I plan on buying an apartment in Gidea Park. My property lawyer is not listed on the bank solicitor panel. Is it possible for me to retain my Gidea Park conveyancing solicitor notwithstanding that they are excluded from the mortgage company list of approved lawyers?
You will need to appoint a property lawyer to deal with the formalities if you take out a loan to buy your home. They will carry out all the essential investigations on the property, ensuring that you will be registered as proprietor and ensure that all the required mortgage documentation is in place. One may select a Gidea Park solicitor of your choosing. However, where the solicitor selected is not on the mortgage company approved list supplemental fees will be levied as separate legal representation will be need by the lender. Lender panel applications may be submitted, so provided your conveyancer has not historically sought membership they can do so.
Are the Gidea Park conveyancing solicitors identified as being on the Yorkshire BS conveyancing panel, together with their details provided by Yorkshire BS?
Gidea Park conveyancing firms themselves provide us confirmation that they are on the Yorkshire BS conveyancing panel as opposed to being supplied with a list from Yorkshire BS directly.
I have justfound out that Arc property Solicitors have been shut down. They carried out my conveyancing in Gidea Park for a purchase of a freehold house 12 months ago. How can I check that my home is in my name in the name of the former proprietor?
The quickest way to check if the property is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Gidea Park conveyancing specialists.
How does conveyancing in Gidea Park differ for newly converted properties?
Most buyers of new build premises in Gidea Park come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is ready to move into. This is because new home sellers in Gidea Park usually purchase 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 Gidea Park or who has acted in the same development.
Do I need to be concerned that brokers that I am dealing with are encouraging me to use an online conveyancing firm rather than a High Street Gidea Park conveyancing practice?
As is the case with many service providers, often recommendations from connections can be most helpful. But there are numerous people with a vested interest in a conveyancing matter; estate agents, mortgage brokers and lenders may recommend conveyancers to use. On occasion these lawyers might be known to one of the organisations as experts in their field, but occasionally there may be a financial incentive behind the endorsement. You are at liberty to choose your own lawyer. Don't forget that the majority of banks specify a panel list of law firms you must use for the lender aspect of your conveyancing.
I am attracted to a two flats in Gidea Park both have about fifty years left on the lease term. should I be concerned?
There are no two ways about it. A leasehold apartment in Gidea Park is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the value of the premises. For most purchasers and banks, leases with less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Gidea Park conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I own a ground floor flat in Gidea Park. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the premium payable for the purchase of the freehold?
Most definitely. We can put you in touch with a Gidea Park conveyancing firm who can help.
An example of a Lease Extension decision for a Gidea Park premises is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case related to 1 flat. The remaining number of years on the lease was 57.5 years.