My partner and I are looking to purchase a flat in New Southgate and are in fact using a New Southgate conveyancing firm. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. The Mortgage Works have this evening contacted us to advise us that they have now hit a problem as our New Southgate conveyancer is not on their approved list of lawyers. Is this a problem?
Where you are buying a property requiring a mortgage it is usual for the purchasers' solicitors to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred New Southgate lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
I am remortgaging my apartment in New Southgate, does my lawyer need to be on the Nottingham Conveyancing panel?
There is nothing to stop you using your solicitor, but Nottingham will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
I'm buying a new build house in New Southgate with a loan from National Westminster Bank. The builders would not budge the price so I negotiated 6k of extras instead. The property agent told me not inform my conveyancer about this extras as it will impact my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've found a house that appears to be perfect, at a great figure which is making it all the more appealing. I have since been informed that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in New Southgate. Conveyancing advisers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in New Southgate ?
Most houses in New Southgate are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can assist with the conveyancing process. We note that you are purchasing in New Southgate so you should seriously consider shopping around for a New Southgate conveyancing practitioner and check that they are used to advising on 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 will likely included provisions for example obtaining the freeholder’sconsent to carry out alterations. It may be necessary to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your solicitor should appraise you on the various issues.
I have tried to negotiate informally with with my landlord for a lease extension without any joy. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a New Southgate conveyancing firm to act on my behalf?
if there is a absentee freeholder or if there is disagreement about what the lease extension should cost, under the relevant statutes you can apply to the First-tier Tribunal (Property Chamber) to calculate the price.
An example of a Freehold Enfranchisement decision for a New Southgate residence is 23 Beaconsfield Road in July 2013. The Tribunals decided that the amount payable was £31,203 for the freehold. This case related to 2 flats. The number of years remaining on the existing lease(s) was 70.31 years.
As a tenant I am liable for a maintenance contribution for my flat in New Southgate. Due to redundancy and other issues I fell behind with payments. The freeholders agreed a payment plan but there remains three thousand pounds outstanding as of today.
I am under pressure to dispose of the property and I am nervous that this will hold me back if I have to discharge the amount due now. I'd like to sell up and then repay the debt from the completion monies - is this practicable?
Your conveyancing practitioner will hopefully be able to negotiate with the management company, and agree with them whether or not they would accept settlement out of the completion monies. Here is an example of why it is sensible to select a lawyer in New Southgate as they may well enjoy a strong line of communication with the parties.