My husband and I are getting closer to an exchange on a flat in Wood Green and my mum and dad have transferred the ten percent deposit to my property lawyer. I am now advised that as the deposit has been received from someone other than me my conveyancing practitioner needs to disclose this to my mortgage company. I am advised that, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I disclosed to the bank about my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
Your conveyancing practitioner is obliged to clarify with mortgage company to make sure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only notify this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
It is 10 years ago since I acquired my house in Wood Green. Conveyancing lawyers have now been retained on the sale but I can't track down the deeds. Will this jeopardise the sale?
Don’t worry too much. Firstly there is a chance that the deeds will be retained by the mortgage company or they may stored with the lawyers who acted in your purchase. Secondly in most cases the land will be registered at the land registry and you will be able to prove you own the property by your conveyancing lawyers procuring up to date copy of the land registers. Most conveyancing in Wood Green relates to registered property but in the unlikely event that your home is not registered it is more problematic but is not insurmountable.
What happens if my solicitor is suspended from the Nottingham Solicitor panel ahead of completing my conveyancing in Wood Green?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Have purchased a a semi-detached house in Wood Green , how long will it take for the Land Registry to record my title? My Wood Green conveyancing solicitor works at snail pace, so I want to be certain that my name is registered.
As far as conveyancing in Wood Green registration is no faster or slower than anywhere else in the country. Rather than based on location, timeframes can adjust according to who lodges the application, whether there are errors and if the Land registry need to notify any 3rd parties. Currently in the region of 80% of submission are fully addressed in less than three weeks but some can be subject to longer hold-ups. Historically registration occurs once the new owner is living at the premises therefore registration formalities is not always primary concern yet if it is urgent that the the registration takes place urgently then you or your solicitor should contact the land registry and explain the circumstances.
What does commercial conveyancing in Wood Green cover?
Non domestic conveyancing in Wood Green covers a broad range of guidance, supplied by regulated solicitors, relating to business premises. For instance, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of tenancies.
Frank (my husband) and I may need to rent out our Wood Green 1st floor flat temporarily due to taking a sabbatical. We used a Wood Green conveyancing firm in 2004 but they have closed and we did not have the foresight to seek any advice as to whether the lease allows us to sublet. How do we find out?
Your lease governs relations between the freeholder and you the flat owner; specifically, it will set out if subletting is not allowed, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Wood Green do not contain strict prohibition on subletting – such a provision would adversely affect the market value the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.
I am the registered owner of a basement flat in Wood Green. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the amount payable for the purchase of the freehold?
Where there is a missing landlord or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to calculate the price.
An example of a Lease Extension decision for a Wood Green premises is First Floor Flat 109 Lyndhurst Road in May 2010. Following a vesting order by Edmonton County Court on 29th October 2009 the Tribunal decided on a figure of £5,012 for a lease extension. This case affected 1 flat. The unexpired term as at the valuation date was 81.79 years.