Me and my partner are purchasing a 2 bedroom flat in Stepney with a mortgage. We wish to retain our Stepney solicitor, however the mortgage company advise she’s not on their "panel". We have to appoint one of the lender panel solicitors or keep our Stepney lawyer and pay for one of their panel lawyers to act for them. This feels very unfair; are we not able to insist that the lender use our Stepney lawyer ?
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. Another option that might be available is for your Stepney conveyancing lawyer to apply to be on the conveyancing panel.
I require conveyancing for a flat in a fairly new development (seven years built) in Stepney. 95% of the appartments have already been disposed of. Do I need carry out the local searches for my conveyancing in Stepney?
You are opening yourself up to an unnecessary risk in not carrying out Stepney conveyancing searches. Without searches you have no clarity over flooding, environmental etc which may mean you walk away due to potential problems down the line. If you are buying mortgage free there is no legal necessity to have them, but we would seriously advise in no uncertain terms that your solicitor conducts them. Where accelerating the process and price are primary concerns you should discuss with your lawyer about the options such as indemnity insurance available to you
I am buying a terraced house in Stepney. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Stepney you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Stepney.
A colleague advised me that if I am purchasing in Stepney I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is sometimes included in the estimate for your Stepney conveyancing searches. It is not a small document of more than thirty pages, listing and setting out significant information about Stepney around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Stepney Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful data concerning Stepney.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and identified one near me in Stepney I like with amenity areas and railway links nearby, the downside is that it only has 49 remaining years left on the lease. I can't really find anything 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 home loan the shortness of the lease will likely be problematic. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least twenty four months you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.
Last April I purchased a leasehold house in Stepney. Do I have any liability for service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
After years of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Stepney. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most definitely. We are happy to put you in touch with a Stepney conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Stepney residence is 12, 14 & 16 Hull Close in May 2010. the Tribunal determined that the premium payable for the acquisition of the freehold to the subject premises was the sum of £18,300 This case was in relation to 3 flats. The unexpired residue of the current lease was 101.61 years.