I am in the process of selling my house in Hornsey and the EA has just text me to advise that the purchasers are appointing a new property lawyer. I am told that this is due to the fact that the lender will only work with solicitors on their approved list. On what basis would a big named lender only engage with certain lawyers rather the firm that they want to choose for their conveyancing in Hornsey ?
Lenders have always had panels of law firms they are willing to work with, but in recent years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Banks point to the increase in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to keep an eye on. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are not going to have any impact on this.
When does exchange of contracts happen for domestic conveyancing in Hornsey and am I required to attend the lawyers branch?
If you are in close proximity to our conveyancing solicitors in Hornsey you are invited in to sign contracts. However, the firms we recommend offer countrywide coverage for conveyancing and provide just as diligent and professional a job for you when communicating with you digitally. The executing of the contract is not the important part. A signed contract is necessary for the conveyancer to address the formalities at the appropriate time, which is ordinarily shortly after signing. The exchange process is is usually a five minute process, although where a long "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Hornsey)to be in the office available at the end of the phone to exchange contracts.
How does conveyancing in Hornsey differ for newly converted properties?
Most buyers of new build premises in Hornsey come to us having been asked by the seller to sign contracts and commit to the purchase even before the property is ready to move into. This is because new home sellers in Hornsey typically purchase the site, 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 used to new build conveyancing in Hornsey or who has acted in the same development.
What tools are available to identify a Hornsey law firm on the Norwich and Peterborough Building Society conveyancing panel? I have a car and am prepared to travel upto 25kilometers to meet the lawyer.
You can use the search on this website. Please pick a bank and your location and you will see a number of Hornsey conveyancing lawyers based on proximity. We have listed some Hornsey conveyancing firms at the bottom of this page and you can telephone them to check if they are on the Norwich and Peterborough Building Society approved list
I own a leasehold house in Hornsey. Conveyancing and Chelsea Building Society mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Hornsey who acted for me is not around. Any advice?
First contact HMLR to make sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. You do not need to instruct a Hornsey conveyancing firm to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am the registered owner of a ground floor flat in Hornsey. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the amount due for the purchase of the freehold?
in cases where there is a absentee freeholder or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to decide the price payable.
An example of a Freehold Enfranchisement decision for a Hornsey flat is 7 Aubrey Road in December 2010. By an order of the county court on 15/12/2009 the freehold interest inthe Property known as 7 Aubrey Road London N8 9HH (the Property) and registered at HM Land Registry under title number MX439124 was vested in the applicants. The Tribunal calculated that the total enfranchisement premium, assessed in accordance with Schedule 6 to the Act, was £54,633. This case related to 3 flats. The number of years remaining on the existing lease(s) was 73.27 years.