Please explain the implications if my solicitor is suspended from the HSBC Conveyancing panel ahead of completing my conveyancing in Edmonton?
The first thing to point out is that, this is very unlikely to happen. 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 at a cost.
How does conveyancing in Edmonton differ for new build properties?
Most buyers of new build property in Edmonton approach us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because developers in Edmonton typically acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Edmonton or who has acted in the same development.
I have been on the look out for a ground for flat up to £245,000 and found one round the corner in Edmonton I like with amenity areas and railway links in the vicinity, however it only has 51 years unexpired on the lease. I can't really find anything else in Edmonton for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a home loan the remaining unexpired lease term may be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you could request that they start the process of the extension and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
My cousin has suggested that I appoint his conveyancing solicitors in Edmonton. Do I take his advice?
There are no two ways about it the ideal way to find a conveyancing solicitor is to get referrals from friends or family who have experience in using the firm you're considering.
I have just appointed agents to market my ground floor apartment in Edmonton. Conveyancing has not commenced, but I have recently received a yearly maintenance charge invoice – should I leave it to the buyer to sort out?
It best that you clear the maintenance contribution as usual given that all rents and service payments will be allotted as part of the financial calculations for completion monies, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I am the leaseholder of a garden flat in Edmonton. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the amount payable for a lease extension?
Most definitely. We are happy to put you in touch with a Edmonton conveyancing firm who can help.
An example of a Vesting Order and Purchase of freehold decision for a Edmonton flat is Ground Floor Flat 4A Baronet Road in February 2010. Following a vesting order by Edmonton County Court on 23rd December 2008 (case number 8ED064) the Tribunal decided that the price that the Applicant for the freehold interest should pay is £8,689.00 This case related to 2 flats. The unexpired residue of the current lease was 80.01 years.
Myself and my fiance have just had an offer accepted on a flat and had meeting on Monday with HSBC for the mortgage. They have informed us that when it comes to appointing a conveyancing practitioner that unless they are on their approved panel of property lawyers then we will have to pay out an extra charge of £250+. This is because they would then have to instruct a conveyancer to act on their behalf as well as the one we choose to act for ourselves and we will be on the hook for their invoice. I have requested HSBC to furnish me with a list so I can obtain estimates only from their approved solicitors but was told that I need to check with each individual conveyancer to see if they are on the panel. Is there a list online?
You can enquire of HSBC what their criteria for panel membership is for a conveyancer.Then ask the property lawyer of your choice whether they fit that criteria and have they acted on loans for HSBC in the past. If the answer to those is yes, then just double check with HSBC. Alternatively please make use of our search facility and we may be able to locate a conveyancing practitioner in Edmonton on the panel for HSBC.