I plan on purchasing a leasehold flat in Muswell Hill. My lawyer is not on the mortgage company conveyancing list. Am I still permitted to appoint my Muswell Hill conveyancing solicitor even though they are not on the lender panel?
Various options include
- Complete the deal with your preferred Muswell Hill conveyancing practitioner but your mortgage company will need to appoint a conveyancing practitioner from their approved panel. The net result is additional fees together with likely interruption.
- Choose a fresh conveyancer to act in the purchase, making sure they are on the bank conveyancing panel.
- Convince your conveyancer to pull out all the stops to get listed on the lender’s conveyancing panel
Are the BSA planning on creating a searchable register to to identify practices on the Norwich and Peterborough Building Society conveyancing panel for instance in Muswell Hill?
Lexsure has not been advised of any intention on the part of the BSA to promote such a search facility.
The estate agent has sent us the confirmation of our purchase of a new build flat in Muswell Hill. Conveyancing is a frightening process 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.
Set out below is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Muswell Hill
Forfeiture - bankruptcy or liquidation must not apply under this provision. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? 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. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and found one close by in Muswell Hill I like with open areas and transport links nearby, however it's only got 52 years unexpired on the lease. I can't really find anything else in Muswell Hill for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a home loan the remaining unexpired lease term may be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of 2 years you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
My father has suggested that I appoint his conveyancers in Muswell Hill. Do I follow his advice?
There are no two ways about it it’s preferable to choose a conveyancing solicitor is to seek guidance from friends or family who have experience in using the firm that you are contemplating using.
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a great price which is making it more attractive. I have just found out that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Muswell Hill. Conveyancing advisers have are soon to be instructed. Will they explain the issues?
The majority of houses in Muswell Hill are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area who can help the conveyancing process. it is apparent that you are purchasing in Muswell Hill so you should seriously consider looking for a Muswell Hill conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’spermission to conduct changes to the property. You may also be required to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your lawyer will appraise you on the various issues.
We have reached the end of our tether in trying to purchase the freehold in Muswell Hill. Can the Leasehold Valuation Tribunal adjudicate on premiums?
if there is a absentee freeholder or if 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 LVT to decide the amount due.
An example of a Lease Extension decision for a Muswell Hill flat is Flat B 10 Grove Avenue in October 2013. Following a vesting order Clerkenwell and Shoreditch County Court 3rd July 2013 The tribunal determines that the premium payable for the lease extension was £36,215.00 This case affected 1 flat. The unexpired term was 65.21 years.