Will conveyancers ask for money up-front when it comes to conveyancing in Clapton?
If you are buying a property in Clapton your solicitor will ask you put them with funds to cover the the cost of the conveyancing searches. Ordinarily this is called for to cover the fees of the conveyancing searches. When the deposit is payable against the purchase price then this will be required immediately ahead of exchange of contracts. The closing balance that is due should be sent to your lawyer shortly before completion.
We had instructed conveyancers located in Clapton on the Aldermore solicitor approved list. They are now charging me a separate amount for handling the Aldermore mortgage. Is this an additional conveyancing fee set by Aldermore?
Provided it is contained in their Terms of Engagement or Quote then yes your conveyancing practitioner may levy a fee for this. This fee is not dictated by Aldermore but by your Clapton conveyancer. Plenty of firms on the Aldermore panel will levy an ‘acting for lender’ fee and others do not.
I currently have a mortgage with Barclays for my property in Clapton. Conveyancing has been completed months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Barclays?
You must advise Barclays prior to letting out your property as this is likely to be a breach of Barclays’s mortgage conditions. In many cases banks or building societies will allow you to rent 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 Barclays directly. It should not be necessary to do this via a Barclays conveyancing panel solicitor.
I am due to exchange contracts on my house. I had a double glazing fitted in June 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Kent Reliance are being pedantic. The Clapton solicitor who is on the Kent Reliance conveyancing panel is recommending indemnity insurance as a solution but Kent Reliance are requiring a building regulation certificate. Why do Kent Reliance have a conveyancing panel if they don't accept advice from them?
It is probably the case that Kent Reliance have referred the matter to their valuer. The reason why Kent Reliance 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 have been told that property searches are a common reason for obstruction in Clapton conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of hindrances in the conveyancing process. Searches are unlikely to be the root cause of delay in conveyancing in Clapton.
Are there restrictive covenants that are commonly picked up during conveyancing in Clapton?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Clapton. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Clapton differ for new build properties?
Most buyers of new build property in Clapton approach us having been asked by the builder to exchange contracts and commit to the purchase even before the house is built. This is because developers in Clapton tend to acquire the site, 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 accustomed to new build conveyancing in Clapton or who has acted in the same development.
I am tempted by the attractive purchase price for a couple of maisonettes in Clapton which have in the region of 50 years remaining on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Clapton is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the value of the premises. For most purchasers and mortgage companies, leases with less than 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Clapton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
My wife and I have hit a brick wall in trying to purchase the freehold in Clapton. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most definitely. We can put you in touch with a Clapton conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Clapton flat is 104 Nightingale Road in May 2009. The Tribunal's Decision is that the premium torbe paid for the enfranchisement in this case is £112,174 This case affected 10 flats. The remaining number of years on the lease was 71.25 years.