My wife and I are looking to acquire a flat in Leyton and are in fact using a Leyton conveyancing practice. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Bank of Ireland have this afternoon contacted us to advise us that there is now an issue as our Leyton lawyer is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' lawyers to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Leyton solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
We were just about to sign contracts for a property in Leyton. We encountered a problem. Our mortgage offer with Halifax expires on 19/2/2025 but the sellers are insisting on a completion date of 21/2/2025. Is it possible to extend the loan offer?
The person best placed to address this question is your lawyer who is in a position to calculate whether they should be discussing with the lender, vendor’s representatives, selling agents or possibly all parties based on what has happend in your transaction as of today.
Do I select a Licenced Conveyancer or Solicitor for conveyancing in Leyton?
There are two types of lawyers who can execute conveyancing in Leyton namely licenced conveyancers or solicitors. The two can provide the legal services that required to complete the sale or acquisition of property. Both are duty bound to handle Leyton conveyancing on similar quality and guidelines so you may be safe in the knowledge that your conveyancing will be professionally carried out and that all necessary procedures will be appropriately adhered to.
I had a mortgage agreed in principle with Bank of Ireland. Leyton conveyancing solicitors have been instructed. How long does it take for Bank of Ireland to issue the offer to the conveyancing practitioner?
Some lenders take longer than others. Have Bank of Ireland completed the survey? Have you advised Bank of Ireland as to your lawyers' details and checked that your lawyers are on the Bank of Ireland conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I am due to exchange contracts on my house. I had a double glazing fitted in March 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Clydesdale are being problematic. The Leyton solicitor who is on the Clydesdale conveyancing panel is saying indemnity insurance will be fine but Clydesdale are insisting on a building regulation certificate. Why do Clydesdale have a conveyancing panel if they don't accept advice from them?
It is probably the case that Clydesdale have referred the matter to their valuer. The reason why Clydesdale 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.
What can a local search inform me regarding the house my wife and I purchasing in Leyton?
Leyton conveyancing often starts with the submitting local authority searches directly from your local Authority or through a personal search organisations such as Onsearch The local search plays an important role in many a Leyton conveyancing purchase; as long as you wish to avoid any unpleasant surprises after you move into your new home. The search should reveal data on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic sections.
I've recently found out that there is a flying freehold element on a house I put an offer in last month in what was supposed to be a simple, chain free conveyancing. Leyton is where the house is located. What do you suggest?
Flying freeholds in Leyton are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Leyton you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Leyton may determine 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 property.
After months of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in Leyton. Can we issue an application to the Residential Property Tribunal Service?
in cases where there is a absentee landlord or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to decide the premium.
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 related to 2 flats. The unexpired residue of the current lease was 72.02 years.
What are the common problems that you come across in leases for Leyton properties?
There is nothing unique about leasehold conveyancing in Leyton. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are erroneous. The following missing provisions could result in a defective lease:
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Repairing obligations to or maintain elements of the property Clauses dealing with recovering service charges for expenditure on the building or common parts.
You will encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, The Mortgage Works, and Barclays Direct all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to pull out.