I am considering applying for a TSB mortgage for purchase of a new build (under development) in Limehouse with 65 per cent loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for TSB ?
There is nothing to stop you using your solicitor, but TSB will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Will our conveyancer be asking questions concerning flooding as part of the conveyancing in Limehouse.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Limehouse. There are those who purchase a property in Limehouse, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or sell the property. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Solicitors are not qualified to give advice on flood risk, however there are a various searches that can be carried out by the purchaser or by their solicitors which should figure out the risks in Limehouse. The standard completed inquiry forms given to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual question of the owner to find out if the premises has suffered from flooding. In the event that flooding has previously occurred which is not notified by the owner, then a buyer may bring a claim for damages stemming from an inaccurate response. A buyer’s solicitors will also commission an environmental report. This will reveal whether there is a recorded flood risk. If so, further investigations should be conducted.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and found one close by in Limehouse I like with amenity areas and railway links in the vicinity, the downside is that it's only got 61 years on the lease. I can't really find anything else in Limehouse for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a home loan the remaining unexpired lease term will be problematic. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
Do I need to be suspicious by 3rd parties that I am dealing with are encouraging me to use an online conveyancing firm as opposed to a local Limehouse conveyancing firm?
As with many service providers, often referrals from connections can be very helpful. Yet there are many players in a conveyancing deal; estate agents, financial adviser and banks may recommend solicitors to appoint. Sometimes the lawyers might be known to one of the organisations as experts in their field, but occasionally there exists a financial incentive behind the recommendation. You have the discretion to choose your preferred lawyer. Don't forget that many mortgage providers specify a panel list of conveyancers you are obliged to use for the mortgage related work in your house move.
I am looking at a couple of maisonettes in Limehouse both have about forty five years left on the leases. Will this present a problem?
There are plenty of short leases in Limehouse. The lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the marketability of the lease deteriorates and it becomes more costly to extend the lease. For this reason it is advisable to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this field.
I have tried to negotiate informally with with my landlord to extend my lease without any joy. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Limehouse conveyancing firm to help?
Absolutely. We are happy to put you in touch with a Limehouse conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Limehouse premises is 26 Rhondda Grove in June 2009. The net price payable by the leaseholders as determined by the Tribunal was £3,015.13. This comprised £11,300 premium for the reversion less £8,284.87 costs as ordered by the County Court.
Me and myfiance and I are are seeking to find an affordable conveyancing solicitor in Limehouse to help me sell my apartment. I I am fearful of being overcharged and there are many Limehouse conveyancing organisations out there...who's the best?
If you have not used a conveyancing practitioner in the past, a personal recommendation through relatives or friends is a preferable starting point and is often a good gauge of quality. As an alternative option, take a look at the client feedback published on your conveyancer’s website or make the most of our search facility to find a conveyancing solicitor in Limehouse.