The Finsbury Park conveyancing firm handling our Finsbury Park conveyancing has spotted a difference between the surveyor’s assumptions in the valuation survey and what is in the conveyancing documents. My lawyer says that he is duty bound to check that the bank is happy with this discrepancy and is content to go ahead. Is my solicitor’s course or action right?
Your property lawyer must comply with the UK Finance Lenders’ Handbook requirements 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 you.
Is there a reason why leasehold purchase conveyancing in Finsbury Park costs more?
Finsbury Park leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving relevant notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
My aunt passed away last year and as sole heir and executor I was left the house in Finsbury Park. The house had a small mortgage remaining of approximately £5k. I want to have the title changed into my name whilst I re-mortgage to Lloyds, pay off the mortgage. Is this possible?
Given you plan to refinance then Lloyds will require that you use a conveyancer on the Lloyds conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Lloyds conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Lloyds mortgage is registered as a charge at the Land Registry.
Forgive me if this question is silly but I am wet behind the ears as FTB of a ground floor flat in Finsbury Park. Do I collect the keys to the property on the completion date from my conveyancer? If so, I will instruct a local conveyancing solicitor in Finsbury Park?
On the day of completion you do not need to attend the conveyancers office in Finsbury Park. Conveyancing lawyers for you will electronically transfer the completion advance to the vendor’s lawyers, and shortly after the monies have arrived, you will be invited to receive the keys from the Estate Agents and move into your new home. Usually this happens early afternoon.
I am planning to move property in July. Will my conveyancing solicitor call the removal company on the completion day. As an aside, can you suggest a removal company in Finsbury Park. Conveyancing lawyer was chosen prior to coming across this website.
On the afternoon of completion you will need to pick up the house keys from your selling agent but this can only occur once the previous owners lawyers advise the agent that they acknowledge receipt of the completion payment and the keys can be released. Subsequently you should advise the removal men that you are ready to move in. As a matter of policy we do not suggest a particular removal organisation but can help you find a conveyancing in Finsbury Park or a legal practice with expertise in conveyancing in Finsbury Park.
I currently have a mortgage with HSBC for my property in Finsbury Park. Conveyancing has been completed months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform HSBC?
You must advise HSBC before letting out your property as this is likely to be a breach of HSBC’s mortgage conditions. It may be that HSBC will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact HSBC directly. You need not do this via a HSBC conveyancing panel firm.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on a fortnight ago in what was supposed to be a simple, no chain conveyancing. Finsbury Park is the location of the property. What do you suggest?
Flying freeholds in Finsbury Park are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Finsbury Park you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Finsbury Park may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I have tried to negotiate informally with with my landlord to extend my lease without getting anywhere. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Finsbury Park conveyancing firm to assist?
Most definitely. We can put you in touch with a Finsbury Park conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Finsbury Park property is 51 Lorne Road in November 2009. The price Payable as decided by the tribunal for the freehold reversion was £27,000. The valuation follows the order of the County Court made on 3 April 2008 granting a vesting order. This case related to 1 flat. The unexpired residue of the current lease was 71 years.
Are there common problems that you see in leases for Finsbury Park properties?
Leasehold conveyancing in Finsbury Park is not unique. All leases are unique and legal mistakes in the legal wording can result in certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:
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Service charge per centages that don't add up correctly leaving a shortfall A duty to insure the building
You will have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Skipton Building Society, and Bank of Ireland all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to withdraw.