I am not in a position to travel far from Tottenham. Can you please spell out why all Tottenham lawyers aren't automatically on all bank panels?
Pre- 2008 most lenders demonstrated an approach to risk which differs from the current day. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which in summary warned lenders: know the solicitors on your panel. Consequently, banks have subsequently requiredmore data from law firms regarding their processes and the staff who work for them and set certain criteria such as completing a minimum number of transactions. Many law practices have been excluded from lender panels even though they had an exemplary disciplinary record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms found it impossible meet the minimum volume of transactions the lenders set.
four months have elapsed following my purchase conveyancing in Tottenham completed. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £215,000. 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 residence 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 am buying a new build apartment in Tottenham. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Tottenham
Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
I've recently found out that there is a flying freehold element on a property I put an offer in a fortnight ago in what was supposed to be a simple, chain free conveyancing. Tottenham is where the house is located. Can you offer any advice?
Flying freeholds in Tottenham are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Tottenham you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Tottenham may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I was advised by two or three local selling agents in Tottenham to select a conveyancer on your site. What’s the financial upside for Estate Agents to promote your lawyers rather than another?
We refuse to give any financial incentive for directing people to this site. We thought it would be too underhand a fee as a client could think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
Can you provide any advice for leasehold conveyancing in Tottenham with the intention of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Tottenham can be reduced if you appoint lawyers the minute you market your property and ask them to collate the leasehold information needed by the buyers’ representatives. If you have had conflict with your landlord or managing agents it is very important that these are settled before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to reveal the dispute as historic as opposed to ongoing. A minority of Tottenham leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers. If you have the benefit of shareholding in the freehold, you should ensure that you are holding the original share certificate. Obtaining a re-issued share certificate can be a time consuming process and delays many a Tottenham conveyancing deal. Where a reissued share certificate is required, do contact the company director and secretary or managing agents (if applicable) for this at the earliest opportunity.
I inherited a a ground floor purpose built flat in Tottenham. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the amount payable for a lease extension?
Most certainly. We can put you in touch with a Tottenham conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Tottenham residence is 30 Strode Road in June 2013. Following a vesting order by Edmonton County Court on 20th February 2013 the Tribunal arrived at a valuation for enfranchisement of £10,256 for the premises (£4,074 for the Ground Floor Flat and £6182 for the First Floor Flat) and £100 for the appurtenant land. This case was in relation to 2 flats. The remaining number of years on the lease was 83.33 and 77.3.