I am nearing an exchange on a flat in Victoria Docks and my parents have transferred the 10% deposit to my conveyancing practitioner. I am now told that as the deposit has been received from someone other than me my lawyer needs to disclose this to my bank. I am advised that, in also acting for the mortgage company he must inform them that the balance of the purchase price is coming from anyone other than me. I advised the lender regarding my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
Your conveyancer is duty bound to check with mortgage company to make sure that they are aware that the balance of the purchase price is not from your own funds. The solicitor can only disclose this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
We are purchasing a flat and need a conveyancing solicitor in Victoria Docks who is on the Leeds Building Society approved panel. Could you point me in the right direction as regards a conveyancing firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Leeds Building Society . We don't recommend any particular firms conducting conveyancing in Victoria Docks.
I am selling my apartment in Victoria Docks. Does the property lawyer need to be on the Santander conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Santander conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently currently.
It has been three months since my purchase conveyancing in Victoria Docks concluded. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am a negotiator for a reputable estate agent office in Victoria Docks where we have experienced a number of leasehold sales put at risk due to short leases. I have received conflicting advice from local Victoria Docks conveyancing firms. Could you confirm whether the owner of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I have attempted and failed to negotiate with my landlord to extend my lease without getting anywhere. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Victoria Docks conveyancing firm to help?
Most definitely. We are happy to put you in touch with a Victoria Docks conveyancing firm who can help.
An example of a Lease Extension case for a Victoria Docks flat 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 lease term was 69.77 years.
I need to assess quotes for conveyancing in Victoria Docks from numerous property lawyer and choose one. Should I ask them to sit tight until I I have an offer accepted on a flat.
We would recommend that you wait to request your solicitor to start work and order searches after the sales confirmation has been issued by the selling agent particularly as Victoria Docks conveyancing searches are a couple of hundred pounds.