When it comes to lenders such as Leeds Building Society, do Hornsey conveyancing practitioners face a fee to be on the conveyancing panel?
We are unaware of any mortgage company fees to be on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel application.
I have today made my last payment due on my mortgage with HSBC. I assume I don't need a Hornsey solicitor on the HSBC panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your HSBC mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the HSBC mortgage from the register. HSBC, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where HSBC has sent the Land Registry the discharge electronically, and
- HSBC has instructed the Land Registry to do so
Our offer on a semi in Hornsey has been agreed to, but there is a chain. The owners have put an offer on a property, however it’s not yet agreed to, and are looking at other apartments booked. I have chosen a nearby conveyancing solicitor in Hornsey. What should be my next step? When should I get the mortgage application with Clydesdale going?
It is understandable to have anxieties where there is a chain as you are unlikely to want to incur costs prematurely (mortgage application is approx £1k, then survey, Hornsey conveyancing search fees, etc). The first thing to do is ensure that your property lawyer is on the Clydesdale approved list. As to the subsequent steps this very much dictated by the specifics of your case, motivation for the property and on the state of the market. In a rising market the majority of home buyers would apply for a home loan with Clydesdale and arrange for the valuation and only if it was satisfactory would they request their solicitor to proceed with the conveyancing in Hornsey.
It has been 2 months since my purchase conveyancing in Hornsey completed. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
About to purchase a new build flat in Hornsey. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here is a sample of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Hornsey
Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. There must be mutual enforceability of lessee’s covenants. Please confirm the Lease plans are architect prepared. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
I am looking for a leasehold apartment up to £245,000 and identified one round the corner in Hornsey I like with open areas and transport links nearby, the downside is that it only has 49 remaining years left on the lease. I can't really find anything else in Hornsey in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a mortgage that many years may be problematic. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.
I am looking at a two flats in Hornsey which have approximately fifty years left on the leases. Will this present a problem?
There are plenty of short leases in Hornsey. The lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the saleability of the lease reduces and it becomes more expensive to extend the lease. This is why it is often a good idea to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this area.
I have given up trying to purchase the freehold in Hornsey. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most certainly. We can put you in touch with a Hornsey conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Hornsey residence 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 was in relation to 3 flats. The number of years remaining on the existing lease(s) was 73.27 years.