My husband and I are purchasing a brand new apartment in Isle of Dogs and my conveyancer is informing me that she is duty bound to the lender to reveal incentives from the seller. The Estate Agents are hassling me to exchange and I don't want to delay the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I just bought a flat at auction in Isle of Dogs. Conveyancing is required. What happens now?
Now that you are legally committed yourself to purchase you now have to find a conveyancing lawyer as a matter of priority as you now have a tight deadline in which to complete the deal. All auction property should have a corresponding legal set of papers. This will include the copy title deeds, local authority and drainage searches. In the case of leasehold premises the conveyancing papers may contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation specific to leasehold premises. You should hand this to the conveyancer instructed by you as soon as possible. You also need to ensure that your finances are in place to complete the transaction on the set completion date.
I'm the sole recipient of my late father’s estate and I have everything in my name now, including the house in Isle of Dogs. The Isle of Dogs property was put into my name in January. I now wish to sell up. I do know about the CML 6 month 'rule', meaning my proprietorship could be considered the same way as though I had purchased the property in January. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be impacted by that. many banks would take a sensible view as this clause is primarily there to capture the purchase and immediately sell or the wholesaling and assigning of property.
My wife and I are spending time looking at houses in Isle of Dogs and I am about to put in an offer. Is it too early to have a solicitor in place? I intend to finance via a mortgage with TSB.
It would be prudent to commence your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their details on to the selling agent. As you are getting a mortgage with TSB, make sure you remember to check that your lawyer is on the TSB conveyancing panel.
I need some expedited conveyancing in Isle of Dogs as I am under pressure to complete in less than 4 weeks. Fortunately I do not need a mortgage. Can I decline from having conveyancing searches to save fees and time?
If.Given you are not getting a mortgage you are at liberty not to do searches although no conveyancer would suggest that you don't. With plenty of history conveyancing in Isle of Dogs the following are instances of what can appear and therefore impact future mortgageability: Enforcement Notices, Outstanding Charges, Outstanding Grants, Unadopted Roads,...
Are there restrictive covenants that are commonly identified as part of conveyancing in Isle of Dogs?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Isle of Dogs. 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 Isle of Dogs differ for new build properties?
Most buyers of new build or newly converted property in Isle of Dogs contact us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is completed. This is because house builders in Isle of Dogs tend to buy the land, 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 Isle of Dogs or who has acted in the same development.
Can you provide any advice for leasehold conveyancing in Isle of Dogs from the perspective of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Isle of Dogs can be bypassed if you get in touch lawyers the minute you market your property and request that they start to put together the leasehold information needed by the purchasers’ representatives. The majority of freeholders or managing agents in Isle of Dogs levy fees for supplying management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Isle of Dogs. If there is a history of conflict with your landlord or managing agents it is very important that these are settled prior to the flat being marketed. The buyers and their solicitors will be warry about purchasing a property where there is an ongoing dispute. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic rather than unsettled. If you have carried out any alterations to the residence would they have required Landlord’s consent? In particular have you installed wooden flooring? Isle of Dogs leases often stipulate that internal structural changes or installing wooden flooring necessitate a licence issued by the Landlord consenting to such works. If you fail to have the paperwork in place you should not contact the landlord without contacting your solicitor first.
I am the leaseholder of a basement flat in Isle of Dogs. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the sum payable for the purchase of the freehold?
Absolutely. We can put you in touch with a Isle of Dogs conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Isle of Dogs residence is 12, 14 & 16 Hull Close in May 2010. the Tribunal determined that the premium payable for the acquisition of the freehold to the subject premises was the sum of £18,300 This case affected 3 flats. The remaining number of years on the lease was 101.61 years.