The Canning Town conveyancing firm handling our Canning Town conveyancing has identified an inconsistency when comparing the information in the home valuation report and what is revealed within the legal papers for the property. My solicitor says that he is obliged to ensure that the lender is OK with this discrepancy and is still content to lend. Is my solicitor’s course or action right?
Your solicitor must comply with the UK Finance Lenders’ Handbook provisions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I own a freehold property in Canning Town but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Canning Town and has limited impact for conveyancing in Canning Town but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
How does conveyancing in Canning Town differ for new build properties?
Most buyers of new build property in Canning Town come to us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because house builders in Canning Town typically purchase the real estate, 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 Canning Town or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £305k and identified one close by in Canning Town I like with a park and transport links in the vicinity, the downside is that it only has 51 remaining years left on the lease. There is not much else in Canning Town for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
If you require a mortgage the remaining unexpired lease term will likely be problematic. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of twenty four months you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.
My husband and I are novice buyers - agreed a price, but the property agent has warned us that the seller will only proceed if we appoint their preferred solicitors as they need an ‘expedited deal’. My instinct tells me that we should use a high street conveyancer with experience of conveyancing in Canning Town
It is improbable the owners are behind this. If they desire ‘a quick sale', turning down a serious buyer is going to damage their objectives. Avoid the agents and go straight to the sellers and explain that (a)you are keen to buy (b)you are ready to go, with mortgage lined up © you do not need to sell (d) you wish to move quickly (e)but you will continue to instruct your preferred Canning Town conveyancing firm - rather thanthe ones that will earn their negotiator at the agency a referral fee or achieve conveyancing figures demanded by corporate headquarters.
I am a negotiator for a reputable estate agency in Canning Town where we see a few flat sales put at risk as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Canning Town conveyancing solicitors. Could you confirm whether the vendor of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I am the registered owner of a first flat in Canning Town. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the sum due for a lease extension?
You certainly can. We are happy to put you in touch with a Canning Town conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Canning Town flat 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 number of years remaining on the existing lease(s) was 69.77 years.