As a first time buyer what is the most important advice you can impart regarding purchase conveyancing in Plaistow?
You may not hear this from too many lawyers but conveyancing in Plaistow and elsewhere in England and Wales is an adversarial experience. Put another way, when it comes to conveyancing there is lots of opportunity for confrontation between you and others involved in the legal transfer of property. For instance, the seller, property agent and sometimes the bank. Choosing a lawyer for your conveyancing in Plaistow should not be taken lightly as your conveyancer is your adviser, and is the ONLY party in the transaction whose interest is to protect your best interests and to keep you safe.
On occasion a potential adversary may attempt to persuade you that you should follow their advice. For example, the property agent may claim to be assisting by claiming that your conveyancer is slow. Or your mortgage broker may tell you to do take action that is against your conveyancers guidance. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
Various internet forums that I have visited warn that are a common reason for hinderance in Plaistow conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not feature within the most frequent causes of hindrances during the legal transfer of property. Searches are unlikely to feature in any delay in conveyancing in Plaistow.
Are there restrictive covenants that are commonly identified as part of conveyancing in Plaistow?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Plaistow. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm buying my first flat in Plaistow with a loan from Britannia. The sellers would not budge the amount so I negotiated £7000 of fixtures and fittings instead. The house builders rep told me not to tell my lawyer about this extras as it could jeopardize my loan with the lender. 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 decided to have a survey completed on a house in Plaistow in advance of instructing conveyancers. I have been informed that there is a flying freehold aspect to the property. The surveyor has said that some lenders will refuse to issue a mortgage on this type of property.
It depends who your proposed lender is. Santander has different instructions from Nationwide. If you e-mail us we can check via 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 Plaistow. Conveyancing may be slightly more expensive based on your lender's requirements.
Can you provide any top tips for leasehold conveyancing in Plaistow with the intention of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Plaistow can be avoided where you get in touch lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation which will be required by the buyers’ lawyers. If there is a history of conflict with your landlord or managing agents it is essential that these are settled prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is better to present the dispute as historic rather than unsettled. You may think that you are aware of the number of years left on your lease but it would be wise to verify this by asking your solicitors. A purchaser's conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is under 80 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale. Some Plaistow 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 obtain bank and professional references. The bank reference should make it clear that the buyer is able to meet the annual 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 purchasers or their lawyers. The majority of freeholders or managing agents in Plaistow charge for supplying management packs for a leasehold home. You or your lawyers should find out 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 receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Plaistow.
I am the registered owner of a ground-floor 1950’s flat in Plaistow. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the amount payable for the purchase of the freehold?
in cases where there is a missing landlord or if there is dispute about what the lease extension should cost, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to make a decision on the amount due.
An example of a Lease Extension matter before the tribunal for a Plaistow property is 46 Credon Road in January 2014. On 11 September 2013 Deputy District Judge Price sitting at the Bow County Court made a vesting order that the freeholder surrender his lease and be granted a new lease of the Premises on such terms as may be determined by the First Tier Tribunal (Property Chamber).The appropriate sum as concluded by the Tribunal was £7225 This case related to 1 flat. The unexpired lease term was 69.77 years.