I am purchasing property in Whitechapel. My Conveyancer is not on the mortgage company conveyancing panel. Can I still continue with my Whitechapel conveyancing solicitor notwithstanding that they are excluded from the mortgage company approved list?
One will need to use a solicitor to deal with the formalities when you require a loan to buy your home. They will carry out all the appropriate investigations on the property, make sure that you will be registered as proprietor and ensure that all the necessary mortgage paperwork is in place. You could instruct a Whitechapel conveyancer of your choosing. However, if the conveyancer appointed is not on the lender approved list further fees will be levied as separate legal representation will be required by them. Conveyancing panel applications can be submitted, so provided your conveyancer has not in the past sought membership they can do so.
How does conveyancing in Whitechapel differ for newly converted properties?
Most buyers of new build property in Whitechapel come to us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is completed. This is because house builders in Whitechapel tend to buy the site, 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 conveyancers 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 accustomed to new build conveyancing in Whitechapel or who has acted in the same development.
I decided to have a survey done on a property in Whitechapel prior to instructing solicitors. I have been told that there is a flying freehold element to the property. My surveyor has said that some lenders tend not give a mortgage on such a house.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Birmingham Midshires. Should you wish to call us we can investigate further via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Whitechapel. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Whitechapel to see if the conveyancing costs will increase in light of this.
I am looking for a conveyancing lawyer in Whitechapel for my sale. Is it possible to see a firm’s complaints history with the profession’s regulator?
Members of the public can read documented Solicitor Regulator Association (SRA) determinations stemming from inquisitions from 2008 onwards. Go to Check a solicitor's record. To find records Pre 2008, or to check a firm's record, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, use +44 (0)121 329 6800. The regulator sometimes recorded call for training requirements.
I have just started marketing my garden flat in Whitechapel. Conveyancing has not commenced, however I have just had a half-yearly maintenance charge invoice – what should I do?
It best that you pay the invoice as you normally would given that all ground rent and service payments should be apportioned as part of the financial calculations for completion monies, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
Having spent months of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Whitechapel. Can we issue an application to the Residential Property Tribunal Service?
Where there is a missing landlord or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to make a decision on the sum to be paid.
An example of a Freehold Enfranchisement decision for a Whitechapel property is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case was in relation to 41 flats. The unexpired residue of the current lease was 107 years.
We own a leasehold flat in Whitechapel. Conveyancing was completed in 21012. I have been told that I mustn’t allow the the remaining lease term to get too short. Is this right?
Whitechapel residential long term leases are for a fixed period - often 99 years when they are first granted. However a significant flats in Whitechapel were constructed or converted in the 70’s80’s and so such leases now have fewer than 80 years remaining. This may sound like plenty of time but Banks, Building Societies and other mortgage institutions generally require leases to have at least seventy five years remaining to adequate security. This means that when you come to sell the property you will need a lease extension if you are getting close to 75 years. To optimize your property value you should be considering whether or not to extend your lease well in advance of selling the property. Furthermore strong financial reasons to doing so before the lease reaches even eighty years as when the lease is less than 80 years the premium to be paid to extend starts to increase.