My wife and I are intent on buying residence in Crouch End. My property lawyer is not listed on the mortgage company solicitor panel. Is it possible for me to continue with my Crouch End conveyancing solicitor notwithstanding that they are excluded from the lender list of approved lawyers?
Your options include
- Carry on with your chosen Crouch End lawyer but your mortgage company will no doubt use a conveyancing practitioner on their conveyancing panel. This will result in additional fees together with potential frustration.
- Choose a new conveyancing practitioner to act in the purchase, ensuring that they are on the bank conveyancing panel.
- Convince your property lawyer to pull out all the stops to join the bank’s conveyancing panel
Our Crouch End conveyancer has uncovered a discrepancy between the assumptions in the home valuation report and what is revealed within the title deeds. My solicitor informs me that he must check that the lender is happy with this discrepancy and is content to go ahead. Is my lawyer’s course or action right?
Your solicitor must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
I am the registered owner of a freehold premises in Crouch End but still pay rent, why is this and what is this?
It’s unusual for properties in Crouch End and has limited impact for conveyancing in Crouch End 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 have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
Just bought a terraced house in Crouch End , What is the estimated time for the Land Registry to deal with the formalities evidencing the transfer to my name? My Crouch End conveyancing solicitor has been very slow, so I want to check that my purchase is recorded.
There is nothing unique about conveyancing in Crouch End registration formalities. As opposed to being determined by geographic area, timescales can differ depending on the party submitting the application, whether it is in order and whether the Land registry have to notify any other persons or bodies. At present in the region of three quarters of such applications are fully dealt with in less than three weeks but occasionally there can be extensive hold-ups. Registration takes place after the purchaser has moved in to the property therefore 'speed' is not usually an essential issue yet if there is a degree of urgency associated with the registration then you or your lawyers must speak with the land registry and explain the circumstances.
How does conveyancing in Crouch End differ for newly converted properties?
Most buyers of new build property in Crouch End come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is finished. This is because developers in Crouch End 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 accustomed to new build conveyancing in Crouch End or who has acted in the same development.
I am 14 days into a freehold purchase having been directed to conveyancers by the selling agent to perform conveyancing in Crouch End. I am am very dissatisfied with the quality of service. Could you you assist me in finding new solicitors?
A solicitor would have to be very bad to suggest changing them. Has your loan offer been generated? If so you need to inform them of the new contact details and get the loan are re-issued. Your new solicitor ideally needs to be on the lenders panel to avoid supplemental charges and complications. So that should be your first question of the new conveyancers. The find a solicitor tool will help you find a bank approved conveyancer for your home move in Crouch End