I am nearing an exchange on a house in East Croydon and my parents have transferred the ten percent deposit to my conveyancer. I am now informed that as the deposit has not come from me my property lawyer needs to disclose this to my mortgage company. Apparently, in also acting for the mortgage company he must inform them that the balance of the purchase price is coming from anyone other than me. I disclosed to the mortgage company concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to hold matters up?
The conveyancer is legally required to clarify with lender to ensure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only notify this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
This question may be naive but I am unseasoned as FTB of a two bedroom flat in East Croydon. Do I receive the keys to the house on the completion date from my lawyer? If this is the case, I will appoint a High Street conveyancing solicitor in East Croydon?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will arrange to send the completion advance to the vendor’s solicitors, and shortly after the monies have arrived, you will be invited to collect the keys from the selling Agents and move into your new home. This tends to happen early afternoon.
I currently have a mortgage with Lloyds for my property in East Croydon. Conveyancing was finalised months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Lloyds?
Your original mortgage agreement with Lloyds will provide that you need their approval prior to letting out your property as this is likely to be a breach of Lloyds’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 Lloyds directly. It should not be necessary to do this via a Lloyds conveyancing panel firm.
The formalities of my purchase has taken place for my property in East Croydon. Conveyancing was satisfactory but I would like to complain about the lender. Who do I contact should I wish to lodge a complaint?
All lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Team at head office. We understand that complaints to a lender are resolved effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
What does a local search inform me about the house I am buying in East Croydon?
East Croydon conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search company such as Onsearch The local search is essential in every East Croydon conveyancing purchase; as long as you wish to avoid any nasty once you have moved into your new home. The search should provide data on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject areas.
I have justbeen informed that Arc property Solicitors have closed. They conducted my conveyancing in East Croydon for a purchase of a freehold house 9 months ago. How can I check that my home is in my name in the name of the former proprietor?
The easiest way to see if the property is in your name, 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 East Croydon conveyancing specialists.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in last month in what should have been a straight forward, chain free conveyancing. East Croydon is where the house is located. Can you offer any advice?
Flying freeholds in East Croydon are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside East Croydon you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in East Croydon may ascertain 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 premises.
Do you have any advice for leasehold conveyancing in East Croydon from the perspective of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in East Croydon can be avoided if you get in touch lawyers the minute you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ conveyancers. In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Most leases in East Croydon state that internal structural changes or addition of wooden flooring necessitate a licence from the Landlord approving such works. Where you fail to have the paperwork in place do not contact the landlord without contacting your lawyer in the first instance. Many landlords or managing agents in East Croydon levy fees for supplying management packs for a leasehold home. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in East Croydon. You may think that you are aware of the number of years left on your lease but you should verify this via your lawyers. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the lease term is under 80 years. In the circumstances it is important at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.
I own a first flat in East Croydon. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the sum due for a lease extension?
Most certainly. We are happy to put you in touch with a East Croydon conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a East Croydon premises is 29 Woodstock Road in April 2014. the Tribunal determined that the premiums to be paid into court in respect of the purchase of the freehold registered at HMLR under Title N0.SY3997 should be £7,217. This case affected 4 flats. The number of years remaining on the existing lease(s) was 98 years.