I am in a contract race with another buyer for a property in Wanstead. What can I do to speed up matters?
First, If the seller is applying pressure to complete it is advisable to make sure that your lawyer is familiar with the area as they will benefit local relationships and intelligence. It is even conceivable that they could have transacted previoushomes in the same street. You would be best advised to use a Wanstead conveyancing firm. In addition, check that the conveyancing firm is on the member panel. It is believed that 18% of Wanstead conveyancing deals are delayed or derailed after discovering a buyer’s solicitor was not on their mortgage lender’s member panel. This can often result in the transaction being delayed by an average of three weeks. It is said that this issue affects approximately one hundred thousand home sales every year. Many Wanstead conveyancing firms can not represent certain banks so do check as early as possible.
We note that you have a search directory listing firms on the Skipton conveyancing panel. Do companies pay you a referral fee if I retain them for our own conveyancing in Wanstead?
We are a listing service only for law firms wishing to communicate if they are on the Skipton conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Wanstead.
How does conveyancing in Wanstead differ for newly converted properties?
Most buyers of new build residence in Wanstead come to us having been asked by the builder to sign contracts and commit to the purchase even before the residence is constructed. This is because new home sellers in Wanstead usually purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Wanstead or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a straight forward, chain free conveyancing. Wanstead is the location of the property. Can you offer any guidance?
Flying freeholds in Wanstead are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Wanstead you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wanstead may decide 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 residence.
I’m about to sell my ground floor flat in Wanstead. Conveyancing lawyers have not yet been instructed, however I have recently had a half-yearly service charge demand – what should I do?
The sensible thing to do is pay the service charge as you normally would because all ground rent and service invoices should be apportioned on completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
After years of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in Wanstead. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Where there is a missing freeholder or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to decide the premium.
An example of a Freehold Enfranchisement matter before the tribunal for a Wanstead premises is 36 New Wanstead in August 2010. The Tribunal arrived at a valuation of the premium for the freehold of £22,359. This case related to 2 flats. The remaining number of years on the lease was 73.92 years.
Why do I have to supply my conveyancer with a list of items of identification ahead of starting my conveyancing in Wanstead?
Wanstead conveyancing practitioners are obliged by the Law Society, Solicitors Regulation Authority, HMLR and current Money Laundering legislation to record that the have checked the identity of their clients. It is also sometimes a requirement of your bank where you are obtaining a mortgage. Furthermore they have to complete various forms, particularly those relating to stamp duty land tax and need to have details such as your full names, NI number and DOB.