We were just about to exchange contracts for a garden flat in Upton Park. We encountered a problem. Our mortgage offer with Accord Mortgages Ltd expires on 17/9/2025 but the sellers are insisting on a completion date of 19/9/2025. Is it possible to extend the loan offer?
The person best placed to deal with your question is your conveyancer who is in a position to determine whether they should be discussing with the mortgage broker, vendor’s conveyancers, estate agents or conceivably all three based on what has gone on in your house move as of today.
We wish to acquire a purpose built flat in Upton Park with a residential mortgage from Virgin Money.We would like to retain our Upton Park conveyancing solicitor but Virgin Money informed us he's not listed on their "panel". we are left little option but to use a Virgin Money panel solicitor or retain our preferred solicitor and pay for one of their panel ones to act for them. We feel as though this is unjust; Can we not simply insist that Virgin Money use our lawyer?
Unfortunately,no. The loan offered to you contains terms and conditions, a common one being that conveyancers will be on the Virgin Money solicitor panel. in the past, 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 lawyer to apply to be on the conveyancing panel for Virgin Money
Despite weeks of looking the Title Certificate and documents to my property can not be found. The solicitors who conducted the conveyancing in Upton Park 5 years ago have long since closed. Will I be able to sell the house?
Gone are the days when you need to have the physical official documentation to prove you are the registered proprietor of land or property, given that the Land Registry have everything they need in a digital format.
What does commercial conveyancing in Upton Park cover?
Non domestic conveyancing in Upton Park covers a broad range of advice, given by qualified solicitors, relating to business property. For example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
My step-father has recommend that I use his conveyancers in Upton Park. Should I use them?
No doubt the best way to choose a conveyancing practitioner is to get referrals from friends or family who have actually experience in using the solicitor you're considering.
I am looking at a couple of apartments in Upton Park both have about fifty years left on the lease term. Do I need to be concerned?
There is no doubt about it. A leasehold apartment in Upton Park is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the value of the premises. The majority of purchasers and lenders, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Upton Park conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Following months of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Upton Park. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most certainly. We are happy to put you in touch with a Upton Park conveyancing firm who can help.
An example of a Lease Extension decision for a Upton Park premises 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 affected 1 flat. The unexpired term as at the valuation date was 69.77 years.