It is 10 years ago since I bought my property in Canonbury. Conveyancing lawyers have recently been retained on the sale but I can't find my title deeds. Will this cause complications?
Don’t worry too much. Firstly there is a chance that the deeds will be retained by the lender or they could be archived with the solicitor who oversaw the purchase. Secondly the likelihood is that the land will be recorded at the land registry and you will be able to establish that you are the registered owner by your conveyancing lawyers procuring current official copies of the land registers. Most conveyancing in Canonbury involves registered property but in the rare situation where your property is unregistered it is more tricky but is resolvable.
We decided to purchase a 1 bedroom apartment in Canonbury with a mortgage from Birmingham Midshires.We use our Canonbury conveyancing solicitor but Birmingham Midshires advised that she’s not on their "panel". We have to appoint a Birmingham Midshires panel firm or retain our local solicitor and pay for a Birmingham Midshires panel lawyer to act for them. We feel as though this is unjust; Can we not simply insist that Birmingham Midshires use our lawyer?
Unfortunately,no. The home loan offered to you is subject to its terms and conditions, a common one being that solicitors will be on the Birmingham Midshires approved list. in the past, most banks 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. A further alternative is for your solicitors to apply to be on the conveyancing panel for Birmingham Midshires
My colleague recommended that where I am purchasing in Canonbury I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is usually included in the estimate for your Canonbury conveyancing searches. It is not a small document of more than thirty pages, listing and setting out significant information about Canonbury around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Canonbury Education with maps and statistics, Local Amenities and other useful data concerning Canonbury.
How does conveyancing in Canonbury differ for newly converted properties?
Most buyers of new build premises in Canonbury approach us having been asked by the seller to sign contracts and commit to the purchase even before the house is built. This is because developers in Canonbury tend to purchase the land, 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 conveyancers 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 accustomed to new build conveyancing in Canonbury or who has acted in the same development.
I've found a house that seems to meet my requirements, at a reasonable price which is making it all the more appealing. I have just been informed that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Canonbury. Conveyancing solicitors have are about to be appointed. Will they explain the issues?
The majority of houses in Canonbury are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Canonbury in which case you should be shopping around for a Canonbury conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’sconsent to conduct alterations. It may be necessary to pay a service charge towards the upkeep of the estate where the property is located on an estate. Your conveyancer should appraise you on the various issues.
My wife and I have hit a brick wall in trying to purchase the freehold in Canonbury. Can the Leasehold Valuation Tribunal adjudicate on premiums?
You certainly can. We are happy to put you in touch with a Canonbury conveyancing firm who can help.
An example of a Lease Extension case for a Canonbury premises is 5C Stoke Newington Road in April 2010. the Tribunal therefore concludes that the premium to be paid for the extended lease is £700.00 This case related to 1 flat. The unexpired lease term was 80.5 years.