I'm the sole recipient of my late grandmother’s will and I have everything in my name now, including the house in Seven Sisters. The Seven Sisters property was put into my name in May. I now wish to sell up. I understand that there is a Mortgage Lenders 6 month 'rule', meaning my property ownership may be regarded the same way as if I'd bought the house in May. Will no one buy the property for half a year?
The CML handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be affected by that. many mortgage companies would take a sensible view as this clause is chiefly there to pick up on subsales or the flipping of properties.
The mortgage over my property is with Santander for my property in Seven Sisters. Conveyancing was finalised 12 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 Santander?
You must advise Santander prior to letting out your property as this is likely to be a breach of Santander’s mortgage conditions. It may be that Santander will permit you to let 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 Santander directly. You need not do this via a Santander conveyancing panel solicitor.
I can not fathom if my lender requires a lease extension. I have called into my local Seven Sisters building society branch on numerous occasions and was reassured it wasn't a problem and they would lend. My Seven Sisters conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they will not lend based on their published requirements. I have no idea who is right.
Provided that the solicitor is on the mortgage company panel, she or he must adhere to the CML Handbook requirements for the bank. Unless your lawyer obtains specific confirmation in writing that the bank 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 remaining.
I am purchasing a house and the solicitor has mentioned Chancel Repair to which the house could be obligated to contribute to because it falls into the area of such a church. He has suggested insurance. Is this really necessary for conveyancing in Seven Sisters
Unless a previous acquisition of the house took place post 12 October 2013 you could assume that conveyancing practitioners delivering conveyancing in Seven Sisters to continue to recommend a chancel search and or chancel repair liability insurance.
three months have elapsed following my purchase conveyancing in Seven Sisters concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I decided to have a survey carried out on a property in Seven Sisters before retaining conveyancers. I have been advised that there is a flying freehold element to the property. The surveyor has said that some banks may not issue a loan on a flying freehold premises.
It varies from the lender to lender. Santander has different requirements from Nationwide. If you contact us we can investigate further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Seven Sisters. Conveyancing will be smoother if you use a solicitor in Seven Sisters especially if they regularly deal with such properties in Seven Sisters.
Last December I purchased a leasehold house in Seven Sisters. Am I liable to pay service charges for periods before completion of my purchase?
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. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure 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 am the registered owner of a ground-floor 1960’s flat in Seven Sisters. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the sum due for a lease extension?
Most definitely. We are happy to put you in touch with a Seven Sisters conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Seven Sisters property is 22 Wakefield Road in January 2012. Following a vesting order Clerkenwell and Shoreditch County Court under section 26 of the Leasehold Reform,Housing and Urban Development Act 1993 on 9th May 2011 the Tribunal decided that the price that the Applicant for the freehold interest should pay is £17,400 This case was in relation to 2 flats. The remaining number of years on the lease was 74.13 years.
A conveyancing firm acted on my conveyancing in Seven Sisters half a dozen years ago and was holding my registration documents but has since been shut down – What can I do to retreive them?
Deeds, as such, are no longer appropriate for most properties in Seven Sisters are archived digitally at Land Registry. Should you need to prove ownership or are selling or refinancing your lawyer should obtain up to date copies of the register from the Land Registry in any case.
If you feel there may be other documents or you have any other queries please e-mail your request with details of the transaction and documents you need to filerequest@clc-uk.org. The CLC will let you know what information they have and any additional information they may need before they are in a position to identify and send the documents to you. Following an intervention it may take some time for the CLC to access archived files and documents, but your request will be actioned with reasonable haste.