I am only a couple days away from an exchange on a house in Waltham Abbey and my parents have transferred the 10% deposit to my property lawyer. I am now advised that as the deposit has not arrived from me my lawyer needs to make a notification to my bank. Apparently, in also acting for the mortgage company he must inform them that the balance of the purchase price is coming from anyone other than me. I advised the bank concerning my parents' contribution when I applied for the home loan, so is it really appropriate for this now to be an issue?
The property lawyer is obliged to clarify with mortgage company to make sure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only disclose this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
five months have elapsed following my purchase conveyancing in Waltham Abbey completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in two weeks back in what should have been a quick, no chain conveyancing. Waltham Abbey is where the house is located. Can you shed any light on this issue?
Flying freeholds in Waltham Abbey are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Waltham Abbey you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Waltham Abbey 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 property.
I'm refinancing my current property to a buy to let mortgage with HSBC Bank and intend to use the remaining equity as a down payment on further property. The area we are interested in is Waltham Abbey. Will your conveyancers be able to act for the two mortgage companies and link together the two deals?
Make use of our comparison tool on this site to check that the conveyancers are on the relevant lender panels. On the basis that they are the conveyancer will be able to simultaneously deal with the two deals but you should talk with you lawyer and make clear your desired outcome and requirements.
I am thinking of appointing a conveyancing practitioner in Waltham Abbey for my remortgage. Is there any facility to see a firm’s record with the legal regulator?
Anyone may review documented Solicitor Regulator Association (SRA) decisions stemming from investigations commenced on or after 1 January 2008. Visit Check a solicitor's record. To find records Pre 2008, or to check a firm's record, telephone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. International callers, call +44 (0)121 329 6800. The SRA sometimes recorded telephone calls for training reasons.
I am attracted to a couple of flats in Waltham Abbey which have in the region of fifty years unexpired on the leases. Do I need to be concerned?
A lease is a right to use the premises for a period of time. As a lease shortens the marketability of the lease deteriorates and it becomes more expensive to extend the lease. For this reason it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this area.
Despite our best endeavours, we have been unsuccessful in trying to purchase the freehold in Waltham Abbey. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Absolutely. We can put you in touch with a Waltham Abbey conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Waltham Abbey property is 201 & 201a St. Barnabas Road in October 2013. The Tribunal decided that the price to be paid by the Applicants for the freehold interest is £20,071. This case affected 2 flats. The unexpired lease term was 69.26 years.