Will our conveyancer be raising questions about flooding as part of the conveyancing in Mile End.

The risk of flooding is if increasing concern for lawyers dealing with homes in Mile End. Plenty of people will buy a property in Mile End, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or dispose of the premises. Steps can be carried out during the course of a property purchase to forewarn the buyer.

Solicitors are not best placed to offer advice on flood risk, however there are a numerous searches that can be carried out by the buyer or by their lawyers which can figure out the risks in Mile End. The conventional set of information given to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) contains a standard question of the vendor to discover if the property has historically flooded. If the property has been flooded in past which is not notified by the owner, then a buyer may commence a compensation claim resulting from an incorrect response. A buyer’s solicitors may also order an environmental search. This should indicate whether there is a recorded flood risk. If so, further inquiries should be carried out.

Due to the advice of my in-laws I had a survey completed on a property in Mile End before appointing conveyancers. I have been told that there is a flying freehold element to the property. The surveyor advised that some banks tend not give a mortgage on this type of house.

It depends who your proposed lender is. Lloyds has different requirements for example to Nationwide. Should you wish to call us we can look into this further with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Mile End. Conveyancing may be slightly more expensive based on your lender's requirements.

My company is intending to take an assignment of a lease of a shop on the high street. Can you recommend solicitors offering competitive costs for commercial conveyancing in Mile End for less than £2000?

We are happy to recommend firms who host a wealth of experience of commercial conveyancing in Mile End, including the disposal and acquisition of businesses as well as simply premises. If you are hoping to acquire or lease a shop, pub, restaurant, office, retail premises or a whole business we will find you the right solicitor. Regarding the fees these will vary based on the structure and complexity of the deal. Let us have your contact information or email so as to enable us to furnish you with comprehensive commercial conveyancing calculation.

I am employed by a busy estate agency in Mile End where we see a few flat sales derailed due to short leases. I have received contradictory information from local Mile End conveyancing firms. Can you shed some light as to whether the seller of a flat can start the lease extension process for the buyer?

As long as the seller has owned the lease 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. This means that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.

Alternatively, it may be possible 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 buyer.

I am the leaseholder of a second floor flat in Mile End. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the amount due for the purchase of the freehold?

if there is a absentee freeholder or where there is disagreement about what the lease extension should cost, under the relevant statutes you can apply to the LVT to make a decision on the price.

An example of a Freehold Enfranchisement matter before the tribunal for a Mile End premises is 26 Rhondda Grove in June 2009. The net price payable by the leaseholders as determined by the Tribunal was £3,015.13. This comprised £11,300 premium for the reversion less £8,284.87 costs as ordered by the County Court.

Why do Mile End conveyancing fees differ for leasehold and freehold properties?

If acquiring a leasehold property there is more work involved purely due to the fact that usually there are further parties involved in the form of the freeholder and/or Management Agents. As part of a lawyers enquiries they will check that all ground rent and service charges are paid up to date amongst other general leasehold matters. For this reason, the Sellers lawyers usually have to refer to the freeholder or Managing Agent for their replies to our questions. This may be time consuming and beyond the lawyers control