My partner and I are hoping to purchase a flat in Bush Hill Park and are in fact using a Bush Hill Park conveyancing firm. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Britannia have this afternoon contacted us to inform me that there is now an issue as our Bush Hill Park conveyancer is not on their approved list of lawyers. Please explain?
When purchasing a property with mortgage finance 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 bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Bush Hill Park 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.
I am buying a newly constructed flat in Bush Hill Park and my conveyancer is advising me that she has to the mortgage company to reveal incentives from the developer. The Estate Agents are hassling me to exchange and I would rather not prolong the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
A colleague advised me that in buying a property in Bush Hill Park there may be a number of restrictions limiting what one can do in terms of external alterations to a property. Is this right?
There are anumerous of properties in Bush Hill Park which have some sort of restriction or requirement of consent to perform external variations. Part of the conveyancing in Bush Hill Park should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I am the sole beneficiary of my late mum's estate and I have everything in my name now, including the my former home in Bush Hill Park. Conveyancing formalities meant that the Land Registry date was in June. I want to move. I do know about the CML six month 'rule', meaning my proprietorship could be considered the same way as though I had purchased the house in June. Do I have to wait half a year to sell?
The CML handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be impacted by that. many mortgage companies would take a practical view as this provision principally exists to pick up on subsales or the flipping of property.
It is unclear whether my bank requires a lease extension. I have called my Bush Hill Park bank branch on numerous occasions and was told they are content with the situation and they would lend. My Bush Hill Park conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they will not lend in accordance with their specific requirements. I have no idea who is right.
As long as the conveyancer is on the lender approved list, they must adhere to the CML Handbook requirements for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I have been on the look out for a flat up to £235,500 and identified one round the corner in Bush Hill Park I like with open areas and station nearby, the downside is that it only has 51 years on the lease. There is not much else in Bush Hill Park in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a home loan that many years may be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of 2 years you can ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
I have had difficulty in trying to purchase the freehold in Bush Hill Park. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most definitely. We can put you in touch with a Bush Hill Park conveyancing firm who can help.
An example of a Lease Extension case for a Bush Hill Park flat 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 remaining number of years on the lease was 81.79 years.
What are the frequently found defects that you witness in leases for Bush Hill Park properties?
Leasehold conveyancing in Bush Hill Park is not unique. Most leases are drafted differently and drafting errors can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
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Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Chelsea Building Society, and Barclays Direct all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the purchaser to withdraw.
My conveyancing in Bush Hill Park is completing next Friday, however the owners I am purchasing off has asked to vacate 24 hours later at afternoon. Can I accept this?
In situations where you require a bank loan then your solicitor will demand that the premises arevacant on Friday - the bank will insist on it.