We were just about to sign contracts for a ground floor flat in Victoria Docks. We encountered a stumbling block. The mortgage offer with Norwich and Peterborough Building Society expires on 10/6/2021 but the vendors are suggesting a completion date of 14/6/2021. Can one extend the mortgage offer?
The person best placed to address this concern is your conveyancer who will calculate if they better off negotiating with the lender, owner’s representatives, property agents or possibly all three given the history of your conveyancing as of today.
A colleague advised me that in purchasing a property in Victoria Docks there may be a number of restrictions preventing external alterations to a property. Is this right?
There are anumerous of properties in Victoria Docks which have some sort of restriction or requirement of consent to perform external changes. Part of the conveyancing in Victoria Docks should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Does a directory service exist listing Lloyds panel solicitors in Victoria Docks on the Building Society Association’s Website?
Unfortunately not yet. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. A small selection of banks make their panel listings open the public online. If you are in need of a Victoria Docks solicitor on the Lloyds please make the most of our facility.
We had appointed conveyancing lawyers locally in Victoria Docks on the Yorkshire BS solicitor panel. They are now charging me an additional charge for handling the Yorkshire BS mortgage. Is this an additional conveyancing fee specified by Yorkshire BS?
Unfortunately, so long as it is in their Terms and Conditions or Quote then yes your property lawyer can charge a fee for this. The fee is not set by Yorkshire BS but by your Victoria Docks lawyer. Some firms on the Yorkshire BS panel will quote an ‘acting for lender’ fee but many practices incorporate it on their overall fee.
I'm buying my first flat in Victoria Docks with a loan from Godiva Mortgages Ltd. The developers would not reduce the price so I negotiated £7000 of extras instead. The property agent suggested that I not inform my lawyer about the extras as it will impact my mortgage with the lender. Should I keep quiet?.
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.
Due to the advice of my in-laws I had a survey completed on a property in Victoria Docks before retaining lawyers. I have been informed that there is a flying freehold element to the house. My surveyor advised that some lenders may not grant a loan on this type of house.
It depends who your proposed lender is. Lloyds has different requirements for example to Halifax. If you e-mail us we can look into this further with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Victoria Docks. Conveyancing may be slightly more expensive based on your lender's requirements.
Is it simple use the search app to get a quote from a conveyancing lawyer in Victoria Docks on the approved list for my lender?
First pick a bank such as Nationwide Building Society, Norwich and Peterborough Building Society or Clydesdale then specify your location e.g. Victoria Docks. Conveyancing organisations in Victoria Docks and beyond should be identified.
I have attempted and failed to negotiate with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Victoria Docks conveyancing firm to act on my behalf?
Most certainly. We are happy to put you in touch with a Victoria Docks conveyancing firm who can help.
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 unexpired term as at the valuation date was 69.77 years.
What makes a Victoria Docks lease unmortgageable?
Leasehold conveyancing in Victoria Docks is not unique. All leases are drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:
Repairing obligations to or maintain parts of the property
You could encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Barnsley Building Society, and Nottingham Building Society all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to pull out.