My wife and I are hoping to buy a home in Pentonville and have instructed a Pentonville conveyancing firm. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Accord Mortgages Ltd have this evening contacted us to advise us that they have now hit a problem as our Pentonville lawyer is not on their approved list of lawyers. Please explain?
When purchasing a property with mortgage finance it is standard for the purchasers' solicitors to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Pentonville solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
I am purchasing a house for cash in Pentonville. I have lived for the previous dozen years in Pentonville. Conveyancing searches are expensive. Given that I know the area and road intimately must I have all the conveyancing searches?
Provided that you do not need a mortgage, then the vast majority of the Pentonville conveyancing searches are at your discretion. Your lawyer will try and sway you, perhaps strongly, that you should have searches done, but he is duty bound to do this. One thing to take into account; if you are intend to dispose of the house one day, it will likely be be of importance to your future purchaser what the searches reveal. On occasion premises with no practical issues can still show up adverse search results. A competent conveyancing solicitor in Pentonville should be able to give you some practical guidance in this regard.
I have been on the look out for a leasehold apartment up to £245,000 and found one near me in Pentonville I like with a park and station nearby, however it only has 52 remaining years left on the lease. I can't really find anything else in Pentonville in this price bracket, so just wondered if I would be making a mistake buying a short lease?
Should you require a mortgage the remaining unexpired lease term will be an issue. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.
My husband and I are FTB’s - agreed a price, yet the property agent informed us that the owners will only go ahead if we appoint the agent's recommended conveyancers as they need an ‘expedited deal’. Our preferred option is to instruct a local solicitor with experience of conveyancing in Pentonville
It is unlikely the owners are behind this. Should the owner want ‘a quick sale', alienating a motivated purchaser is counter productive. Contact the owners directly and explain that (a)you are serious purchasers (b)you are excited to move forward, with mortgage lined up © you do not need to sell (d) you intend to proceed fast (e)but you are going to appoint your own,trusted Pentonville conveyancing solicitors - not the ones that will give their negotiator at the agency a commission or hit his conveyancing thresholds set by head office.
I own a leasehold flat in Pentonville. Conveyancing and Alliance & Leicester mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Pentonville who acted for me is not around. Any advice?
First make enquiries of the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. There is no need to incur the fees of a Pentonville conveyancing lawyer to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I have tried to negotiate informally with with my landlord to extend my lease without any joy. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Pentonville conveyancing firm to help?
in cases where there is a absentee freeholder or if there is dispute about the premium for a lease extension, under the relevant legislation it is possible to make an application to the LVT to judgment on the sum to be paid.
An example of a Lease Extension case for a Pentonville premises is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case was in relation to 1 flat. The unexpired term as at the valuation date was 66.8 years.
The conveyancers handling our conveyancing in Pentonville has sent papers to review that reveal that the land is unregistered with epitome documents. How can it be that the property not registred at the Land Registry?
The majority of property in Pentonville is registered. An 'epitome' is basically a dossier of photocopies of documents affecting an unregistered title. Many Pentonville conveyancing lawyers should be familiar with this type of conveyancing but in the event that uncertainty prevails the prevailing advice nowadays is for the vendor’s solicitor to deal with the registration formalities first and subsequently sell - this undoubtedly cause a significant delay.