I have just been advised by my financial adviser that my Upper Holloway property lawyer is not on the lender Solicitor panel. What can I do to be certain whether this is indeed the case?
Your first step should be to call your Upper Holloway conveyancer. You lawyer should notify you what has happened. Where they are not on the panel they may recommend you to a Upper Holloway conveyancing firm that is on the approved list of lawyers for your lender.
I purchased a freehold house in Upper Holloway yet pay rent, why is this and what is this?
It is rare for properties in Upper Holloway and has limited impact for conveyancing in Upper Holloway 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 date back hundreds of years, but the Rent Charge Act 1977 barred the generation of fresh 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 post 2037 is to be extinguished.
We have a mortgage agreed in principle with Clydesdale. Upper Holloway conveyancing practitioners have been selected. How long does it take for Clydesdale to forward the offer to the conveyancer?
There is no definitive answer here. Have Clydesdale done the survey? Have you advised Clydesdale as to your lawyers' details and checked that your lawyers are on the Clydesdale conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I am buying a property in Upper Holloway. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Virgin Money be concerned?
Given that your lender is Virgin Money your lawyer must comply with the formal requirements set out in Section two of UK Finance Lenders’ Handbook for Virgin Money. The CML Handbook sets out minimum requirements for solar panel roof-space leases, and lawyers are required to report to Virgin Money where a lease does not comply with these requirements. The provisions relate to the installation of panels on properties in England and Wales and is not restricted to Upper Holloway.
I can not fathom if my bank requires a lease extension. I have telephoned my Upper Holloway bank branch on a couple of occasions and was told it does not impact the mortgage offer and they would lend. My Upper Holloway conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
As long as the solicitor is on the bank approved list, she or he must comply with the CML Handbook specifications for the bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
How does conveyancing in Upper Holloway differ for newly converted properties?
Most buyers of new build residence in Upper Holloway come to us having been asked by the developer to sign contracts and commit to the purchase even before the property is finished. This is because house builders in Upper Holloway usually 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 conveyancing solicitors 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 Upper Holloway or who has acted in the same development.
If all goes to plan we aim to complete our sale of a £250,000 maisonette in Upper Holloway next week. The managing agents has quoted £300 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Upper Holloway?
Upper Holloway conveyancing on leasehold apartments normally necessitates the purchaser’s solicitor submitting questions for the landlord to answer. Although the landlord is under no legal obligation to address such questions the majority will be willing to assist. They are entitled to charge a reasonable administration fee for answering enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is £350, in some transactions it is above £800. The management information fee required by the landlord must be sent together with a synopsis of rights and obligations in respect of administration charges, without which the invoice is not strictly payable. In reality you have little choice but to pay whatever is demanded if you want to sell the property.
I bought a ground floor flat in Upper Holloway, conveyancing formalities finalised in 2004. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Upper Holloway with over 90 years remaining are worth £185,000. The average or mid-range amount of ground rent is £65 levied per year. The lease comes to an end on 21st October 2080
With just 61 years remaining on your lease the likely cost is going to range between £18,100 and £20,800 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.