My wife and I are only a couple days away from an exchange on a property in Whitechapel and my parents have transferred the ten percent deposit to my conveyancer. I am now informed that as the deposit has not arrived from me my conveyancer needs to disclose this to my bank. Apparently, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I informed the mortgage company about my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
Your solicitor is legally required to clarify with lender to ensure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only reveal this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
At what point can the exchange of contracts happen for purchase conveyancing in Whitechapel and do I need to be at the lawyers branch?
If you are near to our conveyancing solicitors in Whitechapel you are invited in to sign contracts. However, the law practices we work with supply countrywide coverage for conveyancing and provide as equally diligent and professional a job for you when communicating with you by post or email. The signing of the property agreement is not the critical part. A signed contract is necessary for the conveyancer to officially exchange when the time is right, which is ordinarily shortly after signing. The procedure is is usually a five minute process, although where a long "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Whitechapel)to be in the office at the appropriate time.
Despite weeks of looking the Title Certificate and documents to my home are lost. The conveyancers who dealt with the conveyancing in Whitechapel 5 years ago are no longer around. What do I do?
Assuming you have a registered title the information relating to your proprietorship will be documented by HMLR under a Title Number. It is easy to carry out a search at the Land Registry, locate your house and secure up to date copies of the property title for a small fee. Where the property is Leasehold then the Land Registry will in most cases retain a file copy of the Registered Lease and again, a copy can be obtained for £20 inclusive of VAT.
I am looking for a leasehold apartment up to £195,000 and identified one close by in Whitechapel I like with open areas and station nearby, however it's only got 49 years on the lease. I can't really find anything else in Whitechapel suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term will be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of twenty four months you could ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
My husband and I are new on the property ladder - agreed a price, yet the estate agent has warned us that the owners will only go ahead if we use the agent's chosen lawyers as they need an ‘expedited deal’. We would rather use a local conveyancer with experience of conveyancing in Whitechapel
It is highly unlikely the sellers are driving this. Should the owner require ‘a quick sale', alienating a serious buyer is is going to put the whole deal at risk. Speak to the owners direct and make the point that (a)you are genuine buyers (b)you are excited to move forward, with finances in place © you have nothing to sell (d) you intend to proceed fast (e)however you will continue to instruct your own,trusted Whitechapel conveyancing solicitors - as opposed tothose that will give their estate agent a commission or hit his conveyancing thresholds set by head office.
We have reached the end of our tether in seeking a lease extension in Whitechapel. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most certainly. We can put you in touch with a Whitechapel conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Whitechapel residence 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 unexpired lease term was 107 years.
Are there common deficiencies that you encounter in leases for Whitechapel properties?
There is nothing unique about leasehold conveyancing in Whitechapel. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are missing. The following missing provisions could result in a defective lease:
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Insurance obligations A provision to repair to or maintain elements of the premises
You may have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Barnsley Building Society, and Godiva Mortgages Ltd all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to withdraw.