Our lawyer has identified a a legal deficiency with the lease for the flat we are buying in Ilford. The other side have suggested title insurance as a workaround. We are content with insurance and will pay for it. Our conveyancer says that he must be satisfied that the lender is content with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
As a first time buyer what is the most important number one tip you can impart regarding purchase conveyancing in Ilford?
Not many law firms or advisers will tell you this but conveyancing in Ilford or throughout Essex is an adversarial process. Put another way, when it comes to conveyancing there exists an abundance of opportunity for confrontation between you and other parties involved in the ownership transfer. For example, the seller, selling agent and on occasion a bank. Selecting a law firm for your conveyancing in Ilford should not be taken lightly as your conveyancer is your adviser, and is the ONE person in the legal process whose responsibility is to look after your best interests and to keep you safe.
There is a worrying emergence of a "blame" culture- someone has to be at fault for the process being so protracted. We recommend that you should always trust your lawyer above all other players in the home moving process.
I opted to have a survey carried out on a property in Ilford prior to appointing solicitors. I have been advised that there is a flying freehold aspect to the property. My surveyor has said that some banks tend not give a loan on a flying freehold property.
It depends who your proposed lender is. Bank of Scotland has different instructions from Nationwide. If you contact us we can investigate further with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Ilford. Conveyancing may be slightly more expensive based on your lender's requirements.
I was advised by a couple of local property agents in Ilford to locate a solicitor using your seach tool. What’s the financial upside for Estate Agents to recommend your site over and above alternative conveyancing organisations?
We refuse to give any financial incentive for pointing buyers and sellers our way. We thought it would be too underhand a fee as a client could think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
Despite our best efforts, we have been unsuccessful in negotiating a lease extension in Ilford. Can the Leasehold Valuation Tribunal adjudicate on premiums?
You certainly can. We are happy to put you in touch with a Ilford conveyancing firm who can help.
An example of a Lease Extension case for a Ilford flat is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case was in relation to 1 flat. The number of years remaining on the existing lease(s) was 61.36 years.
What are the common defects that you encounter in leases for Ilford properties?
There is nothing unique about leasehold conveyancing in Ilford. Most leases are unique and legal mistakes in the legal wording can result in certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:
Clauses dealing with recovering service charges for expenditure on the building or common parts.
You could have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Leeds Building Society, and TSB all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the purchaser to pull out.