apply to be on the conveyancing panel.
My husband and I are approaching an exchange on a house in Upper Walthamstow and my mum and dad have sent the ten percent deposit to my conveyancing practitioner. I am now informed that as the deposit has not come from me my conveyancing practitioner needs to disclose this to my lender. I am advised that, in also acting for the bank he must advise them that the balance of the purchase price is coming from anyone other than me. I informed the bank regarding my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
Your lawyer is duty bound to check with lender to make sure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only notify this to your bank if you agree, failing which, your lawyer must cease to continue acting.
What does my ID and proof of funds have anything to do with my conveyancing in Upper Walthamstow? Why is this being asked of me?
To satisfy the Money Laundering Regulations any Upper Walthamstow conveyancing firm will require proof of identity in all conveyancing matters. This is normally dealt with by provision of a passport and an original bank statement or utility bill evidencing your correct address.
In accordance with Money Laundering Regulations, conveyancers are duty bound to validate not just the identity of conveyancing clients but also the origin of monies that they receive in respect of any matter. Refusal to disclose this will lead to your conveyancer terminating their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers will have an obligation to notify the appropriate authorities should they believe that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
I am purchasing a new build house in Upper Walthamstow with the aid of help to buy. The developers refused to move on the amount so I negotiated 6k of extras instead. The property agent told me not reveal to my solicitor about this side-deal as it could adversely affect my loan with the lender. Do I keep my lawyer in the dark?.
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.
Having checked my lease I have discovered that there are only 68 years left on my flat in Upper Walthamstow. I am keen to get lease extension but my freeholder is missing. What should I do?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. You will be obliged to prove that you or your lawyers have made all reasonable attempts to find the landlord. In some cases a specialist would be helpful to carry out a search and to produce a report to be used as evidence that the landlord is indeed missing. It is advisable to get professional help from a conveyancer both on investigating the landlord’s disappearance and the application to the County Court covering Upper Walthamstow.
I have tried to negotiate informally with with my landlord for a lease extension without any joy. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a Upper Walthamstow conveyancing firm to help?
Most definitely. We can put you in touch with a Upper Walthamstow conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Upper Walthamstow property is 32 Howard Road in June 2012. the Tribunal held that premium payable for the freehold reversion should be £35,825 This case affected 2 flats. The unexpired residue of the current lease was 64 years.
We own a leasehold flat in Upper Walthamstow. Conveyancing was finished in 2011. I have heard that I should not let the lease length get too short. Why is that a problem?
Upper Walthamstow leasehold properties are for a fixed period - normally 99 years when they started. However many flats in Upper Walthamstow were constructed or converted in the 70’s80’s and so these leases now have fewer than eighty years unexpired. That may sound like a long time however Banks, Building Societies and other mortgage lenders generally require leases to have a minimum of 75 years unexpired to adequate security. Accordingly when you come to sell the property you will need a lease extension if you are getting close to eighty years. To enhance your property value you should be thinking about whether or not to extend your lease well in advance of selling the property. There are also significant benefits to taking action before the lease hits eighty years as when the lease falls below eighty years the amount you have to pay to extend starts to escalate.