My solicitor has uncovered a defect with the lease for the apartment we are purchasing in Colney Hatch. The other side have suggested title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer has advised that he must ensure that the lender is content with this solution. Are we the client or is the lender?
Regardless of the fact that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the bank are the client. These conveyancing instructions have to be complied with.
Is it necessary during the course of the conveyancing process to have a meeting at the offices of the solicitor to sign the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Colney Hatch so that I can pop in to their offices if necessary.
These days conveyancing panel lawyers for mortgage companies undertake all of the communications via Royal Mail, internet or over the phone. This enables them to undertake the conveyancing transaction regardless of where you live in the country. That being said you can see if you can still book an appointment to visit conveyancing lawyer if just in case this is required.
How does conveyancing in Colney Hatch differ for newly converted properties?
Most buyers of new build property in Colney Hatch contact us having been asked by the seller to sign contracts and commit to the purchase even before the house is completed. This is because builders in Colney Hatch typically purchase the land, 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 property lawyers 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 used to new build conveyancing in Colney Hatch or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a property I have offered on last month in what should have been a quick, no chain conveyancing. Colney Hatch is where the house is located. Can you offer any advice?
Flying freeholds in Colney Hatch are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Colney Hatch you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Colney Hatch may determine 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 company is wishing to lease a unit on a shopping parade. Can you recommend solicitors offering competitive costs for commercial conveyancing in Colney Hatch for below 2k?
We are happy to recommend firms who have an in-depth of experience of commercial conveyancing in Colney Hatch, including the sale and acquisition of businesses as well as simply property. Whether you are looking to acquire or sell a shop, pub, restaurant, office, retail premises or a whole business we will find you the right solicitor. Regarding the charges this will depend on the structure and heads of terms of the proposed transaction. Please provide us with your details or call us so that we may supply you with comprehensive commercial conveyancing quote.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £400,000 apartment in Colney Hatch on Friday in a week. The landlords agents has quoted £384 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Colney Hatch?
Colney Hatch conveyancing on leasehold flats normally necessitates the purchaser’s solicitor sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to respond to these enquiries the majority will be willing to do so. They may levy a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some transactions it is in excess of £800. The management information fee invoiced by the landlord must be sent together with a summary of rights and obligations in relation to administration charges, without which the charge is technically not due. Reality however dictates that one has little choice but to pay whatever is demanded should you wish to sell the property.
Following years of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in Colney Hatch. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
if there is a absentee landlord or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to calculate the price.
An example of a Lease Extension matter before the tribunal for a Colney Hatch property is 90 & 96 Poplar Grove in June 2013. It was held by the Tribunal that the premium to be paid for the new lease in respect of each of the flats referred should be £17,942 This case related to 2 flats. The unexpired term as at the valuation date was 68 years.