I have given 8 weeks notice to my existing landlord and must leave my let out flat in Stepney by the end of next month. Conveyancing for my house purchase is progressing. Is it possible to complete in a couple of weeks as don't want to have to move into temporary accommodation?
It is unwise to provide notice for your letting until exchange of contracts has taken place. Assuming that you have not previously done so, notify to your lawyer and ask them to they apply pressure on the owners lawyers, try to get a realistic time scale from them that everyone will look towards
When will exchange of contracts occur in purchase conveyancing in Stepney and am I required to attend the lawyers branch?
If you are round the corner to our conveyancing solicitors in Stepney you are invited in to sign contracts. However, the firms we work with supply countrywide coverage for conveyancing and provide as equally detailed and professional a job for you when communicating with you electronically. The executing of the purchase agreement is not when everything is set in stone. A signed contract is just a prerequisite for the conveyancer to address the formalities when the time is right, which is ordinarily shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Stepney)to be in the office available at the end of the phone to exchange contracts.
Is it necessary during the course of the conveyancing process to have a meeting at the offices of the solicitor to execute the mortgage deed? If so, I will instruct a firm who offer conveyancing in Stepney so that I can pop in to their offices if required.
Whereas this was necessary twenty years ago, most banks no longer require their conveyancing panel lawyer to witness the mortgagors signature. You will still be obliged to hand over identification documents and there are still distinct benefits to choosing a local solicitor, in your case a conveyancing solicitor in Stepney.
I happen to be the sole beneficiary of my late mum's will with all property in now in my sole name, including the house in Stepney. Conveyancing formalities meant that the Land Registry date was in January. I plan to dispose of the house. I do know about the CML 6 month 'rule', meaning my property ownership could be treated the same way as if I'd bought the house in January. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be caught by that. How practical a view lenders take of it, depend on the mortgage company as this clause principally exists to pick up on subsales or the quick reselling of property.
I currently have a mortgage with Principality for my property in Stepney. Conveyancing was finalised a year ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Principality?
Your original mortgage agreement with Principality will provide that you need their approval before renting your property as this is likely to be a breach of Principality’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Principality directly. You need not do this via a Principality conveyancing panel lawyer.
After weeks of negotiation I have agreed a price on an apartment in Stepney. My mortgage broker recommended their conveyancers. I paid an advanced payment of £200. Shortly after, the lawyer contacted me to say that they were not on the Aldermore conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Aldermore panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
What does a local search reveal about the property I am buying in Stepney?
Stepney conveyancing often starts with the ordering local authority searches directly from your local Authority or via a personal search organisations for instance Searches UK The local search plays a central part in most Stepney conveyancing purchase; as long as you wish to avoid any unpleasant once you have moved into your new home. The search will provide data on, amongst other things, details on planning applications applicable to the property (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 thirteen topic headings.
I have been on the look out for a flat up to £235,500 and found one near me in Stepney I like with open areas and station nearby, the downside is that it only has 52 remaining years left on the lease. There is not much else in Stepney in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
If you require a mortgage that many years will likely be an issue. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least twenty four months you may request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.