My wife and I are purchasing a 1 bedroom flat in East Finchley with a mortgage. We like our East Finchley conveyancer, but the mortgage company says she’s not on their "panel". It seems we have little choice but to instruct one of the mortgage company panel solicitors or continue with our East Finchley conveyancing practitioner as well as pay for one of their panel ones to represent them. This feels very unfair; is there anything we can do?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’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. Another option that might be available is for your East Finchley conveyancing solicitor to apply to be on the conveyancing panel.
I purchased a freehold house in East Finchley yet pay rent, why is this and what is this?
It’s unusual for properties in East Finchley and has limited impact for conveyancing in East Finchley 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 date back hundreds of years, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
We are selling our flat in East Finchley. Does the conveyancing practitioner have to be required to be on the UBS conveyancing panel in order to deal with the discharge of my mortgage?
Ordinarily, even if your lawyer is not on the UBS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their specifications fairly frequently currently.
I have been on the look out for a leasehold apartment up to £305k and found one close by in East Finchley I like with amenity areas and transport links in the vicinity, the downside is that it's only got 49 years unexpired on the lease. I can't really find anything else in East Finchley in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a home loan the remaining unexpired lease term will be problematic. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of twenty four months you may request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
I need to find a conveyancing solicitor for sale conveyancing in East Finchley. I've land on a web site which looks to be the perfect offering If it is possible to get all this stuff completed via phone that would be preferable. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Please set a few of distinct benefits to selecting a high street lawyer in East Finchley
Home movers in East Finchley select a local conveyancing practitioner so that they can visit just in case they have problems, and to sign mortgage deeds rather taking the chance in relying on the post.
There is a marginal edge in opting for a conveyancer local to the property you are hoping to purchase, due to the in-depth knowledge of the locality and potential local concerns - yet this is debatable. The majority of conveyancers undertaking their work online and could be any place in the world.