Unfortunately I am unable to travel far from Leytonstone. I would like to know the understand why all Leytonstone conveyancing practitioners are not on all bank panels?
Even though it may seem unfair for lenders to limit who can represent them, from the public’s or lawyer’s standpoint, the flip side is that banks are increasingly anxious and consider it imperative to shield themselves against mortgage fraud. As a consequence of this concern banks have reduced their conveyancing panel to a size that they are happy to control.
I purchased a freehold property in Leytonstone yet charged rent, why is this and what is this?
It’s unusual for properties in Leytonstone and has limited impact for conveyancing in Leytonstone but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
What is the best way to check that the solicitor handling my conveyancing in Leytonstone is on the bank’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Lloyds TSB Bank thus spending £187.00 plus VAT in supplemental conveyancing costs.
Please do make use of the search tool on this web page. Please choose the lender and type ‘Leytonstone’ or your preferred area and you will see a number of lawyer based in Leytonstone or near you.
My relative recommended that where I am buying in Leytonstone I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is occasionally quoted for as part of the standard Leytonstone conveyancing searches. It is a large report of about 40 pages, listing and detailing significant information about Leytonstone around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Leytonstone Education with maps and statistics, Local Amenities and other useful information about Leytonstone.
We are one month into a leasehold purchase having been directed to a firm by the estate agent to perform conveyancing in Leytonstone. I am not happy. Can you you assist me in finding new solicitors?
A conveyancer would need to be very bad to suggest changing them. Has the mortgage been generated? If so you need to make them aware of the new lawyer and ensure the mortgage documents are re-issued. Your new solicitor ideally needs to be on the banks approved list to avoid supplemental fees and complications. That should be your first question of the new solicitors. Our find a solicitor tool can assist you in finding a lender approved solicitor for your home move in Leytonstone
Do you have any top tips for leasehold conveyancing in Leytonstone with the purpose of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Leytonstone can be bypassed where you instruct lawyers the minute your agents start marketing the property and ask them to collate the leasehold documentation which will be required by the purchasers’ conveyancers. If you have the benefit of shareholding in the freehold, you should ensure that you have the original share document. Obtaining a re-issued share certificate can be a time consuming formality and frustrates many a Leytonstone home move. If a reissued share is needed, do contact the company officers or managing agents (where relevant) for this at the earliest opportunity. A minority of Leytonstone leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are 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. You believe that you know the number of years left on your lease but it would be advisable verify this via your solicitors. A buyer’s lawyer will be unlikely to recommend their client to where the lease term is below 75 years. It is therefore important at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale. If you have carried out any alterations to the residence would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Leytonstone leases often stipulate that internal structural changes or installing wooden flooring calls for a licence from the Landlord consenting to such works. If you dont have the consents to hand you should not communicate with the landlord without contacting your solicitor before hand.
Following years of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in Leytonstone. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
if there is a missing freeholder or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to decide the price.
An example of a Freehold Enfranchisement decision for a Leytonstone residence is 36 New Wanstead in August 2010. The Tribunal arrived at a valuation of the premium for the freehold of £22,359. This case affected 2 flats. The remaining number of years on the lease was 73.92 years.