What happens if my lawyer’s firm is expelled from the Principality Conveyancing panel ahead of completing my conveyancing in Edmonton?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
How does conveyancing in Edmonton differ for newly converted properties?
Most buyers of new build or newly converted property in Edmonton come to us having been asked by the seller to sign contracts and commit to the purchase even before the property is constructed. This is because new home sellers in Edmonton usually acquire 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 conveyancers 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 Edmonton or who has acted in the same development.
I have been on the look out for a flat up to £245,000 and identified one round the corner in Edmonton I like with a park and railway links nearby, the downside is that it's only got 52 remaining years left on the lease. I can't really find anything else in Edmonton in this price bracket, so just wondered if I would be making a mistake buying a short lease?
If you require a home loan that many years will likely be problematic. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for at least twenty four months you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
My cousin has suggested that I use his conveyancing solicitors in Edmonton. Should I find my own solicitor?
No doubt the ideal way to choose a conveyancing solicitor is to have feedback from friends or family who have used the firm you're considering.
I have just started marketing my ground floor apartment in Edmonton. Conveyancing solicitors are to be appointed soon, but I have just had a quarterly maintenance charge invoice – Do I pay up?
The sensible thing to do is clear the invoice as you normally would because all ground rent and maintenance invoices should be allotted as part of the financial calculations for completion monies, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until 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. This will smooth the conveyancing process.
I own a first floor flat in Edmonton. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the sum payable for the purchase of the freehold?
Most certainly. We are happy to put you in touch with a Edmonton conveyancing firm who can help.
An example of a Vesting Order and Purchase of freehold matter before the tribunal for a Edmonton property is Ground Floor Flat 4A Baronet Road in February 2010. Following a vesting order by Edmonton County Court on 23rd December 2008 (case number 8ED064) the Tribunal decided that the price that the Applicant for the freehold interest should pay is £8,689.00 This case related to 2 flats. The unexpired lease term was 80.01 years.
Myself and my wife have recently had an offer agreed on a apartment and had meeting on Friday with Leeds Building Society for the mortgage. They have informed me that when it comes to choosing a lawyer that unless they are on their approved list of lawyers then we will have to pay out an additional charge of about two hundred pounds. This is because they will then have to select a property lawyer to act for them in addition to the one we appoint on our behalf and we will be on the hook for their costs. I have requested Leeds Building Society to provide me with a list so I can request quotes only from their approved lawyers but was told they dont have such a list to hand over. Is there a simple way of finding out who is on a lender panel?
You can enquire of Leeds Building Society what their criteria for panel membership is for a conveyancer.Then ask the property lawyer of your choice whether they meet the criteria and have they acted on mortgages for Leeds Building Society in the past. Where the answer to those is yes, then just clarify this with Leeds Building Society. Another option is to utilise our search facility and we should be able to find you a property lawyer in Edmonton on the panel for Leeds Building Society.