My lawyer has uncovered a a legal deficiency with the lease for the apartment we are purchasing in Arnos Grove. The seller’s lawyers have put forward title insurance as a solution. We are content with insurance and will cover the costs. Our solicitor has advised that he must be satisfied that the lender is happy with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancer will have no choice but to discontinue acting for you.
Will lawyers ask for money up-front when it comes to conveyancing in Arnos Grove?
If you are buying a property in Arnos Grove your lawyer will request that you to provide them with monies to cover the search fees. Generally this is requested to cover the fees of the conveyancing searches. If any deposit is as part of the sale price then this will be asked for immediately prior to contracts are exchanged. The closing balance that is needed should be sent to your lawyer shortly before completion.
Yesterday I discovered that there is a flying freehold element on a property I have offered on a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Arnos Grove is the location of the property. Can you offer any advice?
Flying freeholds in Arnos Grove are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Arnos Grove you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Arnos Grove may decide 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.
My father-in-law has urged me to appoint his conveyancers in Arnos Grove. Do I take his recommendation?
There are no two ways about it the best way to find a conveyancing practitioner is to get referrals from friends or relatives who have experience in using the conveyancer that you are contemplating using.
I am tempted by the attractive purchase price for a couple of apartments in Arnos Grove which have about fifty years left on the leases. Will this present a problem?
There are plenty of short leases in Arnos Grove. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease shortens the value of the lease deteriorates and results in it becoming more costly to extend the lease. For this reason it is advisable to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this field.
I have attempted and failed to negotiate with my landlord to extend my lease without any joy. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Arnos Grove conveyancing firm to act on my behalf?
Most definitely. We can put you in touch with a Arnos Grove conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Arnos Grove premises is 23 Beaconsfield Road in July 2013. The Tribunals decided that the amount payable was £31,203 for the freehold. This case related to 2 flats. The unexpired residue of the current lease was 70.31 years.
I see that you have a post code search directory identifying law firms on the lender conveyancing panel. Do Arnos Grove conveyancing firms pay you a commission if I instruct them for my own conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the mortgage company conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint for your conveyancing in Arnos Grove.