I am buying a property without a mortgage in Victoria Docks. I have lived for the last twelve years in Victoria Docks. Conveyancing searches are expensive. Given that I know the road and vicinity very well should I not bother getting the solicitor to do all the conveyancing searches?
In the absence of a home loan, then almost all of the Victoria Docks conveyancing searches are at your discretion. Your conveyancer will 'advise', no-doubt strongly, that you should have searches done, but she is duty bound to do this. Do consider; if you are intend to sell the house at a future date, it will be of relevance to your prospective buyer what the searches reveal. There are plenty of instances where properties with day to day issues can still throw up negative search results. A competent conveyancing solicitor in Victoria Docks should provide you some practical advice here.
Can you clarify what the consequences are if my solicitor is removed from the HSBC Conveyancing panel ahead of completing my conveyancing in Victoria Docks?
The first thing to point out is that, this is a very rare occurrence. 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.
I am purchasing a new build house in Victoria Docks with a mortgage from Alliance & Leicester . The developers would not move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent suggested that I not reveal to my lawyer about this side-deal as it would impact my loan with the bank. 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.
I've recently found out that there is a flying freehold issue on a house I put an offer in a fortnight ago in what was supposed to be a simple, no chain conveyancing. Victoria Docks is where the house is located. What do you suggest?
Flying freeholds in Victoria Docks are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Victoria Docks you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Victoria Docks may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
We are 14 days into a residential purchase having been recommend to solicitors by the selling agent to carry out the conveyancing in Victoria Docks. I am am very dissatisfied with the level of service. Could you help me find new conveyancers?
A lawyer would need to be really bad in order to consider changing them. Has your mortgage been sent? If so you must advise them of the new lawyer and have the offer are issued to the new lawyers. Your solicitor ideally should be on the lenders approved list to avoid added costs and frustration. That should be your starting point. Our search tool will help you find a lender approved conveyancer for your home move in Victoria Docks
I am a negotiator for a long established estate agent office in Victoria Docks where we have experienced a few flat sales put at risk as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Victoria Docks conveyancing solicitors. Could you shed some light as to whether the seller of a flat can start the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I have had difficulty in negotiating a lease extension in Victoria Docks. Can this matter be resolved via the Leasehold Valuation Tribunal?
Where there is a missing freeholder or if there is dispute about the premium for a lease extension, under the relevant legislation you can apply to the Leasehold Valuation Tribunal to assess the price payable.
An example of a Lease Extension case for a Victoria Docks premises is 46 Credon Road in January 2014. On 11 September 2013 Deputy District Judge Price sitting at the Bow County Court made a vesting order that the freeholder surrender his lease and be granted a new lease of the Premises on such terms as may be determined by the First Tier Tribunal (Property Chamber).The appropriate sum as concluded by the Tribunal was £7225 This case related to 1 flat. The number of years remaining on the existing lease(s) was 69.77 years.