We were just about to exchange contracts for a semi detached house in Stratford. We encountered a stumbling block. Our mortgage offer with Skipton Building Society runs out on 19/6/2025 but the owners are insisting on a completion date of 23/6/2025. Can one extend the loan expiry date?
The person best placed to address this issue is your solicitors who is in a position to calculate if he or she is corresponding with the mortgage broker, seller’s conveyancers, property agents or indeed all parties given the history of your transaction to date.
My Conveyancer in Stratford has never been on on the Skipton Building Society Solicitor Panel. Can I still use my family solicitor notwithstanding that they are excluded from the Skipton Building Society approved list?
Your options are as follows:
- Carry on with your existing Stratford solicitors but Skipton Building Society will need to instruct a solicitor on their list of acceptable firms. This will result in additional overall legal fees as well as cause delays.
- Choose an alternative solicitor to act in the purchase, remembering to check they are Skipton Building Society approved.
- Try to convince your Skipton Building Society based solicitor to seek to join the Skipton Building Society panel
I am buying my first flat in Stratford benefiting from help to buy. The developers refused to budge the price so I negotiated five thousand pounds worth of additionals instead. The sale representative advised me not to tell my conveyancer about this side-deal as it may put at risk my mortgage with the lender. Is this normal?.
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.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in two weeks back in what was supposed to be a quick, no chain conveyancing. Stratford is where the house is located. Can you offer any assistance?
Flying freeholds in Stratford are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Stratford you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Stratford may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Do you have any top tips for leasehold conveyancing in Stratford with the intention of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Stratford can be bypassed if you appoint lawyers as soon as you market your property and request that they start to collate the leasehold information needed by the purchasers’ lawyers. Some Stratford leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any 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 service charge figures so that they can pass this information on to the buyers or their lawyers. Many freeholders or Management Companies in Stratford levy fees for supplying management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Stratford. If you have had any disputes with your landlord or managing agents it is very important that these are settled before the property is put on the market. The buyers and their solicitors will be warry about purchasing a flat where there is a current dispute. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is better to reveal the dispute as historic rather than ongoing.
I am the proprietor of a first floor flat in Stratford. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the premium payable for a lease extension?
if there is a missing landlord or where there is dispute about the premium for a lease extension, under the relevant statutes it is possible to make an application to the First-tier Tribunal (Property Chamber) to decide the price payable.
An example of a Freehold Enfranchisement case for a Stratford premises 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 related to 2 flats. The number of years remaining on the existing lease(s) was 72.02 years.
What advice do you have for searching for commercial conveyancing in Stratford?
First ask the people you trust who they would recommend. Second, look on the internet for conveyancing in Stratford. Telephone two or three from the list and request that they send you their conveyancing quote and speak to the lawyer who will conduct your conveyancing before you commit. Option 3 is to make use of our search tool to help you find the right solicitors taking into account your unique factors including location,speed, complexity and who the proposed mortgage company is.Resist the temptation to appoint £99 conveyancing solicitors in Stratford