My wife and I are approaching an exchange on a property in Woolwich and my parents have transferred the exchange deposit to my property lawyer. I am now informed that as the deposit has been received from someone other than me my solicitor needs to disclose this to my mortgage company. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is coming from anyone other than me. I disclosed to the mortgage company about my parents' contribution when I applied for the home loan, so is it really appropriate for this now to delay the deal?
Your lawyer is legally required to clarify with the bank to make sure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only notify this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
Completed the sale of my flat in Woolwich last March but my buyer keeps calling me complaining that their conveyancer is waiting to hear from myconveyancer. What should have happened now that I have sold?
Post completion of your house sale your conveyancer should send the transfer documentation and all additional paperwork to the purchaser's conveyancer. Where appropriate, your lawyer must also send confirmation that the home loan has been discharged to the purchasers solicitors. There are no post completion formalities unique to conveyancing in Woolwich.
What will a local search inform me about the property I am buying in Woolwich?
Woolwich conveyancing often commences with the submitting local authority searches directly from your local Authority or via a personal search company for example PSG The local search plays an important part in many a Woolwich conveyancing purchase; that is if you wish to avoid any unpleasant once you have moved into your new home. The search will provide information on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject sections.
Over the last few months I have been searching for a flat up to £195,000 and identified one round the corner in Woolwich I like with a park and station nearby, the downside is that it's only got 61 years on the lease. There is not much else in Woolwich suitable, so just wondered if I would be making a grave error buying a short lease?
Should you need a mortgage the remaining unexpired lease term will be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least 2 years you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
How can the Landlord & Tenant Act 1954 affect my business premises in Woolwich and how can you help?
The particular law that you refer to affords protection to commercial leaseholders, granting the legal entitlement to make a request to court for a continuation of occupancy at the end of an expired lease. There are limited grounds where a landlord can refrain from granting a lease renewal and the rules are complex. Fees are different for commercial conveyancing. Woolwich is one of our many locations in which our lawyers are located
I am hoping to complete next month on a leasehold property in Woolwich. Conveyancing lawyers have said that they are sending me a report next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Woolwich should include some of the following:
Does the lease require carpeting throughout thus preventing wood flooring? Whether the lease restricts you from subletting the flat, or working from home You should have a good understanding of the insurance obligations Information concerning the obligations in the lease to to contribute towards maintenance costs - in relation to the building, and the more general rights a tenant has Are pets allowed in the flat?
I have tried to negotiate informally with with my landlord to extend my lease without success. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a Woolwich conveyancing firm to act on my behalf?
Most definitely. We are happy to put you in touch with a Woolwich conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Woolwich property is 46 Credon Road in January 2014. On 11 September 2013 Deputy District Judge Price sitting at the Bow County Court made a vesting order that the freeholder surrender his lease and be granted a new lease of the Premises on such terms as may be determined by the First Tier Tribunal (Property Chamber).The appropriate sum as concluded by the Tribunal was £7225 This case was in relation to 1 flat. The unexpired residue of the current lease was 69.77 years.