I plan on purchasing an apartment in Epping. My lawyer is not on the lender solicitor list. Can I still retain my Epping conveyancing solicitor even though they are excluded from the mortgage company approved list?
Your options include
- Proceed with your preferred Epping lawyer but your lender will no doubt appoint a lawyer from their approved list. This will result in additional cost together with probable delay.
- Choose a fresh conveyancer to conduct the conveyancing, obviously checking they are on the bank conveyancing panel.
- Convince your solicitor to pull out all the stops to get accepted on the lender’s conveyancing panel
My son-in-law is in the process of securing a house that has just been built in Epping with a home loan from Nationwide. His conveyancer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Nationwide conveyancing panel as a standard part of the process, and to the surveyor when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Nationwide conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Have completed on a a semi-detached house in Epping , how long should it take for the Land Registry to deal with the formalities evidencing my ownership? My Epping conveyancing solicitor works at snail pace, so I want to be sure that my ownership is registered.
As far as conveyancing in Epping registration is no quicker or slower than the rest of the country. As opposed to being determined by geographic area, timescales can vary subject to the party submitting the application, whether there are errors and whether the Land registry communicate with any 3rd persons or bodies. Currently roughly 80% of submission are fully dealt with in less than three weeks but occasionally there can be extensive delays. Historically registration takes place once the purchaser is living at the property thus 'speed' is not typically an essential issue yet if it is urgent that the the registration takes place urgently then you or your lawyers must communicate with the Registry to express the reasoning for the application to be prioritised.
I am buying a new build flat in Epping. 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.
Set out below are examples of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Epping
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Forfeiture - bankruptcy or liquidation must not apply under this provision. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please supply evidence that the form of Lease proposed has been approved by the Land Registry. There must be mutual enforceability of lessee’s covenants. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
I've recently found out that there is a flying freehold element on a property I have offered on two weeks back in what should have been a simple, chain free conveyancing. Epping is the location of the property. Can you offer any advice?
Flying freeholds in Epping are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Epping you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Epping may decide 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 residence.
We own a leasehold flat in Epping. Conveyancing was completed in last year. I have read on numerous consumer forums that I mustn’t let the lease length get too low. Why is that a problem?
Epping residential long term leases are for a fixed term - usually 99 years when they started. However a significant flats in Epping were constructed or converted 25 or more years ago and so such leases now have fewer than 80 years remaining. This may sound like a long time but Banks, Building Societies and other mortgage institutions on the whole require leases to have a minimum of 75 years unexpired to adequate security. Accordingly when you come to sell the property you will need a lease extension if you are approaching eighty years. To increase your property value you should be thinking about whether or not to extend your lease long before you come to sell it. Please note that there are significant benefits to doing so before the lease hits 80 years as when the lease falls below 80 years the premium to be paid to extend starts to increase.