I am selling my apartment in Friern Barnet and the EA has just called to say that the buyers are changing their property lawyer. The reason given is that the mortgage company will only engage with property lawyers on their conveyancing panel. On what basis would a big named lender only deal with certain solicitors rather the firm that they want to choose to handle their conveyancing in Friern Barnet ?
Mortgage companies have always had panels of law firms that can act for them, but in recent years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Mortgage companies point to the increase in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are not going to have any impact on this.
Forgive me if this question is silly but I am new to the home moving as a 1st time purchaser of a two bedroom flat in Friern Barnet. Do I receive the keys to the premises on the completion date from my lawyer? If so, I will instruct a High Street conveyancing solicitor in Friern Barnet?
On the day of completion you will not be required to attend the conveyancers office in Friern Barnet. Your solicitors will transfer the completion advance to the vendor’s solicitors, and shortly after the monies have arrived, you should be able to pick up the keys from the selling Agents and start moving into the property. This tends to happen early afternoon.
I am due to exchange contracts on my house. I had a double glazing fitted in August 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Lloyds are being pedantic. The Friern Barnet solicitor who is on the Lloyds conveyancing panel is saying indemnity insurance will be fine but Lloyds are insisting on a building regulation certificate. Why do Lloyds have a conveyancing panel if they don't accept advice from them?
It is probably the case that Lloyds have referred the matter to their valuer. The reason why Lloyds may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
About to purchase apartment in Friern Barnet. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Skipton conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Friern Barnet conveyancing practitioner is on the Skipton conveyancing panel.
The estate agent has sent us the confirmation of our purchase of a new build flat in Friern Barnet. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Friern Barnet
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. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. 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.
I have been on the look out for a flat up to £195,000 and found one near me in Friern Barnet I like with open areas and station in the vicinity, the downside is that it's only got 51 remaining years left on the lease. There is not much else in Friern Barnet in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a home loan the shortness of the lease will likely be a potential deal breaker. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you may ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this matter.
I am employed by a long established estate agent office in Friern Barnet where we have experienced a number of flat sales put at risk as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Friern Barnet conveyancing firms. Could you shed some light as to whether the seller of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
My wife and I have hit a brick wall in seeking a lease extension in Friern Barnet. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most certainly. We can put you in touch with a Friern Barnet conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Friern Barnet residence 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 affected 2 flats. The remaining number of years on the lease was 68 years.
Is it the case that all Friern Barnet solicitors on every bank conveyancing panel?
The Lexsure search tool on this page may be of use or you can drop into your local lender branch in Friern Barnet. the probability is that they will be in a position to suggest some reputable conveyancing solicitors in Friern Barnet