My husband and I are getting closer to an exchange on a property in Stratford and my parents have transferred the ten percent deposit to my lawyer. I am now informed that as the deposit has not arrived from me my lawyer needs to disclose this to my bank. Apparently, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I disclosed to the bank regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to delay the deal?
Your solicitor is legally required to clarify with lender to ensure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only reveal this to your bank if you agree, failing which, your lawyer must cease to continue acting.
Having sold my house in Stratford last October yet the purchaser is e-mailing daily complaining that her solicitor is waiting to hear from mine. What are the post completion sale formalities now that I have sold?
After completion of your house sale your conveyancer is obliged to deliver the transfer documentation and all supplemental paperwork to the purchaser's lawyers. Where appropriate, your solicitor should also confirm that the home loan has been paid off to the buyers lawyers. There is unlikely to be post completion steps specific conveyancing in Stratford.
I happen to be the sole beneficiary of my late father’s estate with all property in now in my sole name, including the house in Stratford. The Stratford property was put into my name in October. I now wish to sell up. I understand that there is a Mortgage Lenders six month 'rule', which means that my proprietorship could be considered the same way as if I'd bought the house in October. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be caught by that. Most mortgage companies would take a practical view as this requirement is principally there to pick up on subsales or the flipping of property.
My wife and I are in the throws of viewing flats in Stratford and I am about to put in an offer. Is it advisable to have my solicitor on ‘stand by’? I am planning to take a mortgage with Nottingham.
You should start obtaining conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their contact information on to the estate agent. As you are obtaining a mortgage with Nottingham, make sure you remember to check that your lawyer is on the Nottingham conveyancing panel.
Yorkshire BS have agreed my home loan in principle, my offer on a apartment in Stratford has been agreed to, what happens next?
Your property agent will need to know who your solicitors are (make sure the conveyancing practitioners are on the lender’s approved list). Call up Yorkshire BS or your financial adviser and complete any outstanding paperwork. Yorkshire BS will appoint a valuer who will get in touch with the selling agent or seller to book an appointment. Once conducted (assuming no problems) it takes approximately a fortnight for the mortgage offer to be issued. Yorkshire BS will send the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in Stratford.
I am purchasing a house and the solicitor has identified Chancel Repair for which the house may be obligated to contribute to given it’s proximity to the area of such a church. She has recommended insurance. Is this strictly necessary for conveyancing in Stratford
Unless a previous acquisition of the house completed post 12 October 2013 you could expect conveyancing practitioners delivering conveyancing in Stratford to continue to advocate a chancel search and or insurance against a claim.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and found one near me in Stratford I like with amenity areas and railway links in the vicinity, the downside is that it only has 51 years unexpired on the lease. I can't really find anything else in Stratford in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a mortgage that many years will likely be problematic. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of twenty four months you could request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
Do you have any top tips for leasehold conveyancing in Stratford from the perspective of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Stratford can be avoided where you appoint lawyers as soon as you market your property and request that they start to collate the leasehold information which will be required by the buyers’ lawyers. A minority of Stratford leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are 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 service charge figures so that they can pass this information on to the buyers or their lawyers. In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Stratford leases often stipulate that internal structural changes or addition of wooden flooring necessitate a licence issued by the Landlord consenting to such changes. Should you fail to have the approvals in place you should not communicate with the landlord without checking with your lawyer in the first instance. If you hold a share in a the freehold, you should ensure that you hold the original share certificate. Organising a new share certificate is often a lengthy formality and delays many a Stratford conveyancing transaction. Where a duplicate share certificate is needed, you should approach the company officers or managing agents (where relevant) for this at the earliest opportunity.
Having spent months of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in Stratford. Can we issue an application to the Residential Property Tribunal Service?
Most certainly. We can put you in touch with a Stratford conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Stratford residence is 12 Nutfield Road in July 2014. the Tribunal judged that the price to be paid by the applicants for the freehold interest should be £19,572 This case affected 2 flats. The number of years remaining on the existing lease(s) was 72.02 years.