My wife and I are hoping to purchase a 2 bedroom flat in Crouch End with a mortgage. We would like to retain our Crouch End conveyancer, but the mortgage company advise she’s not on their "panel". We have to appoint one of the mortgage company panel firms or keep our Crouch End property lawyer as well as pay for one of their panel lawyers to represent them. This feels very unfair; can we not insist that the lender use our Crouch End conveyancer ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Crouch End conveyancing solicitor to apply to be on the conveyancing panel.
I purchased a freehold property in Crouch End but still pay rent, why is this and what is this?
It is rare for properties in Crouch End and has limited impact for conveyancing in Crouch End but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the establishment of new rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
I am purchasing my first flat in Crouch End benefiting from help to buy. The sellers would not move on the amount so I negotiated £7000 of fixtures and fittings instead. The sale representative advised me not reveal to my conveyancer about this side-deal as it will put at risk my mortgage with Alliance & Leicester . Do I keep my lawyer in the dark?.
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.
I have been on the look out for a ground for flat up to £235,500 and found one round the corner in Crouch End I like with open areas and station in the vicinity, however it only has 51 years unexpired on the lease. I can't really find anything else in Crouch End suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a home loan the remaining unexpired lease term may be problematic. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least 2 years you could ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
My fiance and I may need to sub-let our Crouch End basement flat temporarily due to a career opportunity. We instructed a Crouch End conveyancing firm in 2003 but they have closed and we did not think at the time seek any advice as to whether the lease allows us to sublet. How do we find out?
Your lease dictates relations between the landlord and you the flat owner; specifically, it will say 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 permitted. The majority of leases in Crouch End do not prevent strict prohibition on subletting – such a provision would undoubtedly devalue the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
I own a basement flat in Crouch End. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the sum payable for a lease extension?
in cases where there is a missing freeholder or where there is disagreement about what the lease extension should cost, under the relevant legislation you can apply to the Leasehold Valuation Tribunal to determine the amount due.
An example of a Lease Extension decision for a Crouch End property is Flat 2A 19 Shepherds Hill in June 2014. The tribunal concluded in accordance with section 48 and schedule 13 of the Leasehold Reform,Housing and Urban Development Act (the 1993 Act) that the premium payable in respect of the grant of a new lease for the Flat be £24,303 (twenty four thousand three hundred and three pounds) This case affected 1 flat. The unexpired term was 67.85 years.
Do online conveyancing companies cover everything a local Crouch End solicitor does or must I employ a solicitor for the final stages for my conveyancing in Crouch End?
If you choose an online conveyancer they should cover all the things your Crouch End conveyancer will cover.