We have a mortgage agreed in principle with Nationwide. Shoreditch conveyancing solicitors have been instructed. What is the average time that one could expect to receive a mortgage offer from Nationwide?
There is no definitive answer here. Have Nationwide done the valuation? Have you informed Nationwide as to your lawyers' details and checked that your lawyers are on the Nationwide conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
About to purchase maisonette in Shoreditch. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Principality conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Shoreditch conveyancer is on the Principality conveyancing panel.
Kent Reliance have agreed my mortgage in principle, my offer on a apartment in Shoreditch has been accepted, what happens next?
Your property agent will want to know who your solicitors are (make sure the solicitors are on the lender’s panel). Contact Kent Reliance or the financial adviser and finalise any relevant documentation. Kent Reliance will appoint a valuer who will get in touch with the estate agent or owners to arrange an appointment. Once carried out (assuming no problems) it takes about ten days to receive the mortgage offer. Kent Reliance will send the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Shoreditch.
How does conveyancing in Shoreditch differ for new build properties?
Most buyers of new build premises in Shoreditch approach us having been asked by the developer to sign contracts and commit to the purchase even before the property is constructed. This is because house builders in Shoreditch usually buy the real estate, 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 Shoreditch or who has acted in the same development.
I am looking to sell my home. My former conveyancers closed down. It would be helpful to have a recommendation of a conveyancing firm. Im based in Shoreditch if that makes a difference.
Do use our search tool to help you choose a solicitor for your conveyancing in Shoreditch. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move runs smoothly.
Do you have any advice for leasehold conveyancing in Shoreditch with the purpose of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Shoreditch can be avoided where you get in touch lawyers the minute your agents start advertising the property and ask them to collate the leasehold documentation needed by the purchasers’ conveyancers. If you have had conflict with your landlord or managing agents it is essential that these are resolved before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as historic rather than unsettled. A minority of Shoreditch leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers. If you have the benefit of shareholding in the freehold, you should ensure that you are holding the original share document. Arranging a new share certificate can be a lengthy formality and slows down many a Shoreditch conveyancing transaction. If a duplicate share is necessary, you should approach the company officers or managing agents (if relevant) for this sooner rather than later. You believe that you know the number of years left on your lease but it would be wise to double-check via your lawyers. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the lease term is under 75 years. It is therefore essential at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.
I am the registered owner of a ground flat in Shoreditch. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the premium payable for the purchase of the freehold?
Where there is a absentee freeholder or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to arrive at the amount due.
An example of a Lease Extension case for a Shoreditch flat is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case affected 2 flats. The number of years remaining on the existing lease(s) was 72.39 years.
Is it necessary during the course of the conveyancing process to have a meeting at the offices of the mortgage company conveyancing panel solicitor to sign the mortgage deed? If so, I will choose one who does conveyancing in Shoreditch as it will be easier to attend their offices if required.
Most conveyancing panel lawyers for the lender undertake conveyancing via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. YOu dont have to use a conveyancing solicitor in Shoreditch. However you should check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.