The fact that you can lace the shoes up so that the "V" over the tongue is completely closed suggests the shoes might indeed be too big. Balmorals should normally allow a small gap, otherwise you will not be able to adjust the tightness of the fit.
gentlemen. I took this picture myself. henceforth, i was leaning way forward causing a bit of gapping. Now the shoes may be a touch too wide in the ankle, but its not nearly as evident as it appears to be in the picture. I like my shoes tight as shit, hence the laces are tied tightly. Regardless, I'm happy with the fit regardless of your thoughts. This thread was more about the excellent experience from "a fine pair of shoes".
I wouldn't pay any attention...so long as your shoes stay tied that's all that matters. What is the preferred knot? BTW, great looking shoe. I'll need a new pair of cap toes this fall and I'm looking at the C&J Hallam.