Me and my partner are soon to exchange buying a property in North East London but as a result of wreckage from the recent storms I have managed to agree reparation from the current proprietors in the sum of £3k by way of a reduction in the price. I had intended this to be dealt with as part of the conveyancing process however Aldermore will not permit this. Why were they involved?
The lawyer that is on a Aldermore conveyancing panel is obliged to inform Aldermore of any changes to the sale price. If you prohibit your conveyancer to report the reduction to Aldermore then they would have to discontinue acting for you. In addition, Aldermore and you would have to appoint a new conveyancer for your conveyancing in North East London.
About to place a bid on a leasehold property in North East London. The selling agents say that it is normal for flats in North East London to have less than 75 years remaining. I am taking out a mortgage with Accord Mortgages. Will the property be mortgageable given that the lease has 69 years left.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 8/4/2019 the requirements read as follows :
Will commercial conveyancing searches reveal proposed roadworks that may impact a commercial land in North East London?
Many commercial conveyancing solicitors in North East London will carry out a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in investigating accurate data on highways that impact buildings and development assets in North East London. The report sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in North East London.
For each commercial conveyancing transaction in North East London it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately could cause delays to North East London commercial conveyancing transactions as well as pose a risk to future plans for the site. These searches are not ordered for domestic conveyancing in North East London.
Just had an offer accepted on a new build flat in North East London. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here is a sample of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in North East London
Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please provide evidence that the form of Lease proposed has been approved by the Land Registry. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
I am looking for a ground for flat up to £235,500 and found one round the corner in North East London I like with amenity areas and station in the vicinity, however it only has 49 remaining years left on the lease. There is not much else in North East London in this price bracket, so just wondered if I would be making a mistake buying a short lease?
Should you require a mortgage the shortness of the lease may be problematic. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for at least twenty four months you could request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.