We are nearing an exchange on a flat in Upper Walthamstow and my mum and dad have transferred the exchange deposit to my property lawyer. I am now informed that as the deposit has been sent from someone other than me my property lawyer needs to disclose this to my lender. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is coming from anyone other than me. I advised the mortgage company about my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
Your property lawyer is legally required to clarify with lender to ensure that they are aware that the balance of the purchase price is not from your own funds. The solicitor can only notify this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
4 months have gone by since my purchase conveyancing in Upper Walthamstow took place. I have checked the Land Registry site which shows that I paid £150,000 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 premises 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 my first flat in Upper Walthamstow with a loan from Virgin Money. The builders refused to budge the amount so I negotiated five thousand pounds worth of extras instead. The sale representative told me not reveal to my lawyer about the deal as it may adversely affect my loan with the bank. Is this normal?.
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.
Due to the encouragement of my in-laws I had a survey completed on a house in Upper Walthamstow in advance of instructing lawyers. I have been informed that there is a flying freehold element to the property. Our surveyor advised that some lenders may refuse to give a loan on this type of home.
It depends who your proposed lender is. Lloyds has different requirements from Nationwide. If you contact us we can look into this further via the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Upper Walthamstow. Conveyancing may be slightly more expensive based on your lender's requirements.
Expecting to complete next month on a basement flat in Upper Walthamstow. Conveyancing lawyers inform me that they report fully on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Upper Walthamstow should include some of the following:
It needs to be made clear to you if the lease permits you to alter or upgrade aspects of the premises- you should be made aware as to whether it applies to all alterations or just structural alteration, and whether permission is mandated necessary The length of the lease term. You should receive guidance as what happens when the lease expires, and informed of the importance of the 80 year mark Whether the lease restricts you from renting out the property, or working from home Ground rent - what is payable and when is collected, and be on notice if this will change in the future Are pets allowed in the flat?
I have attempted and failed to negotiate with my landlord to extend my lease without getting anywhere. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Upper Walthamstow conveyancing firm to act on my behalf?
Most definitely. We are happy to put you in touch with a Upper Walthamstow conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Upper Walthamstow premises is 32 Howard Road in June 2012. the Tribunal held that premium payable for the freehold reversion should be £35,825 This case related to 2 flats. The remaining number of years on the lease was 64 years.