The housing market in Enfield is hotting up. What can be done to hasten the conveyancing process?
First, If the seller is applying time constraints for your conveyancing it is highly recommended that your conveyancer is familiar with the area as they will have local relationships and knowledge. It is even conceivable that they may have transacted otherproperties in the same road. Therefore consider using a Enfield conveyancing firm. In addition, double check that the conveyancing firm is on the on the approved list for your mortgage company. It is said that 18% of Enfield conveyancing deals are delayed or derailed after discovering a purchaser’s lawyer was not on their banks panel. In many cases this discovery resulted in the transaction being delayed by almost 21 days. It is understood that this issue impacts in the region of 100,000 home moves every year. Most Enfield conveyancing practices can not represent certain lenders so do check at the outset.
How does conveyancing in Enfield differ for new build properties?
Most buyers of new build property in Enfield contact us having been asked by the seller to exchange contracts and commit to the purchase even before the property is built. This is because house builders in Enfield typically acquire the real estate, 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 conveyancers 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 Enfield or who has acted in the same development.
Is it possible to swap firm as I have to appoint one who is on the Aldermore conveyancing panel. I instructed a local conveyancing solicitor in Enfield round the corner but she is not approved by Aldermore
We will our best to assist in finding you a conveyancing solicitor in Enfield on the Aldermore panel. Please note that the law firms that we work with do not pay us a referral fee if you instruct them and are fully regulated by the SRA who oversee all conveyancing solicitors in Enfield. In making use of search facility on this website, you can contrast fees for conveyancing solicitors in Enfield and beyond.
We're novice buyers - had an offer accepted, yet the agent informed us that the vendor will only issue a contract if we instruct the agent's chosen lawyers as they are insisting on an ‘expedited deal’. Our preferred option is to instruct a family conveyancer accustomed to conveyancing in Enfield
It is improbable the vendors are behind this. Should the seller want ‘a quick sale', alienating a serious buyer is not the way to achieve this. Speak to the vendors direct and make the point that (a)you are keen to buy (b)you are excited to move forward, with finances in place © you are unencumbered (d) you wish to move quickly (e)but you intend to appoint your preferred Enfield conveyancing firm - not the ones that will give the negotiator at the agency a kickback or achieve conveyancing thresholds set by head office.
Can you provide any top tips for leasehold conveyancing in Enfield with the aim of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Enfield can be reduced if you appoint lawyers the minute you market your property and request that they start to collate the leasehold information which will be required by the purchasers’ conveyancers. If there is a history of any disputes with your freeholder or managing agents it is essential that these are resolved prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is better to present the dispute as historic rather than unresolved. In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Enfield leases often stipulate that internal structural changes or addition of wooden flooring necessitate a licence issued by the Landlord approving such changes. If you dont have the consents in place you should not communicate with the landlord without contacting your solicitor in advance. The majority of freeholders or managing agents in Enfield charge for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Enfield. You believe that you know the number of years remaining on your lease but it would be wise to verify this by asking your solicitors. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the lease term is less than 75 years. In the circumstances it is important at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.
Despite our best efforts, we have been unsuccessful in trying to purchase the freehold in Enfield. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Where there is a missing freeholder or where there is disagreement about the premium for a lease extension, under the relevant legislation it is possible to make an application to the First-tier Tribunal (Property Chamber) to determine the price payable.
An example of a Lease Extension case for a Enfield 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 unexpired residue of the current lease was 81.79 years.
My fiance and I are purchasing a four bedroom first floor flatin Enfield with a home loan from a bank. We have selected a lawyer in Enfield yet our lender inform us now that he's not on their "panel". Apparently we need to choose from the our mortgage company panel firms or stay with our Enfield solicitor and incur the extra legals for one of their panel ones to represent them. We feel as though this is unjust; Can we not simply insist that our lender use our Enfield lawyer?
Unfortunately,no. The mortgage company mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the mortgage company's conveyancing panel. in the past, most banks had open panels, including almost all conveyancing solicitors in Enfield : 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 lawyer to apply to be on the conveyancing panel for your bank.