My husband and I are getting closer to an exchange on a flat in North Finchley and my mum and dad have transferred the 10% deposit to my property lawyer. I am now advised that as the deposit has been received from someone other than me my solicitor needs to make a notification to my bank. Apparently, in also acting for the bank he must advise them that the balance of the purchase price is coming from anyone other than me. I informed the lender concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
The solicitor is duty bound to clarify with mortgage company to ensure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only report this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in North Finchley. My lender is The Mortgage Works
The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 29/6/2020, the requirements read as follows :
I have decided to exercise my right to buy my property in North Finchley off the council. I have a mortgage agreed with Kent Reliance. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Kent Reliance, you will need to appoint a solicitor on the Kent Reliance conveyancing panel.
The mortgage over my property is with Lloyds for my property in North Finchley. Conveyancing has been completed months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Lloyds?
Your original mortgage agreement with Lloyds will provide that you need their approval before renting your property as this is likely to be a breach of Lloyds’s mortgage conditions. It may be that Lloyds will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Lloyds directly. It should not be necessary to do this via a Lloyds conveyancing panel lawyer.
It is unclear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my North Finchley building society branch on various occasions and was told it wasn't a problem and they will lend. My North Finchley conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they refuse to lend based on their published requirements. I have no idea who is right.
As long as the property lawyer is on the mortgage company approved list, she or he must comply with the CML Handbook provisions for the lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
How does conveyancing in North Finchley differ for newly converted properties?
Most buyers of new build premises in North Finchley come to us having been asked by the builder to sign contracts and commit to the purchase even before the house is ready to move into. This is because builders in North Finchley usually buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in North Finchley or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £305k and identified one round the corner in North Finchley I like with amenity areas and transport links in the vicinity, however it's only got 61 years unexpired on the lease. I can't really find anything else in North Finchley in this price bracket, so just wondered if I would be making a grave error buying a short lease?
If you need a home loan the shortness of the lease will likely be problematic. Discount the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of twenty four months you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
Are there any apps to help identify a North Finchley law firm on the Bank of Scotland conveyancing panel? I drive a motor bike and am willing to travel upto 10miles to meet the solicitor.
Feel free to make use of the tool on this website. Please pick a bank and your location and you will see a number of North Finchley conveyancing lawyers located nearest you. We have detailed some North Finchley conveyancing firms towards the end of this page and you can ring them to see if they are on the Bank of Scotland member panel