Why is leasehold purchase conveyancing in Primrose Hill costs more?
In short, leasehold conveyancing in Primrose Hill and North London usually requires additional work compared to freehold transactions. This includes lease investigation, communicating with the landlord concerning serving required notices, securing current service charge and management information, obtaining the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first granted.
My grandmother passed away last year and as sole heir and executor I was left the property in Primrose Hill. The house had a relatively small loan remaining of approximately £5k. I want to transfer the title deeds into my name whilst I re-mortgage to Yorkshire BS, pay off the mortgage. Is this possible?
If you plan to re-mortgage then Yorkshire BS will require that you use a conveyancer on the Yorkshire BS conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Yorkshire BS conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Yorkshire BS mortgage is registered as a charge at the Land Registry.
Does a directory service exist listing TSB panel solicitors in Primrose Hill on the Building Society Association’s Website?
No. There is no such directory service on the Council of Mortgage Lenders or Building Society Association websites. Very few mortgage companies make their panel listings available on the web. Where you are seeking to appoint a Primrose Hill conveyancer on the TSB please use our tool.
We have agreed to purchase a house in Primrose Hill. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Coventry BS be concerned?
As you are obtaining a mortgage with Coventry BS your lawyer must check the conveyancing requirements outlined in Section 2 of UK Finance Lenders’ Handbook for Coventry BS. The CML Handbook contains minimum conditions for solar panel roof-space leases, and conveyancers are required to report to Coventry BS where a lease does not meet these requirements. The specifications relate to the installation of panels on properties nationwide and is not restricted to Primrose Hill.
I was told two weeks ago that my mortgage has been agreed to by TSB. Is it usual for TSB to only issue the offer once my solicitor in Primrose Hill is approved on their conveyancing panel? TSB have asked my solicitor to see a copy of their PI Insurance.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for TSB to deal with your lawyer's application to be on the TSB conveyancing panel. There's no guarantee that your solicitor will be accepted.
I have been on the look out for a flat up to £235,500 and found one round the corner in Primrose Hill I like with amenity areas and railway links in the vicinity, the downside is that it's only got 61 remaining years left on the lease. I can't really find anything else in Primrose Hill for this price, so just wondered if I would be making a grave error buying a short lease?
Should you require a mortgage the shortness of the lease will be a potential deal breaker. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least twenty four months you may request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
Last November I purchased a leasehold flat in Primrose Hill. Do I have any liability for service charges for periods before my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Primrose Hill conveyancing firm to act on my behalf?
in cases where there is a absentee landlord or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to judgment on the price.
An example of a Lease Extension case for a Primrose Hill property is Flat 2 27 Mackeson Road in December 2012. The Tribunal assessed the value of the lease extension premium at £35,435 and rounded the figure to £35,500 This case affected 1 flat. The number of years remaining on the existing lease(s) was 64.77 years.
I have been Googling for Primrose Hill conveyancing quotes online. Can I be sure that all the Primrose Hill law firms that are listed on your directory are on the lender conveyancing panel?
The solicitor and licensed conveyancing practices on our directory have assured us via an online form that they are on the lender panel and agreed to advise us to take down their listing in the event of removal off of the bank panel. To date we have not been informed by either a bank or a member of the public that the data about a specific Primrose Hill firm being on the lender conveyancing panel is not accurate.