It is a dozen years since I acquired my property in Leyton. Conveyancing lawyers have just been instructed on the sale but I can't track down the title deeds. Is this a problem?
Don’t worry too much. Firstly the deeds may be with the mortgage company or they could be in the possession of the conveyancers who oversaw the purchase. Secondly in all probability the land will be recorded at the land registry and you will be able to prove you are the registered owner by your conveyancing lawyers procuring current official copies of the land registers. Nearly all conveyancing in Leyton relates to registered property but in the rare situation where your property is not registered it is more problematic but is not insurmountable.
I'm purchasing my first flat in Leyton with a loan from Barclays . The sellers would not budge the amount so I negotiated 6k of fixtures and fittings instead. The property agent suggested that I not inform my conveyancer about the extras as it will affect my loan with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I have been on the look out for a leasehold apartment up to £195,000 and found one round the corner in Leyton I like with a park and transport links nearby, however it only has 52 remaining years left on the lease. There is not much else in Leyton in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a home loan that many years will be problematic. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least 2 years you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
Am I right to be concerned that brokers that I am dealing with are suggesting an internet conveyancing firm as opposed to a High Street Leyton conveyancing firm?
As is the case with lots of professional services, often input from relatives can be extremely useful or valuable. Yet there are many players in a conveyancing matter; estate agents, financial adviser and mortgage companies might all recommend solicitors to use. Sometimes the lawyers might be known to one of the organisations as being good in their field, but sometimes there behind the scenes financial incentive behind the endorsement. You have the right to select your preferred lawyer. Don't forget that the majority of lenders have an approved list of solicitors you must use for the mortgage related work in your conveyancing.
Can you provide any top tips for leasehold conveyancing in Leyton from the perspective of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Leyton can be bypassed if you instruct lawyers as soon as your agents start marketing the property and ask them to put together the leasehold documentation which will be required by the buyers’ lawyers. In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Leyton leases often stipulate that internal structural alterations or installing wooden flooring necessitate a licence issued by the Landlord consenting to such works. Should you fail to have the paperwork in place you should not communicate with the landlord without checking with your solicitor in the first instance. A minority of Leyton leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors. Many freeholders or managing agents in Leyton charge for supplying management packs for a leasehold home. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Leyton. You may think that you are aware of the number of years left on your lease but it would be advisable verify this by asking your lawyers. A purchaser's conveyancer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is less than 75 years. It is therefore essential at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.
I am the proprietor of a ground flat in Leyton. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the premium payable for the purchase of the freehold?
Absolutely. We can put you in touch with a Leyton conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Leyton flat 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 was in relation to 2 flats. The number of years remaining on the existing lease(s) was 72.02 years.
Is planning consent required to change a house into two appartments in Leyton? This has been carried out to a house opposite to my home in Leyton and was not aware of the conversion until it was finished.
Planning permission is needed for splitting a single house in Leyton into flats but probably not for converting once again to single dwelling-house so, simply put, yes.