We are purchasing a 1 bedroom flat in Gidea Park with a mortgage. We would like to retain our Gidea Park conveyancer, however the mortgage company says she’s not on their "panel". We have to appoint one of the bank panel solicitors or retain our Gidea Park conveyancing practitioner and pay for one of their panel ones to act for them. This seems very unfair; are we not able to insist that the mortgage company use our Gidea Park conveyancer ?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: 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. A further alternative is for your Gidea Park conveyancing lawyer to apply to be on the conveyancing panel.
The sellers of the home we are looking to purchase have instructed a conveyancing firm in Gidea Park who has suggested a lock out contract with a down payment of 5k. Are such agreements generally advanced for Gidea Park conveyancing transactions?
There are a couple of main concerns with signing a lock out contract (also referred to as an exclusivity agreement) is that it diverts attention away from making progress with the conveyancing work, so in the absence of it needing limited or no negotiation then it may transpire to be unhelpful. It is not strongly advocated by Gidea Park conveyancing solicitors for this reason. A supplemental issue is the extent of the remedies available - a jilted purchaser is extremely unlikely to obtain an injunction to stop the seller selling to a third party, so the only remedy available under the contract will be the recovery of abortive charges and, in limited scenarios, the additional payment of damages.
I am the registered owner of a freehold property in Gidea Park yet invoiced for rent, why is this and what is this?
It’s unusual for properties in Gidea Park and has limited impact for conveyancing in Gidea Park but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the generation of new rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
My house in Gidea Park is up for sale and I have a purchaser. Will the conveyancing practitioner have to be required to be on the Clydesdale conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Clydesdale conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently in recent years.
We are selling our house in Gidea Park and according to the buyers it appears that there is a risk of it being built on contaminated land. A high street Gidea Park lawyer would know that there is no such problem. For the life of me I don't know why the buyers used a web based conveyancing practice as opposed to a conveyancing solicitor in Gidea Park. We have lived in Gidea Park for three years we know of no issue. Do we contact our local Authority to seek clarification that the buyers are looking for.
It sounds as though you may have a conveyancing lawyer already. What do they say? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
I've recently bought a leasehold flat in Gidea Park. Do I have any liability for service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I have given up trying to purchase the freehold in Gidea Park. Can this matter be resolved via the Leasehold Valuation Tribunal?
Absolutely. 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 residence 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 affected 1 flat. The number of years remaining on the existing lease(s) was 57.5 years.