I am buying a maisonette in New Southgate. My property lawyer is not on the bank conveyancing panel. Can I still retain my New Southgate conveyancing solicitor notwithstanding that they are excluded from the bank panel?

You will need to appoint a solicitor to deal with the formalities if you require a mortgage to buy your home. They will carry out all the essential investigations on the property, ensuring that you’re properly registered as the owner and ensure that all the required mortgage documentation is in place. You could appoint a New Southgate lawyer of your choice. Nevertheless, where the property lawyer appointed is not on the bank approved list further costs will arise as separate legal representation will be need by the mortgage company. Bank panel applications may be submitted, so if your conveyancer has not previously sought membership they should do so.

I am soon to exchange buying a house in New Southgate but as a result of wreckage from a small fire at the property I have was able negotiate recompense from the seller of £3k in the form of a reduction in the price. I had intended this to be dealt with as part of a side agreement however Virgin Money will not agree to this. Should they have been informed?

Your solicitor that is on a Virgin Money approved list is duty bound to advise Virgin Money of any changes to the purchase price. If you prohibit your property lawyer to disclose the price change to Virgin Money then they would have to discontinue acting for you. In addition, Virgin Money and you would have to appoint a new property lawyer for your conveyancing in New Southgate.

We see that you have a post code search directory listing law firms on the TSB conveyancing panel. Do firms pay you a commission if I retain them for our own conveyancing in New Southgate?

We are a listing service only for law firms wishing to communicate if they are on the TSB conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in New Southgate.

I've recently found out that there is a flying freehold element on a house I have offered on last month in what should have been a straight forward, chain free conveyancing. New Southgate is where the house is located. Can you shed any light on this issue?

Flying freeholds in New Southgate are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in New Southgate you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in New Southgate may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.

I am attracted to a two apartments in New Southgate which have about fifty years remaining on the leases. Will this present a problem?

There is no doubt about it. A leasehold apartment in New Southgate is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the value of the property. For most buyers and mortgage companies, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with New Southgate conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I am the leaseholder of a ground-floor 1960’s flat in New Southgate. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the amount payable for the purchase of the freehold?

Absolutely. We are happy to put you in touch with a New Southgate conveyancing firm who can help.

An example of a Freehold Enfranchisement case for a New Southgate premises 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.