My grandfather 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 £8000. I want to transfer the title deeds into my name whilst I re-mortgage to Co-operative, pay off the mortgage. Is this allowed?
If you plan to refinance then Co-operative will require that you use a conveyancer on the Co-operative 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 Co-operative 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 Co-operative mortgage is registered as a charge at the Land Registry.
This question may be naive but I am new to the home buying as a 1st time purchaser of a ground floor flat in Finsbury Park. Do I collect the keys to the premises on the completion date from my lawyer? If this is the case, I will use a High Street conveyancing solicitor in Finsbury Park?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will electronically transfer the purchase money to the owner’s lawyers, and once they have received this, you will be invited to collect the keys from the Estate Agents and start moving into the property. Usually this occurs between 1 and 3pm.
I am due to move house in August. Will my conveyancing solicitor liaise with the removal company on the day of completion. As an aside, can you suggest a removal company in Finsbury Park. Conveyancing firm was found prior to coming across this page.
On the day of completion you can collect the keys from the estate agent however this should only occur after the vendors conveyancers inform the agent that the monies to complete are in and the keys can be passed over. You should inform the removal company that they can start moving you in. We are not in a position to suggest a particular removal company but can help you locate a conveyancing in Finsbury Park or a legal practice with expertise in conveyancing in Finsbury Park.
The mortgage over my property is with Skipton for my property in Finsbury Park. Conveyancing has been completed a year ago. Should I wish 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 Skipton?
Your original mortgage agreement with Skipton will provide that you need their approval prior to letting out your property as this is likely to be a breach of Skipton’s mortgage conditions. In many cases banks or building societies 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 Skipton directly. You need not do this via a Skipton conveyancing panel solicitor.
I purchased a semi-detached Edwardian property in Finsbury Park. Conveyancing lawyer acted for me and The Mortgage Works. I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, another for leasehold with the exact same property. Is it worth asking The Mortgage Works to clarify?
You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Finsbury Park and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the situation with the conveyancing lawyer who conducted the conveyancing.
I'm purchasing my first flat in Finsbury Park with the aid of help to buy. The developers refused to budge the price so I negotiated 6k of extras instead. The house builders rep advised me not to tell my conveyancer about the deal as it would affect my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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.
In what way does the Landlord & Tenant Act 1954 affect my business offices in Finsbury Park and how can your lawyers assist?
The 1954 Act provides a safeguard to business lessees, granting the legal entitlement to apply to court for a renewal lease and continue in occupation when the lease comes to an end. There are limited grounds where a landlord can refuse a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing practices who use the act to your advantage and help with commercial conveyancing in Finsbury Park
I work for a long established estate agency in Finsbury Park where we see a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given contradictory information from local Finsbury Park conveyancing firms. Could you confirm whether the vendor of a flat can commence the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I have attempted and failed to negotiate with my landlord for a lease extension without getting anywhere. Can a leaseholder apply to the Leasehold Valuation Tribunal? Can you recommend a Finsbury Park conveyancing firm to act on my behalf?
You certainly can. We can put you in touch with a Finsbury Park conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Finsbury Park flat 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 lease term was 71 years.