My husband and I are intending to buy a 2 bedroom flat in Limehouse with a mortgage. We wish to retain our Limehouse solicitor, but the bank advise she’s not on their "panel". We have to appoint one of the mortgage company panel firms or continue with our Limehouse property lawyer as well as pay for one of their panel lawyers to represent them. This seems very unfair; are we not able to demand that the bank use our Limehouse solicitor ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Limehouse conveyancing lawyer to apply to be on the conveyancing panel.
We see that you have a search directory listing firms on the Nottingham conveyancing panel. Do firms pay you a commission if I retain them for our own conveyancing in Limehouse?
We are a listing service only for law firms wishing to communicate if they are on the Nottingham conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Limehouse.
My wife and I have a semi-detached Victorian house in Limehouse. Conveyancing practitioner represented me and Coventry Building Society. I did a free Land Registry search last week and there are a couple of entries: the first freehold, the second leasehold with the matching property. Is it worth asking Coventry Building Society to clarify?
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Limehouse and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the situation with your conveyancing lawyer who conducted the conveyancing.
I'm purchasing a new build house in Limehouse with a loan from Santander. The sellers refused to move on the price so I negotiated £7000 of fixtures and fittings instead. The sale representative suggested that I not inform my solicitor about this deal as it would jeopardize my mortgage with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Due to the input of my in-laws I had a survey completed on a house in Limehouse prior to instructing lawyers. I have been told that there is a flying freehold element to the house. Our surveyor has said that some lenders will refuse to issue a loan on a flying freehold home.
It varies from the lender to lender. Santander has different requirements for example to Nationwide. Should you wish to call us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Limehouse. Conveyancing may be slightly more expensive based on your lender's requirements.
I am a negotiator for a long established estate agency in Limehouse where we have witnessed a number of leasehold sales put at risk due to short leases. I have been given inconsistent advice from local Limehouse conveyancing firms. Could you confirm whether the owner of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
After years of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Limehouse. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most definitely. We can 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 property 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.