I am buying a new build apartment in Hackney Marshes and my lawyer is informing me that she is duty bound to the bank to disclose incentives from the developer. I am nearing the developer’s deadline to exchange and I would rather not delay deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
In what way does my ID and proof of funds have anything to do with my conveyancing in Hackney Marshes? What am I being asked for?
Hackney Marshes conveyancing solicitors and indeed property lawyers accross the UK have a duty under Anti-terror and anti-money-laundering rules to check the ID of any client in order to ensure that clients are who they say they are.
Conveyancing clients will need to disclose two forms of certified ID; proof of identity (typically a Passport or Driving Licence) and evidence of address (usually a Bank Statement less than 3 months old).
Proof of source of funds is also necessary under the money laundering laws as conveyancers are mandated to check that the money you are using to acquire a property (be it the exchange deposit or the total purchase price where you are buying without a mortgage) has come from legitimate source (such as an inheritance) as opposed to the product of criminal activity.
We are getting the release of further monies on our mortgage from UBS as we intend to conduct alterations to our house in Hackney Marshes. Are we obliged to choose a nearby Hackney Marshes solicitor on the UBS conveyancing panel to deal with the paperwork?
UBS don't usually require firms on their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the UBS conveyancing panel.
I am currently in the process of buying my council flat in Hackney Marshes. I have a mortgage offer with Virgin Money. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Virgin Money, you will need to appoint a solicitor on the Virgin Money conveyancing panel.
I have finally had an offer on a flat in Hackney Marshes agreed to, the vendors do however have an associated purchase. The sellers have offered on on an apartment, however it’s not yet agreed to, and are looking at other apartments in the pipeline. I have chosen a bricks and mortar conveyancing solicitor in Hackney Marshes. What should be my next step? When should I get the mortgage application with RBS started?
It is understandable to have apprehensions where there is a chain as you are unlikely to want to incur costs prematurely (mortgage application is in the region of £1k, then valuation, Hackney Marshes conveyancing search fees, etc). The first course of action is to ensure that your lawyer is on the RBS approved list. Concerning the next phase this very much depends on the circumstances of your case, desire for this property and on the state of the market. During a hot market many buyers would apply for the mortgage with RBS and pay for the valuation and only if it comes back ok would they pay their conveyancer to proceed with searches.
I own a terraced Edwardian property in Hackney Marshes. Conveyancing practitioner represented me and Nottingham Building Society. I happened to do a free search for it on the Land Registry database and there are two entries: one for freehold, another for leasehold under the exact same property. I'd like to know for sure, how can I find out??
You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Hackney Marshes and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the position with the conveyancing solicitor who conducted the purchase.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Hackney Marshes is where the house is located. Can you shed any light on this issue?
Flying freeholds in Hackney Marshes are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Hackney Marshes you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Hackney Marshes 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.
I am a negotiator for a busy estate agency in Hackney Marshes where we have witnessed a few leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received contradictory information from local Hackney Marshes conveyancing firms. Could you shed some light as to whether the owner of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Having spent years of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Hackney Marshes. Can we issue an application to the Residential Property Tribunal Service?
Absolutely. We are happy to put you in touch with a Hackney Marshes conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Hackney Marshes property is 12 Nutfield Road in July 2014. the Tribunal judged that the price to be paid by the applicants for the freehold interest should be £19,572 This case related to 2 flats. The remaining number of years on the lease was 72.02 years.