I am currently in the process of buying my council flat in Snaresbrook. I have a mortgage offer with Yorkshire BS. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Yorkshire BS, you will need to appoint a solicitor on the Yorkshire BS conveyancing panel.
It is not clear whether my lender requires a lease extension. I have called into my local Snaresbrook building society branch on a couple of occasions and was told they are content with the situation and they will lend. My Snaresbrook conveyancing solicitor - who is on the bank conveyancing panel- called and was told they would not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
The lawyer must follow the CML Handbook Part 2 provisions for your bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
About to purchase house in Snaresbrook. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Barclays 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 Snaresbrook conveyancing practitioner is on the Barclays conveyancing panel.
It has been 3 months following my purchase conveyancing in Snaresbrook concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am buying a new build house in Snaresbrook with a loan from Skipton Building Society. The builders would not move on the price so I negotiated five thousand pounds worth of additionals instead. The estate agent advised me not to tell my conveyancer about this extras as it could impact my loan with Skipton Building Society. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Do you have any advice for leasehold conveyancing in Snaresbrook with the purpose of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Snaresbrook can be avoided where you instruct lawyers the minute you market your property and request that they start to collate the leasehold information needed by the purchasers’ conveyancers. If you have carried out any alterations to the premises would they have required Landlord’s approval? In particular have you installed wooden flooring? Snaresbrook leases often stipulate that internal structural changes or laying down wooden flooring require a licence issued by the Landlord acquiescing to such changes. If you fail to have the consents to hand you should not contact the landlord without checking with your lawyer in the first instance. Many landlords or managing agents in Snaresbrook levy fees for supplying management packs for a leasehold home. You or your lawyers should discover the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Snaresbrook. If you have the benefit of shareholding in the Management Company, you should make sure that you hold the original share document. Organising a re-issued share certificate can be a lengthy formality and frustrates many a Snaresbrook home move. If a reissued share is required, do contact the company officers or managing agents (if relevant) for this sooner rather than later.
Notwithstanding our best efforts, we have been unsuccessful in trying to purchase the freehold in Snaresbrook. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Where there is a absentee landlord or where there is dispute about what the lease extension should cost, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to arrive at the price.
An example of a Freehold Enfranchisement matter before the tribunal for a Snaresbrook property is 36 New Wanstead in August 2010. The Tribunal arrived at a valuation of the premium for the freehold of £22,359. This case was in relation to 2 flats. The number of years remaining on the existing lease(s) was 73.92 years.
I've found a house that seems to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have since been informed that the title is leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Snaresbrook. Conveyancing lawyers have not yet been appointed. Will they explain the issues?
Most houses in Snaresbrook are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Snaresbrook in which case you should be shopping around for a Snaresbrook conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’spermission to carry out changes to the property. You may also be required to pay a service charge towards the upkeep of the estate where the house is part of an estate. Your solicitor will appraise you on the various issues.