In the event thatI was to purchase a straightforward propertyin South Tottenham for cash and dispense with a survey and no conveyancing searches how much should I expect to to save on my conveyancing in South Tottenham?
Any savings you would achieve would be limited to the South Tottenham conveyancing searches. The lawyer still got to do everything else - money laundering, liaising with your sellers conveyancer, stamp duty submission, register the property etc. You might save a bit for them not having to register a mortgage however it will not be a lot.
Why is leasehold purchase conveyancing in South Tottenham is more expensive?
South Tottenham leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
How does conveyancing in South Tottenham differ for newly converted properties?
Most buyers of new build property in South Tottenham contact us having been asked by the developer to exchange contracts and commit to the purchase even before the property is built. This is because house builders in South Tottenham typically acquire the site, 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 conveyancers 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 accustomed to new build conveyancing in South Tottenham or who has acted in the same development.
I have recently realised that I have 72 years unexpired on my flat in South Tottenham. I need to extend my lease but my landlord is missing. What options are available to me?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to find the lessor. On the whole a specialist would be useful to try and locate and to produce a report which can be used as evidence that the landlord can not be located. It is wise to seek advice from a conveyancer both on devolving into the landlord’s absence and the vesting order request to the County Court covering South Tottenham.
Having spent years of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in South Tottenham. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
if there is a absentee freeholder or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to assess the amount due.
An example of a Freehold Enfranchisement matter before the tribunal for a South Tottenham flat is 22 Wakefield Road in January 2012. Following a vesting order Clerkenwell and Shoreditch County Court under section 26 of the Leasehold Reform,Housing and Urban Development Act 1993 on 9th May 2011 the Tribunal decided that the price that the Applicant for the freehold interest should pay is £17,400 This case was in relation to 2 flats. The unexpired residue of the current lease was 74.13 years.
My nephew is just in the process of moving home, the home loan was agreed last week in principle. After the offer was accepted on flat we called the mortgage institution to issue the formal offer. I was disappointed to hear that mortgage companies do not accept all solicitor, they have to be on a list, is this correct?
Mortgage Companies ordinarily restrict either the type or the number of conveyancing solicitors on their panel. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any South Tottenham property lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Unlikely.