My partner and I are planning to acquire a property in Stroud Green and are in fact using a Stroud Green conveyancing firm. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Barclays have this afternoon contacted us to inform me that there is now an issue as our Stroud Green conveyancer is not on their conveyancing panel. Please explain?
When purchasing a property with the benefit of a mortgage it is normal for the purchasers' solicitors to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Stroud Green solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
Me and my brother own a semi-detached Edwardian property in Stroud Green. Conveyancing practitioner represented me and The Mortgage Works. I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, the second leasehold with the matching address. I thought I was buying a freehold how can I check?
You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Stroud Green and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the position with the conveyancing practitioner who conducted the purchase.
Over the last few months I have been searching for a flat up to £305k and found one close by in Stroud Green I like with amenity areas and railway links in the vicinity, the downside is that it only has 51 years on the lease. I can't really find anything else in Stroud Green in this price bracket, so just wondered if I would be making a mistake buying a short lease?
If you require a mortgage the remaining unexpired lease term will be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least 2 years you may ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.
Do I need to be wary about brokers that I am dealing with are suggesting a web based conveyancing firm as opposed to a High Street Stroud Green conveyancing company?
As is the case with many professional services, often referrals from family and friends can be extremely useful or valuable. But there are lots of parties with a keen interest in a conveyancing transaction; estate agents, financial adviser and lenders may put forward solicitors to select. On occasion these conveyancers might be known to one of the organisations as being good in their field, but occasionally there may be a commercial relationship behind the endorsement. You are at liberty to choose your preferred lawyer. However, bear in mind that the majority of banks specify a panel list of lawyers you must use for the lender aspect of your home move.
I am tempted by the attractive purchase price for a two maisonettes in Stroud Green both have in the region of fifty years remaining on the leases. Do I need to be concerned?
There are plenty of short leases in Stroud Green. The lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the saleability of the lease deteriorates and it becomes more expensive to acquire a lease extension. This is why it is often a good idea to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease extension can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this area.
Having spent months of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Stroud Green. Can we issue an application to the Residential Property Tribunal Service?
Most certainly. We can put you in touch with a Stroud Green conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Stroud Green premises is 51 Lorne Road in November 2009. The price Payable as decided by the tribunal for the freehold reversion was £27,000. The valuation follows the order of the County Court made on 3 April 2008 granting a vesting order. This case was in relation to 1 flat. The unexpired term was 71 years.
My in 2008. He has been married, divorced and in recent months got married again. He now intends to dispose of the Stroud Green property. I think he will simply be need to provide a copy of the marriage certificates to the conveyancer but he is anxious it could delay the conveyancing. Should he instruct a conveyancing practitioner to update the Land Registry documents for the house?
You are not required to update the title for the property as long as you have the proof needed to demonstrate how the change of name occurred.
Any purchaser’s conveyancer should check the registered information and require evidence to prove the change of name for example marriage certificates.