My lawyer has uncovered a a legal deficiency with the lease for the apartment we are buying in Muswell Hill. The other side have put forward title insurance as a workaround. We are content with insurance and will cover the costs. Our property lawyer says that he must ensure that the mortgage company is willing to move forward with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancer will have no choice but to discontinue acting for you.
I own a freehold house in Muswell Hill but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Muswell Hill and has limited impact for conveyancing in Muswell Hill 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 date back many centuries, but the Rent Charge Act 1977 barred the establishment of new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
I am considering applying for a Coventry BS mortgage for purchase of a newly converted (under development) in Muswell Hill with 65 per cent loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Coventry BS ?
In theory, you could use a solicitor that is not on the Coventry BS conveyancing panel, but Coventry BS would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
Just acquired a detached house in Muswell Hill , how long will it take for the Land Registry to record my ownership? My Muswell Hill conveyancing solicitor works at snail pace, so I want to check the land registry aspects are addressed.
There is nothing unique when it comes to conveyancing in Muswell Hill registration formalities. As opposed to being determined by geographic area, timeframes can vary depending on who lodges the application, whether it is in order and if the Land registry communicate with any 3rd persons or bodies. At present approximately 80% of submission are fully dealt with within two weeks but some can be subject to extensive delays. Registration occurs after the purchaser is living at the premises thus registration formalities is not typically top priority yet if it is urgent that the the registration takes place urgently then you or your solicitor must communicate with the Registry to express the reasoning for the application to be prioritised.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in a fortnight ago in what was supposed to be a quick, no chain conveyancing. Muswell Hill is where the house is located. What do you suggest?
Flying freeholds in Muswell Hill are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Muswell Hill you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Muswell Hill may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I am considering choosing a web based property lawyer ahead of a Muswell Hill conveyancing firm. Any advice?
There are advantages of being able to attend a local Muswell Hill conveyancing solicitor for example
- signing documents and and when necessary
- often being able to see someone face-to-face can make a significant difference, particularly for more complex conveyancing
- the ability to raise concerns if things need to addressed
When analysing fees, look out for hidden extras. Most decent Muswell Hill high street solicitors give an all-inclusive price. Often online companies seem to offer discounted prices, but have hidden 'extras' in the fine print.