I have a decision in principle. The bank mentioned the home loan came with free conveyancing. Does this mean I have to instruct their panel lawyer as I would much rather instruct a Chingford based conveyancing firm?
Do check but the the likelihood is that give you one of their panel lawyers where you want the "fee-free" deal. Contact the mortgage company and ask if they offer you a cash alternative. Some banks have previously offered a £250 cashback as an alternative in which case that money can go towards your preferred conveyancing solicitor near Chingford.
It is not clear whether my bank requires a lease extension. I have telephoned my Chingford building society branch on various occasions and was reassured it wasn't a problem and they will lend. My Chingford conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they refuse to lend based on their published requirements. I have no idea who is right.
Your conveyancing practitioner has to comply with the CML Handbook Part 2 specifications for your 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I was told two weeks ago that my mortgage has been agreed to by Skipton. Is it usual for Skipton to only issue the offer once my solicitor in Chingford is approved on their conveyancing panel? Skipton have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Skipton to deal with your lawyer's application to be on the Skipton conveyancing panel. There's no guarantee that your solicitor will be accepted.
Having digested plenty of house buying guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Chingford solicitor - who is on the Aldermore conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Aldermore will need an independent valuation of the property. Your lawyer will not arrange this. Usually Aldermore will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancing practitioner will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Chingford postcode. As you are getting a mortgage with Aldermore, you could contact them to see if they have a list of approved surveyors in Chingford.
I am buying a new build house in Chingford with a loan from Bank of Scotland. The sellers would not budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent advised me not disclose to my conveyancer about the deal as it would jeopardize my loan with Bank of Scotland. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold element on a property I put an offer in a fortnight ago in what should have been a quick, chain free conveyancing. Chingford is the location of the property. What do you suggest?
Flying freeholds in Chingford are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Chingford you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Chingford 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 property.
As co-executor for the will of my uncle I am disposing of a house in Newport but reside in Chingford. My conveyancer (who is 260 kilometers from meneeds me to execute a statutory declaration before the transaction finalising. Can you recommend a conveyancing practitioner in Chingford who can witness and place their company stamp on the document?
strictly speaking you are unlikely to need to have the documents witnessed by a conveyancing solicitor. Ordinarily any notary public or qualified solicitor will be fine regardless of whether they are based in Chingford
Following years of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in Chingford. Can we issue an application to the Residential Property Tribunal Service?
in cases where there is a absentee landlord or if there is disagreement about the premium for a lease extension, under the relevant statutes it is possible to make an application to the LVT to judgment on the price.
An example of a Freehold Enfranchisement matter before the tribunal 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 affected 2 flats. The remaining number of years on the lease was 69.26 years.
In relation to leasehold conveyancing in Chingford what are the most common lease defects?
Leasehold conveyancing in Chingford is not unique. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:
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Maintenance charge proportions which don’t add up to the correct percentage
You could have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Bank of Scotland, and Bank of Ireland all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the buyer to withdraw.