Our Upper Walthamstow lawyer has uncovered an inconsistency when comparing the surveyor’s assumptions in the valuation report and what is revealed within the legal papers for the property. My solicitor has advised that he must ensure that the lender is happy with this discrepancy and is still content to lend. Is my solicitor’s stance appropriate?

Your conveyancer must comply with the UK Finance Lenders’ Handbook provisions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.

I own a freehold residence in Upper Walthamstow but still invoiced for rent, why is this and what is this?

It’s unusual for properties in Upper Walthamstow and has limited impact for conveyancing in Upper Walthamstow but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.

Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the establishment of new rentcharges from 1977 onwards.

Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.

Should commercial conveyancing searches disclose proposed roadworks that may affect a commercial property in Upper Walthamstow?

Many commercial conveyancing solicitors in Upper Walthamstow will order a SiteSolutions Highways report as it reduces the time that conveyancers expend in researching accurate data on highways that impact buildings and development assets in Upper Walthamstow. 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 Upper Walthamstow.

For every commercial conveyancing transaction in Upper Walthamstow 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 may cause delays to Upper Walthamstow commercial conveyancing deals as well as pose a risk to future plans for the site. These searches are not carried out for residential conveyancing in Upper Walthamstow.

I was recommended by a few selling agents in Upper Walthamstow to locate a conveyancer using your seach tool. What’s the financial upside for Estate Agents to market your site over another?

We don’t give any referral fee for sending work in our direction. We found it would be just too difficult a fee as home movers will think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.

I am tempted by the attractive purchase price for a two maisonettes in Upper Walthamstow which have approximately forty five years unexpired on the lease term. Will this present a problem?

A lease is a right to use the premises for a prescribed time frame. As the lease shortens the saleability of the lease deteriorates and results in it becoming more expensive to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We advise that you get professional help from a conveyancer and surveyor with experience in this field.

I have had difficulty in trying to purchase the freehold in Upper Walthamstow. Can the Leasehold Valuation Tribunal adjudicate on premiums?

in cases where there is a absentee freeholder or if there is disagreement about the premium for a lease extension, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to judgment on the sum to be paid.

An example of a Freehold Enfranchisement decision for a Upper Walthamstow property is 32 Howard Road in June 2012. the Tribunal held that premium payable for the freehold reversion should be £35,825 This case was in relation to 2 flats. The number of years remaining on the existing lease(s) was 64 years.