Much to our surprise we have been informed by our mortgage adviser that my Wapping lawyer is not on the bank Solicitor panel. How can I be certain if this is indeed the case?
The sensible course of action for you to take is to call your Wapping lawyer directly. It is reasonable to expect your lawyer to inform you what has happened. If they are not on the panel they may recommend you to a Wapping conveyancing firm that is on the conveyancing panel for your mortgage company.
I am hoping to complete my purchase in Wapping next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the bank. What risks does the mortgage company expect the insurance to cover?
All property lawyers on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook conditions. These obligations are not specific to conveyancing in Wapping.
Can your site be used to recommend a Conveyancing solicitor in Wapping even where I’m not purchasing or disposing of a house, for example where I intend to buy a shop in Wapping with a loan from Bank of Scotland?
The service is mainly there to help choose domestic conveyancing solicitors in Wapping but we have set out at the bottom of this page some Wapping commercial conveyancing firms. You should speak with the solicitors directly to establish if they are also authorised to represent Bank of Scotland
five months have elapsed following my purchase conveyancing in Wapping completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £180,000. 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 asset 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.
About to purchase a new build flat in Wapping. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Wapping
Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. There must be mutual enforceability of lessee’s covenants. Please confirm the Lease plans are surveyor prepared.
I have given up negotiating a lease extension in Wapping. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most certainly. We can put you in touch with a Wapping conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Wapping flat is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case was in relation to 41 flats. The remaining number of years on the lease was 107 years.
What are the common defects that you witness in leases for Wapping properties?
There is nothing unique about leasehold conveyancing in Wapping. Most leases are individual and drafting errors can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
Clauses dealing with recovering service charges for expenditure on the building or common parts. Service charge per centages that don't add up correctly leaving a shortfall
You may have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Skipton Building Society, and Platform Home Loans Ltd all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the purchaser to pull out.