My friend's mother is a conveyancing practitioner. I hope that I will be offered preferential pricing for conveyancing, but if not, what kind of fees should I be expecting for conveyancing in Hornsey?
Do contrast pricing. Do use our comparison tool on this page. You will notice that amounts do vary but the service one can expect are distinct between property lawyers as is the case with most professions.
My god-son is buying a newly built flat in Hornsey with a home loan from Virgin Money. His lawyer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The form is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Virgin Money conveyancing panel as a standard part of the process, and to the surveyor when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Virgin Money conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I just bought a flat at auction in Hornsey. Conveyancing is needed. What is next?
Given that you have now legally committed yourself to purchase you should hire the services of a conveyancing solicitor soon as you are faced with a fast approaching a drop dead date to complete the conveyancing. All auction property should have a corresponding auction pack. This will likely include evidence of title and search results. In the case of leasehold premises the auction papers may provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation pertinent to a leasehold property. You must pass this on to your appointed conveyancing solicitor as soon as possible. You also need to ensure that your finances are in place to complete the transaction on the set completion date.
I am being advised by my conveyancer that defective lease insurance is necessary on my purchase. What is the level of cover for Hornsey conveyancing?
The right level of defective lease indemnity insurance depends on your lender. It would differ for example between National Westminster Bank and Norwich and Peterborough Building Society. Conveyancing practitioners as opposed to members of the public take out such insurances.
After much negotiation I have agreed a price on a house in Hornsey. My mortgage broker recommended their conveyancers. I paid an upfront payment of £200. Soon after, the lawyer contacted me embarrassingly acknowledging that they were not on the Nationwide conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Nationwide panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I'm purchasing a new build house in Hornsey with a loan from Coventry Building Society. The sellers would not reduce the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent told me not reveal to my conveyancer about this deal as it may put at risk my mortgage with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Is it possible to switch conveyancer as I have to choose a firm on the Virgin Money conveyancing list. I hired a family conveyancing solicitor in Hornsey round the corner but she is not accepted by Virgin Money
It would be our pleasure to assist you select a conveyancing solicitor in Hornsey on the Virgin Money panel. Please note that the property lawyers that we on the directory do not pay us a referral fee if you instruct them and are authorised and regulated by the SRA who regulate all conveyancing solicitors in Hornsey. In utilising the find a conveyancing solicitor tool on this site, you can compare and instruct different solicitors and conveyancers both nationally and in Hornsey.
I am attracted to a two flats in Hornsey both have about 50 years left on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Hornsey is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the value of the premises. The majority of buyers and banks, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Hornsey conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I have tried to negotiate informally with with my landlord to extend my lease without success. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Hornsey conveyancing firm to assist?
if there is a absentee freeholder or where there is dispute about the premium for a lease extension, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to assess the price payable.
An example of a Freehold Enfranchisement matter before the tribunal 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 remaining number of years on the lease was 73.27 years.
