My IFA has asked me for my Victoria Docks lawyer’ panel member for the HSBC conveyancing panel. Can you suggest how I discover this. I have called my local Victoria Docks office but they have not responded to me.
You are best placed to get this information from your Victoria Docks property lawyer . They retain a central record lender panel numbers.
Me and my wife are buying our first house. Our conveyancer has calledto check if we want to take out supplemental conveyancing searches. We are really unsure what's relevant for conveyancing in Victoria Docks
The scope of Victoria Docks conveyancing searches depends entirely on the property, the location, the likelihood of any of these risks, your familiarity of the region and risks, your overall attitude to risk. What is important is that you properly appreciate what information the searches could provide. Then you can decide if you personally think you need that information. If uncertain, ask your solicitor to offer guidance.
Is it necessary to take out insurance to protect me from financial exposure to chancel repairs when purchasing a residence in Victoria Docks?
Unless a prior acquisition of the property took place after 12 October 2013 you could take it that solicitors conducting conveyancing in Victoria Docks to continue to advocate a chancel search and or chancel repair liability insurance.
How does conveyancing in Victoria Docks differ for new build properties?
Most buyers of new build property in Victoria Docks approach us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because developers in Victoria Docks usually purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Victoria Docks or who has acted in the same development.
I decided to have a survey done on a house in Victoria Docks prior to instructing solicitors. I have been told that there is a flying freehold element to the property. Our surveyor advised that some lenders may refuse to grant a loan on this type of home.
It depends who your proposed lender is. Santander has different requirements for example to Halifax. Should you wish to telephone us we can investigate further with the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Victoria Docks. Conveyancing may be slightly more expensive based on your lender's requirements.
I am tempted by the attractive purchase price for a two apartments in Victoria Docks which have approximately 50 years remaining on the lease term. should I be concerned?
There are no two ways about it. A leasehold apartment in Victoria Docks is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the property. The majority of buyers and mortgage companies, leases with under eighty 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 a residence 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 Victoria Docks 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.
Having spent years of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Victoria Docks. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
if there is a absentee landlord or where there is disagreement 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 assess the amount due.
An example of a Lease Extension decision for a Victoria Docks residence 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 was 69.77 years.