We are selling our apartment in Bethnal Green. Does my conveyancer need to be required to be on the Nottingham conveyancing panel in order to deal with repayment of my mortgage?

Ordinarily, even if your lawyer is not on the Nottingham conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their conditions fairly frequently in recent years.

How does conveyancing in Bethnal Green differ for new build properties?

Most buyers of new build or newly converted property in Bethnal Green come to us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is finished. This is because developers in Bethnal Green typically purchase 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 property lawyers 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 used to new build conveyancing in Bethnal Green or who has acted in the same development.

I am looking for a leasehold apartment up to £305k and identified one close by in Bethnal Green I like with open areas and station in the vicinity, the downside is that it's only got 49 years unexpired on the lease. I can't really find anything else in Bethnal Green in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?

If you require a home loan that many years will be an issue. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least twenty four months you could ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.

In what way can the Landlord & Tenant Act 1954 impact my commercial premises in Bethnal Green and how can you help?

The 1954 Act affords a safeguard to business tenants, granting the right to make a request to court for a renewal tenancy and remain in occupation at the end of the lease term. There are certain specified grounds where a landlord can refuse a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Bethnal Green is one of our many areas of the UK in which our lawyers are based

I have tried to negotiate informally with with my landlord to extend my lease without getting anywhere. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a Bethnal Green conveyancing firm to represent me?

in cases where there is a missing freeholder or where there is disagreement about what the lease extension should cost, under the relevant statutes it is possible to make an application to the First-tier Tribunal (Property Chamber) to make a decision on the price payable.

An example of a Lease Extension decision for a Bethnal Green property 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 was in relation to 2 flats. The unexpired term as at the valuation date was 72.39 years.

What makes a Bethnal Green lease problematic?

Leasehold conveyancing in Bethnal Green is not unique. Most leases are drafted differently and drafting errors can result in certain provisions are erroneous. The following missing provisions could result in a defective lease:

A duty to insure the building

A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Leeds Building Society, and TSB all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to pull out.