We were just about to exchange contracts for a semi detached house in Hornsey. We encountered a stumbling block. The loan offer with Godiva Mortgages Ltd runs out on 16/3/2020 but the sellers are suggesting a completion date of 18/3/2020. Can one extend the mortgage offer?
The person best placed to address this issue is your lawyer who will determine whether they better off negotiating with the lender, vendor’s conveyancers, selling agents or possibly all parties given the circumstances your house move to date.
Do conveyancers ask for money on account for conveyancing in Hornsey?
Where you are retaining lawyers for conveyancing in Hornsey your solicitor will request that you to provide them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. If any deposit is as part of the total price then this should be needed shortly before exchange of contracts. The final balance that is due will be payable shortly before completion.
We wanted to use a conveyancing solicitor in Hornsey for our house purchase. Our financial adviser has since advised us that our mortgage lenders The Royal Bank of Scotland won't deal with them. Why is this not regarded as unduly restrictive?
Pre- 2008 most mortgage companies had a different appetite for risk. Almost all Hornsey conveyancing firms would have been on most lender panels. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which concluded: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders have regularly sought more data from law firms about their operations and the individuals who work for them and establishing certain criteria such a completing on a minimum volume of transactions. Many Hornsey conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Hornsey is one of the thousands of locations where the lawyers we list are members of the panel for The Royal Bank of Scotland.
I decided to have a survey completed on a house in Hornsey ahead of retaining solicitors. I have been informed that there is a flying freehold overhang to the house. Our surveyor advised that some banks tend refuse to grant a loan on a flying freehold premises.
It varies from the lender to lender. Santander has different requirements for example to Halifax. Should you wish to telephone us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Hornsey. Conveyancing will be smoother if you use a solicitor in Hornsey especially if they are accustomed to such properties in Hornsey.
I wish to rent out my leasehold apartment in Hornsey. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
A small minority of properties in Hornsey do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
I am the registered owner of a basement flat in Hornsey. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the premium payable for a lease extension?
Where there is a absentee freeholder or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to judgment on the premium.
An example of a Freehold Enfranchisement case for a Hornsey flat is 7 Aubrey Road in December 2010. By an order of the county court on 15/12/2009 the freehold interest inthe Property known as 7 Aubrey Road London N8 9HH (the Property) and registered at HM Land Registry under title number MX439124 was vested in the applicants. The Tribunal calculated that the total enfranchisement premium, assessed in accordance with Schedule 6 to the Act, was £54,633. This case was in relation to 3 flats. The unexpired term was 73.27 years.
I today plan to offer on a house that seems to tick a lot of boxes, at a great price which is making it all the more appealing. I have just found out that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Hornsey. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Hornsey ?
The majority of houses in Hornsey are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Hornsey in which case you should be shopping around for a Hornsey conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’sconsent to carry out changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the house is located on an estate. Your conveyancer should appraise you on the various issues.