My fiance and I are acquiring a maisonette in Chingford. My Solicitor has never been on on the lender solicitor list. Is it possible for me to use my Chingford conveyancing solicitor notwithstanding that they are excluded from the lender approved list?
One must instruct a conveyancing practitioner to deal with the formalities if you require a loan to buy your property. The conveyancer will carry out all the appropriate legal checks on the property, ensuring that you’re properly registered as the owner and ensure that all the required mortgage paperwork is in place. You can appoint a Chingford conveyancer of your choosing. Nevertheless, where the conveyancing practitioner appointed is not on the mortgage company approved list further charges will arise as separate legal representation will be need by the mortgage company. Bank panel applications may be submitted, so where your conveyancer has not in the past applied for membership they should do so.
I have been told that property searches are a common reason for delay in Chingford conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published conclusions of research by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of delays during the legal transfer of property. Local searches are unlikely to feature in any slowing down conveyancing in Chingford.
I have recentlybeen informed that Stirling Law have been shut down. They carried out my conveyancing in Chingford for a purchase of a leasehold flat 10 months ago. How can I establish that the property is registered correctly in the name of the previous owner?
The quickest way to see if the property is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Chingford conveyancing specialists.
I am looking for a ground for flat up to £195,000 and identified one near me in Chingford I like with open areas and railway links nearby, however it only has 61 remaining years left on the lease. I can't really find anything else in Chingford in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a home loan the remaining unexpired lease term will likely be an issue. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this matter.
I am a fortnight into a leasehold purchase having been recommend to conveyancers by the estate agent to do our conveyancing in Chingford. I am am extremely frustrated with the quality of service. Can you help me find new solicitors?
They would need to be really bad in order to consider diss instructing them. Has your loan offer been issued? In the event that it has you need to advise them of the new lawyer and have the loan are issued to the new lawyers. Your solicitor ideally needs to be on the mortgage company approved list to avoid added fees and complications. That should be your starting point. The find a solicitor tool should assist you in finding a bank approved conveyancer for your home move in Chingford
I work for a reputable estate agent office in Chingford where we have experienced a few flat sales put at risk due to leases having less than 80 years remaining. I have been given contradictory information from local Chingford conveyancing solicitors. Can you clarify whether the owner of a flat can instigate the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, 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 purchaser.
My wife and I have hit a brick wall in trying to purchase the freehold in Chingford. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Where there is a missing freeholder or where there is dispute about the premium for a lease extension, under the relevant statutes it is possible to make an application to the First-tier Tribunal (Property Chamber) to decide the sum to be paid.
An example of a Freehold Enfranchisement decision for a Chingford premises 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 number of years remaining on the existing lease(s) was 69.26 years.