My partner and I are getting closer to an exchange on a house in Barkingside and my parents have transferred the exchange deposit to my conveyancer. I am now told that as the deposit has not arrived from me my solicitor needs to make a notification to my mortgage company. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is coming from anyone other than me. I disclosed to the mortgage company regarding my parents' contribution when I applied for the home loan, so is it really necessary for this now to hold matters up?
Your conveyancing practitioner is obliged 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. Your solicitor can only reveal this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
Should conveyancers ask for money up-front for my conveyancing in Barkingside?
If you are buying a property in Barkingside your lawyer will ask you to provide them with funds to cover the search fees. This will be the total of the cost of the conveyancing searches. When the down payment is as part of the purchase price then this should be required shortly in advance of contracts are exchanged. The closing balance that is needed should be transferred shortly before completion.
I need some expedited conveyancing in Barkingside as I am under pressure to exchange contracts inside 2 weeks. A home loan is not required. Can I decline from having conveyancing searches to save fees and time?
As you are not obtaining a mortgage you are at free not to do searches although no lawyer would suggest that you don't. Drawing on years of experience of conveyancing in Barkingside the following are instances of issues that can be revealed and therefore affect market value: Refused Planning Applications, Outstanding Charges, Outstanding Grants, Road Schemes,...
How does conveyancing in Barkingside differ for new build properties?
Most buyers of new build premises in Barkingside contact us having been asked by the builder to sign contracts and commit to the purchase even before the residence is constructed. This is because new home sellers in Barkingside usually purchase the land, 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 conveyancing solicitors 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 Barkingside or who has acted in the same development.
I am employed by a long established estate agency in Barkingside where we have experienced a number of leasehold sales derailed due to short leases. I have received inconsistent advice from local Barkingside conveyancing firms. Please can you confirm whether the owner of a flat can commence the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 buyer.
Having spent months of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Barkingside. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
in cases where there is a absentee landlord or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to calculate the amount due.
An example of a Lease Extension matter before the tribunal for a Barkingside flat is 104 Coventry Road in July 2014. The Tribunal determined that the lease extension permium should be £22,896.15 This case was in relation to 1 flat. The remaining number of years on the lease was 60.29 years.