Finally the sale completed on my house in Mile End last April but our buyer keeps calling me to moan that his solicitor needs to hear from mine. What should have happened now that I have sold?
After completion of your disposal your conveyancer is committed to deliver the transfer documentation and all supplemental paperwork to the purchaser's conveyancer. Where appropriate, your conveyancer should also send confirmation that the legal charge in favour of the lender has been discharged to the purchasers lawyers. There is unlikely to be post completion steps peculiar conveyancing in Mile End.
This question may be naive but I am unseasoned as a first time purchaser of a ground floor flat in Mile End. Do I receive the keys to the premises on the completion date from my conveyancer? If this is the case, I will instruct a local conveyancing solicitor in Mile End?
There is no need to visit the lawyers office on the day of completion. Your solicitors will transfer the purchase money to the vendor’s solicitors, and once they have received this, you will be invited to receive the keys from the property Agents and start moving into the property. Usually this occurs between 1 and 3pm.
is it true that all Mile End solicitor practices on the HSBC conveyancing panel are regulated by the SRA?
As a firm of solicitors, in order to be on the HSBC approved list of solicitors they would need to be overseen by the SRA. Many lenders do permit licenced conveyancers on their panel in which case such organisation would be overseen by the Council of Licensed Conveyancers.
It is unclear whether my mortgage offer requires a lease extension. I have called into my local Mile End building society branch on numerous occasions and was told they are content with the situation and they would lend. My Mile End conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they will not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Provided that the property lawyer is on the mortgage company panel, she or he must adhere to the CML Handbook provisions for the lender. Unless your lawyer obtains specific confirmation in writing that the lender 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 bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
Hoping to buy a property located in Mile End and I am already nervous. I couldn't find anything specific about Mile End. Conveyancing will be needed in due course but do you know about the Mile End area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Mile End. In the meantime here are some basic statistics that we found
I am tempted by the attractive purchase price for a couple of apartments in Mile End both have approximately forty five years left on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Mile End. The lease is a right to use the premises for a period of time. As the lease shortens the saleability of the lease reduces and it becomes more costly to extend the lease. For this reason it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this arena.
I am the registered owner of a basement flat in Mile End. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the sum due for the purchase of the freehold?
You certainly can. We can put you in touch with a Mile End conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Mile End property is 26 Rhondda Grove in June 2009. The net price payable by the leaseholders as determined by the Tribunal was £3,015.13. This comprised £11,300 premium for the reversion less £8,284.87 costs as ordered by the County Court.
My property lawyer in Mile End has requested from me proof of ID documents stating that this is part of his retainer as a conveyancer on the lender Solicitor panel. Is this right?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offence if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage, your lawyer also has to check ID documents to satisfy the bank. This is not unique to conveyancing in Mile End