My fiance and I are acquiring a ground floor flat in Cockfosters. My property lawyer is not listed on the lender conveyancing list. Is it possible for me to continue with my Cockfosters conveyancing solicitor notwithstanding that they are not on the lender approved list?
Various options include
- Complete the purchase with your chosen Cockfosters property lawyer but your lender will undoubtedly appoint a solicitor from their conveyancing panel. This will result in additional charges and potential frustration.
- Appoint a fresh conveyancer to act in the purchase, ensuring that they are on the bank conveyancing panel.
- Appeal to your property lawyer to seek to join the lender panel
My Cockfosters solicitor has uncovered a discrepancy between the assumptions in the home valuation survey and what is in the title deeds. My lawyer informs me that he needs to ensure that the bank is happy with this discrepancy and is still content to lend. Is my conveyancer’s approach legitimate?
Your solicitor must comply with the UK Finance Lenders’ Handbook specifications which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
I have been told that property searches are the number one reason for stalling in Cockfosters conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) published determinations of a review by MoveWithUs that conveyancing searches do not figure amongst the common causes of hindrances in the conveyancing process. Searches are not likely to be the root cause of holding up conveyancing in Cockfosters.
I have recentlybecome aware that Arc property Solicitors have been shut down. They carried out my conveyancing in Cockfosters for a purchase of a leasehold flat 18 months ago. How can I be sure that the property is registered correctly in the name of the previous owner?
The quickest method to check if the premises is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Cockfosters conveyancing specialists.
I am purchasing a new build house in Cockfosters with a loan from The Royal Bank of Scotland. The developers refused to reduce the amount so I negotiated 6k of extras instead. The sale representative told me not reveal to my lawyer about this extras as it will impact my loan with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
If all goes to plan we aim to complete the sale of our £400,000 apartment in Cockfosters in just under a week. The landlords agents has quoted £384 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Cockfosters?
Cockfosters conveyancing on leasehold flats often necessitates the purchaser’s lawyer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to respond to these enquiries most will be content to assist. They are entitled to levy a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The administration charge levied by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration fees, otherwise the invoice is not strictly payable. Reality however dictates that you have no choice but to pay whatever is requested of you should you wish to sell the property.
I have had difficulty in trying to purchase the freehold in Cockfosters. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a absentee landlord or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to make a decision on the amount due.
An example of a Freehold Enfranchisement matter before the tribunal for a Cockfosters residence is 23 Beaconsfield Road in July 2013. The Tribunals decided that the amount payable was £31,203 for the freehold. This case affected 2 flats. The unexpired lease term was 70.31 years.