I am one month into the sale of my apartment in Muswell Hill and the EA has just called to warn that the buyers are swapping property lawyer. The reason given is that the lender will only deal with solicitors on their approved list. Why would a leading mortgage company only work with certain law firms rather the firm that they want to choose for their conveyancing in Muswell Hill ?
Banks have always had an approved set of law firms that can represent them, but in the past few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Mortgage companies attribute this action to a rise in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are unlikely to have any impact on this.
I require conveyancing for an apartment in a fairly new development (6 years built) in Muswell Hill. 95% of the appartments are already disposed of. Do I need carry out the conveyancing searches as part of conveyancing in Muswell Hill?
Where you are obtaining a mortgage, your bank will need some (many) of the searches so you'll have no choice. If not, then Muswell Hill conveyancing searches are for you to decide upon. No doubt your conveyancer, will ’encourage’, perhaps strongly, that you should have the searches done, but he or she is duty bound in this regard. One thing to bear in mind; if you are likely to sell the house one day, it may be of interest to your future buyer what the searches contain. Sometimes houses with no practical issues can still throw up adverse search results. But if you demand that your lawyer to proceed without searches then your lawyer will have to follow your instructions or you will need to switch to another solicitor for your conveyancing in Muswell Hill.
This question may be naive but I am unseasoned as FTB of a two bedroom flat in Muswell Hill. Do I receive the keys to the premises on the completion date from my conveyancer? If so, I will appoint a local conveyancing solicitor in Muswell Hill?
There is no need to visit the lawyers office on the day of completion. Your solicitors will transfer the completion advance to the seller's solicitors, and shortly after the monies have arrived, you should be called to pick up the keys from the selling Agents and move into your new home. Usually this happens early afternoon.
How can we know in advance if a Muswell Hill conveyancing solicitor on the Leeds Building Society panel is any good?
When it comes to conveyancing in Muswell Hill getting recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advocate that you speak with the lawyer carrying out your conveyancing.
It is not clear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Muswell Hill building society branch on a couple of occasions and was reassured it wasn't a problem and they will lend. My Muswell Hill conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they will not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Provided that the solicitor is on the lender approved list, she or he must follow the CML Handbook specifications for the bank. Unless your lawyer obtains specific confirmation in writing that the bank 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 lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I'm buying a new build house in Muswell Hill with the aid of help to buy. The developers refused to reduce the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent suggested that I not disclose to my lawyer about the side-deal as it could jeopardize my mortgage with the lender. Should I keep quiet?.
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.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in a fortnight ago in what should have been a straight forward, chain free conveyancing. Muswell Hill is where the house is located. What do you suggest?
Flying freeholds in Muswell Hill are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Muswell Hill you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Muswell Hill may ascertain 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 premises.
I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have subsequently discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Muswell Hill. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Muswell Hill ?
The majority of houses in Muswell Hill are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Muswell Hill so you should seriously consider shopping around for a Muswell Hill conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the house is part of an estate. Your conveyancer will report to you on the legal implications.
I have given up trying to purchase the freehold in Muswell Hill. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most certainly. We can put you in touch with a Muswell Hill conveyancing firm who can help.
An example of a Lease Extension decision for a Muswell Hill flat is Flat B 10 Grove Avenue in October 2013. Following a vesting order Clerkenwell and Shoreditch County Court 3rd July 2013 The tribunal determines that the premium payable for the lease extension was £36,215.00 This case affected 1 flat. The number of years remaining on the existing lease(s) was 65.21 years.