Forgive me if this question is silly but I am wet behind the ears as a first time buyer of a ground floor flat in Aldgate. Do I collect the keys to the property on completion from my conveyancer? If this is the case, I will use a High Street conveyancing solicitor in Aldgate?
On the day of completion you do not need to attend the conveyancers office in Aldgate. Conveyancing lawyers for you will electronically transfer the purchase money to the vendor’s conveyancers, and once they have received this, you should be able to collect the keys from the property Agents and start moving into the property. Usually this occurs between 1 and 3pm.
I currently have a mortgage with Yorkshire BS for my property in Aldgate. Conveyancing was finalised months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Yorkshire BS?
Your original mortgage agreement with Yorkshire BS will provide that you need their approval prior to letting out your property as this is likely to be a breach of Yorkshire BS’s mortgage conditions. It may be that Yorkshire BS will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Yorkshire BS directly. You need not do this via a Yorkshire BS conveyancing panel solicitor.
I am due to exchange contracts on my house. I had a double glazing fitted in April 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Principality are being a right pain. The Aldgate solicitor who is on the Principality conveyancing panel is recommending indemnity insurance as a solution but Principality are insisting on a building regulation certificate. Why do Principality have a conveyancing panel if they don't accept advice from them?
It is probably the case that Principality have referred the matter to their valuer. The reason why Principality may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I require fast conveyancing in Aldgate as I have an ultimatum to complete within 3 weeks. A mortgage is not required. Is it possible to avoid the conveyancing searches to save money and time?
As you are are a cash buyer you have the choice not to do searches although no law firm would recommend that you don't. Drawing on years of experience of conveyancing in Aldgate the following are instances of what can arise and therefore affect future mortgageability: Enforcement Actions, Overdue Fees, Outstanding Grants, Unadopted Roads,...
How does conveyancing in Aldgate differ for new build properties?
Most buyers of new build residence in Aldgate come to us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is constructed. This is because new home sellers in Aldgate typically 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 used to new build conveyancing in Aldgate or who has acted in the same development.
I've recently found out that there is a flying freehold element on a house I have offered on a fortnight ago in what was supposed to be a quick, chain free conveyancing. Aldgate is where the house is located. Can you shed any light on this issue?
Flying freeholds in Aldgate are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Aldgate you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Aldgate may determine 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 premises.
Is it simple use your search tool to choose a conveyancing solicitor in Aldgate on the authorised to act for my bank?
Step one is to select a lender such as Birmingham Midshires, Coventry Building Society or Godiva Mortgages Ltd then specify your location a common one being Aldgate. Conveyancing firms in Aldgate and across England and Wales will then be shown.
Last December I purchased a leasehold flat in Aldgate. Am I liable to pay service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
My wife and I have hit a brick wall in trying to purchase the freehold in Aldgate. Can this matter be resolved via the Leasehold Valuation Tribunal?
if there is a missing landlord or where there is dispute about what the lease extension should cost, under the relevant legislation you can apply to the Leasehold Valuation Tribunal to determine the sum to be paid.
An example of a Freehold Enfranchisement matter before the tribunal for a Aldgate 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 related to 41 flats. The unexpired term was 107 years.