I own a freehold residence in Friern Barnet yet invoiced for rent, why is this and what is this?
It is rare for properties in Friern Barnet and has limited impact for conveyancing in Friern Barnet 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 establishment of new 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 after 2037 will be dispensed with completely.
We wanted to use a property lawyer in Friern Barnet for our house purchase. Our financial adviser has since advised us that our mortgage lenders Lloyds TSB Bank won't deal with them. Why is this not regarded as unfair competition?
Pre- 2008 most banks had an appetite for risk which was higher than today. Almost all Friern Barnet conveyancing firms would have been on most bank panels. The FSA in 2010 completed a thematic review into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, mortgage companies have regularly sought more data from law firms relating to their operations and the individuals who work for them and establishing certain criteria such a completing on a minimum number of conveyancing. Many Friern Barnet conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Friern Barnet is one of the thousands of areas where the conveyancers we list are members of the panel for Lloyds TSB Bank.
I am close to exchanging contracts on the sale of our house in Friern Barnet 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 Friern Barnet conveyancer would know that there is no such problem. For the life of me I don't know why the buyers used an online conveyancing outfit rather than a conveyancing solicitor in Friern Barnet. Having lived in Friern Barnet for many years we know that this is a non issue. Should we contact our local Authority to get confirmation that there is no issue.
It would appear that you have a conveyancing solicitor currently acting for you. Are they able to advise? You should enquire of 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 sickness)
How does conveyancing in Friern Barnet differ for new build properties?
Most buyers of new build or newly converted property in Friern Barnet come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is completed. This is because developers in Friern Barnet usually 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 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 used to new build conveyancing in Friern Barnet or who has acted in the same development.
I am looking for a leasehold apartment up to £305k and identified one round the corner in Friern Barnet I like with amenity areas and transport links nearby, the downside is that it's only got 52 years 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 purchasing a lease with such few years left?
If you require a mortgage the remaining unexpired lease term will be a potential deal breaker. Reduce the price by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of 2 years 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 with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
Having had my offer accepted I require leasehold conveyancing in Friern Barnet. Before I get started I would like to find out the number of years remaining on the lease.
If the lease is registered - and most are in Friern Barnet - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I have tried to negotiate informally with with my landlord to extend my lease without any joy. Can I apply to the Leasehold Valuation Tribunal? Can you recommend a Friern Barnet conveyancing firm to represent me?
Absolutely. 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 property 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 term was 68 years.