My husband and I are looking to purchase a property in Friern Barnet and have appointed a Friern Barnet conveyancing firm. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Lloyds TSB Bank have this morning contacted us to advise us that there is now an issue as our Friern Barnet conveyancer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage it is normal for the purchasers' lawyers to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Friern Barnet solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
I am buying a new build apartment in Friern Barnet. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here is a sample of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Friern Barnet
The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. 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 the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Forfeiture - bankruptcy or liquidation must not apply under this provision.
I decided to have a survey done on a house in Friern Barnet ahead of instructing solicitors. I have been advised that there is a flying freehold element to the property. Our surveyor advised that some banks will refuse to give a mortgage on a flying freehold home.
It varies from the lender to lender. Lloyds has different instructions for example to Nationwide. Should you wish to call us we can investigate further with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Friern Barnet. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Friern Barnet to see if the conveyancing will be more expensive.
In searching the internet for the phrase on line conveyancing in Friern Barnet it reveals many conveyancersin the area. How do I determine which is the right conveyancer for purchase transaction?
The preferential method of seeking the right conveyancer is via trusted referral, so ask friends and family who have purchased a property in Friern Barnet or a respected estate agent or financial adviser. Fees for conveyancing in Friern Barnet vary, so it's advisable to secure at least three fee estimates from different conveyancers. Make sure that you clarify what costs in the quote includes.
I have tried to negotiate informally with with my landlord to extend my lease without getting anywhere. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Friern Barnet conveyancing firm to represent me?
in cases where there is a absentee freeholder or if there is disagreement about what the lease extension should cost, under the relevant legislation you can apply to the Leasehold Valuation Tribunal to make a decision on the sum to be paid.
An example of a Lease Extension matter before the tribunal for a Friern Barnet flat 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 unexpired residue of the current lease was 68 years.
What makes a Friern Barnet lease problematic?
Leasehold conveyancing in Friern Barnet is not unique. All leases are unique and legal mistakes in the legal wording can result in certain sections are missing. The following missing provisions could result in a defective lease:
Clauses dealing with recovering service charges for expenditure on the building or common parts. A provision to repair to or maintain elements of the premises
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Coventry Building Society, and Barclays Direct all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to withdraw.
We are contemplating appointing an online conveyancing practitioner ahead of a Friern Barnet conveyancing firm. Should I ‘stay local’?
Advantages do exist in having the opportunity to pop in to a local Friern Barnet conveyancing solicitor such as
- signing documents on short notice
- often being able to speak to someone face-to-face can make a significant difference, particularly for non-standard transactions
- the ability to complain if things go pear-shaped
When analysing fees, look out for hidden extras. The majority decent Friern Barnet high street solicitors give an all-inclusive price. Many online agents appear to offer discounted fees, but have burried 'extras' in the fine print.