Me and my partner are purchasing a 3 bedroom apartment in Bowes Park with a mortgage. We would like to retain our Bowes Park lawyer, but the mortgage company says she’s not on their "panel". We have to appoint one of the bank panel conveyancing practices or keep our Bowes Park conveyancing practitioner as well as pay for one of their panel lawyers to represent them. We regard this is inequitable; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Bowes Park conveyancing solicitor to apply to be on the conveyancing panel.
We were just about to sign contracts for a garden flat in Bowes Park. We encountered a stumbling block. Our loan offer with TSB runs out on 4/2/2019 but the owners are suggesting a completion date of 6/2/2019. Is it possible to prolong the mortgage expiry date?
The best person to address this issue is your lawyer who is in a position to determine if they corresponding with the bank, owner’s lawyers, property agents or indeed all three taking into account the history of your transaction as of today.
Taking into account that I will soon part with £400,000 on 3 bedroom house in Bowes Park I wish to have a conversation with the solicitor regarding thetransaction ahead of appointing the firm. Can this be arranged?
Absolutely - it is our preference to talk to you we do not take any clients on without you liaising with the solicitor who will be doing your property ownership legalities in Bowes Park.There is no ‘factory style conveyancing’ - every client is unique individual, not a case reference. The law firms that we put you in touch with believe that the figure you are quoted for your conveyancing in Bowes Park should be the amount on the final invoice that you are charged.
We're novice buyers - had an offer accepted, but the agent advised that the vendor will only issue a contract if we appoint the agent's chosen solicitors as they need a ‘quick sale’. We would rather use a family conveyancer who is familiar with conveyancing in Bowes Park
We suspect that the owner is unaware of this request. If they desire ‘a quick sale', turning down a serious buyer is going to damage their objectives. Speak to the owners direct and make the point that (a)you are motivated buyers (b)you are excited to move forward, with finances arranged © you are unencumbered (d) you wish to move quickly (e)however you intend to use your preferred Bowes Park conveyancing solicitors - not the ones that will provide their estate agent a kickback or meet his conveyancing thresholds set by HQ.
I am tempted by the attractive purchase price for a two flats in Bowes Park both have approximately fifty years remaining on the lease term. Do I need to be concerned?
There is no doubt about it. A leasehold flat in Bowes Park is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the marketability of the property. The majority of purchasers and lenders, leases with less than eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Bowes Park conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
My wife and I have hit a brick wall in trying to purchase the freehold in Bowes Park. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a missing freeholder or if there is dispute about the premium for a lease extension, under the relevant statutes you can apply to the First-tier Tribunal (Property Chamber) to arrive at the price.
An example of a Lease Extension matter before the tribunal for a Bowes Park flat is First Floor Flat 109 Lyndhurst Road in May 2010. Following a vesting order by Edmonton County Court on 29th October 2009 the Tribunal decided on a figure of £5,012 for a lease extension. This case was in relation to 1 flat. The unexpired term as at the valuation date was 81.79 years.