My husband and I are purchasing a newly constructed apartment in Finchley and my conveyancer is advising me that she has to the lender to reveal incentives from the builder. I am nearing the developer’s deadline to sign contracts and my preference is not to delay matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I have today made my last payment due on my mortgage with Skipton. I assume I don't need a Finchley lawyer on the Skipton panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Skipton mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Skipton mortgage from the register. Skipton, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Skipton has sent the Land Registry the discharge electronically, and
- Skipton has instructed the Land Registry to do so
It is unclear whether my mortgage offer requires a lease extension. I have called into my local Finchley bank branch on a couple of occasions and was told it does not impact the mortgage offer and they would lend. My Finchley conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Your conveyancing practitioner has to follow the Council of Mortgage Lenders’ Handbook section two conditions for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
RBS have agreed my mortgage in principle, my bid on a flat in Finchley has been agreed to, what happens next?
The estate agent will need to know who your solicitors are (be sure the property lawyers are on the lender’s panel). Call up RBS or the broker and finish off any relevant forms. RBS will instruct a valuer who will get in touch with the selling agent or seller to schedule an appointment. Once carried out (assuming no problems) it takes approximately a week for the mortgage offer to be issued. RBS will send the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Finchley.
We are downsizing from our house in Finchley and according to the buyers it appears that there is a possibility that the property was constructed land that was not decontaminated. Any high street Finchley lawyer would know this is not the case. It does beg the question why the purchasers instructed an online conveyancing firm as opposed to a conveyancing solicitor in Finchley. Having lived in Finchley for six years we know of no issue. Is it a good idea to contact our local Authority to obtain clarification that there is no issue.
It sounds as though you may have a conveyancing lawyer already. What do they say? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
Over the last few months I have been searching for a ground for flat up to £235,500 and identified one near me in Finchley I like with amenity areas and station in the vicinity, the downside is that it only has 52 years unexpired on the lease. There is not much else in Finchley in this price bracket, so just wondered if I would be making a grave error buying a short lease?
Should you require a home loan the remaining unexpired lease term will be problematic. Discount the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for at least twenty four months you could ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this.
I am using a search engine for the words conveyancing in Finchley it brings up numerous solicitorslocally. With so much choice what is the best way to find the right solicitor for my move?
The preferential method of finding the right conveyancer is through a trusted recommendation, so ask colleagues and those you trust who have bought a property in Finchley or the reputable estate agent or mortgage broker. Costs for conveyancing in Finchley vary, so it's sensible to obtain at least three estimates from varying types of law firms. Dont forget to clarify what costs in the quote includes.
At what point do I incur the Stamp Duty Land Tax payable for my conveyancing in Finchley?
The solicitor should fill out a Land Transaction Return Form on your behalf during your Finchley conveyancing transaction for signature. On completion your solicitor will submit the STL application to the Tax Authorities and - as long as they have the funds - settle any land tax liability on your behalf.