I am buying a new build duplex in Lea Bridge and my solicitor is informing me that she is duty bound to the mortgage company to reveal incentives from the seller. I am nearing the developer’s deadline to exchange contracts and I would rather not delay matters. is my lawyer playing by the book?
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 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.
Having sold my house in Lea Bridge last April yet the purchaser is e-mailing daily to moan that their solicitor is waiting to hear from mine. What should my lawyer have done following completion?
Post completion of your disposal your lawyer is duty bound to deliver the transfer documentation and all additional paperwork to the buyer’s conveyancer. Where relevant, your conveyancer must also send confirmation that the legal charge in favour of the lender has been paid off to the buyers solicitors. There is unlikely to be post completion procedures just for conveyancing in Lea Bridge.
My friend suggested that if I am purchasing in Lea Bridge I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is usually quoted for as part of the standard Lea Bridge conveyancing searches. It is a large document of about 40 pages, listing and setting out important information about Lea Bridge around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Lea Bridge Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with plans and statistics, Local Amenities and other useful information about Lea Bridge.
How does conveyancing in Lea Bridge differ for new build properties?
Most buyers of new build or newly converted property in Lea Bridge contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is constructed. This is because house builders in Lea Bridge usually acquire the real estate, 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 property lawyers 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 Lea Bridge or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £195,000 and identified one round the corner in Lea Bridge I like with amenity areas and railway links nearby, the downside is that it only has 51 years unexpired on the lease. There is not much else in Lea Bridge suitable, so just wondered if I would be making a mistake acquiring a short lease?
If you require a home loan that many years may be a potential deal breaker. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of twenty four months you may request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
Jane (my partner) and I may need to rent out our Lea Bridge 1st floor flat for a while due to taking a sabbatical. We used a Lea Bridge conveyancing firm in 2004 but they have since shut and we did not think at the time get any advice as to whether the lease allows us to sublet. How do we find out?
Notwithstanding that your previous Lea Bridge conveyancing solicitor is no longer available you can review your lease to see if it allows you to sublet the apartment. The accepted inference is that if the lease is silent, subletting is allowed. There may be a precondition that you are obliged to seek permission via your landlord or other appropriate person prior to subletting. The net result is that you cannot sublet in the absence of first obtaining consent. Such consent is not allowed to be unreasonably withheld. If the lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.
Despite our best endeavours, we have been unsuccessful in seeking a lease extension in Lea Bridge. Can the Leasehold Valuation Tribunal adjudicate on premiums?
You certainly can. We are happy to put you in touch with a Lea Bridge conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Lea Bridge premises is 104 Nightingale Road in May 2009. The Tribunal's Decision is that the premium torbe paid for the enfranchisement in this case is £112,174 This case was in relation to 10 flats. The number of years remaining on the existing lease(s) was 71.25 years.