My lawyer has discovered a a legal deficiency with the lease for the flat we are buying in New Barnet. The seller’s lawyers have offered defective title insurance as a solution. We are content with insurance and will pay for it. Our conveyancer has advised that he must ensure that the lender is content with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancing practitioner will have no choice but to discontinue acting for you.
I own a freehold house in New Barnet yet charged rent, why is this and what is this?
It is rare for properties in New Barnet and has limited impact for conveyancing in New Barnet but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
I require quick conveyancing in New Barnet as I have an ultimatum to sign on the dotted line in less than one month. Luckily I do not require a mortgage. Is it possible to escape the need for conveyancing searches to save money and time?
If.Given you are are a mortgage free purchaser you have the choice not to do searches although no law firm would advise that you don't. Drawing on our experience of conveyancing in New Barnet the following are examples of issues that can arise and therefore impact the marketability of the property: Enforcement Notices, Overdue Fees, Overdue Grants, Railway Schemes,...
I am looking for a ground for flat up to £195,000 and identified one near me in New Barnet I like with a park and transport links nearby, the downside is that it only has 51 remaining years left on the lease. I can't really find anything else in New Barnet in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a home loan the remaining unexpired lease term may be an issue. Discount the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
What tools are available to locate a New Barnet law firm on the The Mortgage Works conveyancing panel? I drive a motor bike and am willing to travel upto 10miles to meet the solicitor.
Feel free to make use of the tool on this page. Please select a mortgage company and your location and you will see a number of New Barnet conveyancing lawyers located nearest you. We have detailed some New Barnet conveyancing firms towards the end of this page and you can ring them to check whether they are on the The Mortgage Works approved list