I am nearing exchange of contracts for my ground floor flat in Belsize Park and the estate agent has just e-mailed to advise that the purchasers are appointing a new property lawyer. The reason given is that the bank will only engage with solicitors on their approved list. Why would a leading mortgage company only deal with specific solicitors rather the firm that they want to select to handle their conveyancing in Belsize Park ?
Lenders have always had panels of law firms that can represent them, but in the past few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Banks point to the increase in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to maintain. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Some 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 not going to have any impact on this.
I own a freehold property in Belsize Park but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Belsize Park and has limited impact for conveyancing in Belsize Park 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 many centuries, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
About to purchase a new build flat in Belsize Park. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here is a sample of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Belsize Park
Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? There must be mutual enforceability of lessee’s covenants. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.
I am looking for a flat up to £305k and found one close by in Belsize Park I like with amenity areas and railway links in the vicinity, the downside is that it only has 61 remaining years left on the lease. I can't really find anything else in Belsize Park in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a mortgage the shortness of the lease will be an issue. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.
My father-in-law has suggested that I use his conveyancers in Belsize Park. Do I take his advice?
There are no two ways about it the best way to select a conveyancing solicitor is to seek referrals from friends or relatives who have used the solicitor that you are contemplating using.
Estate agents have just been given the go-ahead to market my 2 bed apartment in Belsize Park. Conveyancing has not commenced, however I have just had a yearly maintenance charge invoice – what should I do?
It best that you discharge the invoice as usual because all ground rent and maintenance charges will be allotted on completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
Despite our best efforts, we have been unsuccessful in seeking a lease extension in Belsize Park. Can the Leasehold Valuation Tribunal adjudicate on premiums?
You certainly can. We can put you in touch with a Belsize Park conveyancing firm who can help.
An example of a Lease Extension decision for a Belsize Park flat is Raised Ground Floor Flat 20 Fitzjohns Avenue in July 2014. the Tribunal decided that the premiums to be paid for new leases in respect of the Raised Ground Floor Flat and the First Floor Flat were to be calculated as: Raised Ground Floor: £765,175.14 First Floor: £601,617.77 This case related to 2 flats. The remaining number of years on the lease was 16.83 and 16.43.