Our conveyancer has discovered a a problem with the lease for the flat we are purchasing in North Finchley. The other side have offered defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our property lawyer has advised that he must be satisfied that the lender is willing to move forward with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the lender are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank 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 lawyer will have no choice but to discontinue acting for you.
My Conveyancer in North Finchley is not on the Aldermore Solicitor Panel. Can I still continue with my family solicitor even though they are not on the Aldermore approved list?
Your options are as follows:
- Carry on with your existing North Finchley solicitors but Aldermore will need to retain a lawyer on their panel. This will result in additional overall conveyancing fees as well as result in delays.
- Get a new practitioner to to deal with the conveyancing, obviously checking they are Convince your lawyer to do everything within their powers to join the Aldermore conveyancing panel
I am planning on selling our property in North Finchley and the buyers lawyers are claiming that there is a risk of it being built on contaminated land. Any local conveyancer would know this is not the case. It does beg the question why the purchasers are using a national conveyancing practice as opposed to a conveyancing solicitor in North Finchley. Having lived in North Finchley for six years we know of no issue. Should we contact our local Authority to get clarification that the buyers are looking for.
It would appear that you have a conveyancing solicitor already. Are they able to advise? You need to check with 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 ailment)
In my capacity as executor for the will of my grandmother I am selling a residence in Cardiff but reside in North Finchley. My solicitor (approximately 260 miles from meneeds me to execute a stat dec prior to completion. Could you suggest a conveyancing lawyer in North Finchley to attest this legal document for me?
Technically speaking you should not need to have the documents attested by a conveyancing solicitor. Normally any notary public or qualified solicitor will do regardless of whether they are North Finchley based
I work for a reputable estate agency in North Finchley where we see a few flat sales jeopardised due to short leases. I have been given contradictory information from local North Finchley conveyancing solicitors. Can you shed some light as to whether the owner of a flat can initiate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I own a basement flat in North Finchley. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the premium due for a lease extension?
You certainly can. We are happy to put you in touch with a North Finchley conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a North Finchley flat is Flat 2 2 Netherfield Road in April 2010. The Tribunale held that premium payable for a 90 year extension to the existing Lease should be £7,705. This case affected 1 flat. The unexpired term was 76 years.
How and when do I pay the Stamp Duty Land Tax due for my North Finchley flat purchase?
Most solicitors tend to complete a stamp duty return for you during your North Finchley conveyancing transaction for signature. After completion your solicitor will submit the Land Transaction Return Form to the Inland Revenue and - assuming they have the funds - pay any land tax payable for you.