Our conveyancer has uncovered a a legal deficiency with the lease for the flat we are purchasing in Goodmayes. The other side have offered title insurance as a workaround. We are content with insurance and will pay for it. Our property lawyer has advised that he must ensure that the mortgage company is willing to move forward with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your solicitor will have no choice but to discontinue acting for you.
I purchased a freehold premises in Goodmayes yet pay rent, why is this and what is this?
It’s unusual for properties in Goodmayes and has limited impact for conveyancing in Goodmayes but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the establishment of new rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
My bid for a property was accepted at auction in Goodmayes. Conveyancing is required. What happens now?
Given that you have now exchanged you now have to hire the services of a conveyancing solicitor quickly as you are faced with a tight a fixed date to complete the deal. An auction property should have a bespoke auction pack. This will likely include the copy title deeds, local authority and drainage searches. In the case of leasehold premises the auction papers may contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork relating to a leasehold property. You should pass this on to your appointed conveyancing solicitor ASAP. Do make sure that your finances are in place to complete the transaction on the set completion date.
When it comes to lenders such as Nottingham, do Goodmayes conveyancers have to pay a yearly amount to be on the conveyancing panel?
We are unaware of any lender fees to be on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
I am due to exchange contracts on my apartment. I had a double glazing fitted in March 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Yorkshire BS are being a right pain. The Goodmayes solicitor who is on the Yorkshire BS conveyancing panel is saying indemnity insurance will be fine but Yorkshire BS are requiring a building regulation certificate. Why do Yorkshire BS have a conveyancing panel if they don't accept advice from them?
It is probably the case that Yorkshire BS have referred the matter to their valuer. The reason why Yorkshire BS 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.
My friend recommended that if I am purchasing in Goodmayes I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes quoted for as part of the standard Goodmayes conveyancing searches. It is not a small report of about 40 pages, listing and detailing important information about Goodmayes around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Goodmayes Education with maps and statistics, Local Amenities and other useful information concerning Goodmayes.
three months have elapsed since my purchase conveyancing in Goodmayes took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
In my capacity as executor for the estate of my grandfather I am disposing of a residence in Monmouth but reside in Goodmayes. My conveyancer (who is 235 kilometers awayneeds me to execute a stat dec before completion. Can you recommend a conveyancing solicitor in Goodmayes to attest this legal document for me?
Technically speaking you are unlikely to need to have the documents witnessed by a conveyancing solicitor. Normally or notary public or solicitor will suffice regardless of whether they are Goodmayes based