We are expecting a mortgage offer soon. The lender mentioned the loan came with free conveyancing. Does this mean I have to instruct their panel lawyer as I would much rather instruct a local conveyancing solicitor in North London?
You should check but the the likelihood is that appoint one of their panel lawyers if you want the "fee-free" incentive. Call the bank and ask if they offer you a monetary alternative. In the past a few mortgage companies offered a £250 cashback as an alternative in which case you could put that amount towards the cost for your conveyancing solicitor in North London.
How does conveyancing in North London differ for newly converted properties?
Most buyers of new build residence in North London come to us having been asked by the seller to sign contracts and commit to the purchase even before the property is built. This is because house builders in North London typically purchase the real estate, 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 property lawyers 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 North London or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I put an offer in last month in what was supposed to be a simple, no chain conveyancing. North London is the location of the property. Is there any advice you can give?
Flying freeholds in North London are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in North London you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in North London 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.
Due to complete next month on a garden flat in North London. Conveyancing solicitors assured me that they will have a report out to me next week. What should I be looking out for?
The report on title for your leasehold conveyancing in North London should include some of the following:
You should have a good understanding of the insurance requirements An explanation as to the provision as set out in the lease to to contribute towards maintenance costs - in respect of the block, and the more general rights a tenant has Does the lease require carpeting throughout thus preventing wood flooring? if lease provides for a reserve fund? You would want to receive a copy of the lease
I am the proprietor of a garden flat in North London. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the premium payable for the purchase of the freehold?
if there is a absentee landlord or if there is disagreement about what the lease extension should cost, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to determine the price.
An example of a Freehold Enfranchisement decision for a North London property is 20 Avonwick Road in July 2013. The Tribunal was dealing with an application under Section 26 of the Leasehold Reform Housing and Urban Development Act 1993 for a determination of the freehold value of the property. It was concluded that the price to be paid was Fifteen Thousand Nine Hundred and Seventy (£15,970) divided as to £8,200 for Flat 20 and £7,770 for Flat 20A This case affected 1 flat. The remaining number of years on the lease was 73.26 years.
We are purchasing a three room first floor flatin North London with a loan from a bank. We have a lawyer in North London yet our mortgage company says he's not listed on their "panel". Apparently we need to choose from the our bank panel solicitors or stay with our North London solicitor and incur the extra costs for one of their panel ones to represent our lender. This seems very unfair; Can we not simply insist that our lender use our North London lawyer?
Unfortunately,no. The mortgage company home loan offered to you is subject to conditions, one of which will be that lawyers will on the mortgage company's conveyancing panel. Until recently, most lenders had open panels, including almost all conveyancing solicitors in North London : a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for your bank.