We were just about to sign contracts for a semi detached house in Hornsey. We encountered a stumbling block. Our mortgage offer with Britannia expires on 29/7/2026 but the vendors are suggesting a completion date of 31/7/2026. Is it possible to prolong the mortgage offer?
The best person to address this concern is your conveyancer who should assess whether he or she is should be discussing with the bank, seller’s lawyers, property agents or indeed all three based on what has gone on in your transaction as of today.
I had intended to instruct a property lawyer in Hornsey for our house move. Our broker informed us that our bank Lloyds TSB Bank won't deal with them. Why is this not regarded as unfair competition?
Mortgage Companies tend to restrict either the category or the amount of conveyancing firms on their member panel. A common example of such restriction(s) being that a law practice must not be a sole practitioner. In addition to restricting the profile of firm, a few lenders have decided to limit the number of firms they permit to represent them. You should note that Lloyds TSB Bank have no responsibility for the quality of advice provided by any member of Lloyds TSB Bank Conveyancer Panel. Mortgage fraud was a primary driver in the rationalisation of solicitor panels a few years ago even though there are differing opinions about the level of solicitor engagement in some of that fraud. Data from the Land Registry reveal that thousands of law firms, including some in or near Hornsey only execute one or two conveyances per annum.
I used Arc property Solicitors a few years past for my conveyancing in Hornsey. I now require my file however the law firm is no longer operating. What do I do?
Do contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Hornsey of the conveyancing firm of solicitors you previously used, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Due to the input of my in-laws I had a survey completed on a property in Hornsey before instructing conveyancers. I have been informed that there is a flying freehold element to the property. Our surveyor advised that some banks may not give a mortgage on such a premises.
It varies from the lender to lender. Lloyds has different instructions from Birmingham Midshires. If you call us we can look into this further with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Hornsey. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Hornsey to see if the conveyancing will be more expensive.
How easy is it to transfer to a new solicitor as I have to instruct a firm on the Chelsea Building Society conveyancing panel. I was using a high street conveyancing solicitor in Hornsey round the corner but he is not accepted by Chelsea Building Society
It would be our pleasure to assist you select a conveyancing solicitor in Hornsey on the Chelsea Building Society panel. Please note that the solicitors that we work with do not pay us fee if you instruct them and are fully regulated by the Solicitors Regulation Authority who regulate all conveyancing solicitors in Hornsey. In utilising the find a conveyancing solicitor tool on this page, you can scrutinise fees for conveyancing solicitors in Hornsey and beyond.
I am looking at a two apartments in Hornsey which have about 50 years remaining on the lease term. should I be concerned?
There is no doubt about it. A leasehold apartment in Hornsey is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. The majority of purchasers and mortgage companies, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 property 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 Hornsey 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 am the proprietor of a ground floor flat in Hornsey. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the premium payable for a lease extension?
Most definitely. We can put you in touch with a Hornsey conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Hornsey property is 7 Aubrey Road in December 2010. By an order of the county court on 15/12/2009 the freehold interest inthe Property known as 7 Aubrey Road London N8 9HH (the Property) and registered at HM Land Registry under title number MX439124 was vested in the applicants. The Tribunal calculated that the total enfranchisement premium, assessed in accordance with Schedule 6 to the Act, was £54,633. This case was in relation to 3 flats. The unexpired lease term was 73.27 years.