I am only a couple days away from an exchange on a house in Chingford and my parents have sent the exchange deposit to my lawyer. I am now informed that as the deposit has been received from someone other than me my conveyancer needs to disclose this to my bank. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I informed the bank about my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to be an issue?
Your conveyancing practitioner is obliged to check with the bank to make sure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only reveal this to your lender if you agree, failing which, your lawyer must cease to continue acting.
When will exchange of contracts occur in domestic conveyancing in Chingford and am I required to attend the lawyers branch?
Where you are in close proximity to one of the conveyancing solicitors in Chingford you are invited in to sign contracts. However, the firms we work with provide a countrywide conveyancing service and give as equally diligent and professional a job for you when dealing with you by post or email. The signing of the contract is not the important part. A signed contract is necessary for the firm to address the formalities when the time is right, which is ordinarily shortly after signing. The procedure is is usually a five minute process, although where a lengthy "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Chingford)to be in the office available at the end of the phone to exchange contracts.
Can I be sure that the Chingford conveyancing solicitor on the RBS panel is any good?
When it comes to conveyancing in Chingford obtaining recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always recommend that you speak with the lawyer conducting your conveyancing.
I had a mortgage agreed in principle with Lloyds. Chingford conveyancing lawyers are selected. What is the average time that one could expect to receive a mortgage offer from Lloyds?
There is no definitive answer here. Have Lloyds completed the valuation? Have you advised Lloyds as to your lawyers' details and checked that your lawyers are on the Lloyds conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
It is not clear whether my bank requires a lease extension. I have called my Chingford bank branch on numerous occasions and was told it does not impact the mortgage offer and they would lend. My Chingford conveyancing solicitor - who is on the bank conveyancing panel- called and was told they refuse to lend based on their specific requirements. Who do I believe?
As long as the solicitor is on the bank panel, she or he must follow the CML Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
About to purchase a new build apartment in Chingford. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Chingford
-
There must be mutual enforceability of lessee’s covenants. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
What does commercial conveyancing in Chingford cover?
Chingford conveyancing for business premises covers a wide array of services, offered by qualified solicitors, relating to business premises. For example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.
After years of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Chingford. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Absolutely. We can put you in touch with a Chingford conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Chingford flat is 201 & 201a St. Barnabas Road in October 2013. The Tribunal decided that the price to be paid by the Applicants for the freehold interest is £20,071. This case was in relation to 2 flats. The unexpired lease term was 69.26 years.
When it comes to leasehold conveyancing in Chingford what are the most frequent lease problems?
Leasehold conveyancing in Chingford is not unique. All leases are drafted differently and drafting errors can result in certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:
-
Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Leeds Building Society, and Britannia all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the buyer to withdraw.