My wife and I are buying a 2 bedroom flat in Whitechapel with a mortgage. We have a Whitechapel conveyancer, but the mortgage company advise she’s not on their "panel". We have to appoint one of the lender panel solicitors or continue with our Whitechapel conveyancing practitioner as well as pay for one of their panel lawyers to act for them. We feel that this is inequitable; can we not insist that the lender use our Whitechapel lawyer ?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Whitechapel conveyancing lawyer to apply to be on the conveyancing panel.
What does my ID and proof of funds have anything to do with my conveyancing in Whitechapel? Why is this being asked of me?
Whitechapel conveyancing solicitors as well as nationwide property lawyers throughout the UK have an obligation under money laundering regulations to check the ID of any client in order to ensure that clients are who they say they are.
Conveyancing clients are required to provide two forms of certified identification; proof of ID (usually a Passport or Driving Licence) and evidence of address (usually a Bank Statement no older than three months).
Proof of source of funds is also required under the money laundering laws as solicitors are required to check that the monies you are utilising to buy a property (whether it be the deposit for exchange or the total purchase amount if you are buying mortgage free) has come from an acceptable source (such as an inheritance) rather than the product of criminal activity.
How does conveyancing in Whitechapel differ for new build properties?
Most buyers of new build property in Whitechapel contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is built. This is because developers in Whitechapel tend to buy the land, 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 conveyancing solicitors 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 Whitechapel or who has acted in the same development.
I am looking for a flat up to £305k and found one near me in Whitechapel I like with a park and railway links nearby, the downside is that it's only got 52 years on the lease. There is not much else in Whitechapel in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a mortgage that many years may be problematic. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least 2 years you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
I need to appoint a conveyancing solicitor for freehold conveyancing in Whitechapel. I happened to chance upon a site which appears to be the ideal solution If there is a chance to get all this stuff completed via web that would be preferable. Do I need to be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Can you provide any top tips for leasehold conveyancing in Whitechapel with the purpose of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Whitechapel can be reduced where you appoint lawyers as soon as you market your property and request that they start to put together the leasehold documentation needed by the buyers’ representatives. Some Whitechapel leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers. You believe that you know the number of years remaining on your lease but you should double-check by asking your conveyancers. A purchaser's conveyancer will not be happy to advise their client to where the lease term is under 75 years. In the circumstances it is essential at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale. If you are supposed to have a share in the freehold, you should ensure that you are holding the original share certificate. Arranging a new share certificate is often a lengthy formality and slows down many a Whitechapel conveyancing transaction. Where a new share certificate is required, you should approach the company officers or managing agents (where relevant) for this at the earliest opportunity.
I have given up trying to purchase the freehold 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 decision 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.