My husband and I are looking to purchase a home in Hornsey and are in fact using a Hornsey conveyancing firm. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Birmingham Midshires have this morning contacted us to advise us that there is now an issue as our Hornsey solicitor is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is usual for the purchasers' lawyers to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Hornsey solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Our son is buying a newly built flat in Hornsey with a mortgage from Lloyds. His lawyer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Lloyds conveyancing panel as a standard part of the process, and to the valuer when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Lloyds conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Can I use your services to recommend a Conveyancing solicitor in Hornsey even where I’m not buying or selling a house, for instance where I want to acquire a shop in Hornsey with a loan from Leeds Building Society?
Our comparison service is predominantly there to find residential conveyancing solicitors in Hornsey but we have recorded at the end of this page a few Hornsey commercial conveyancing firms. You should speak with the solicitors directly to check if they can also act for Leeds Building Society
Are there restrictive covenants that are commonly picked up during conveyancing in Hornsey?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Hornsey. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I opted to have a survey carried out on a house in Hornsey ahead of retaining lawyers. I have been informed that there is a flying freehold overhang to the property. The surveyor advised that some banks may refuse to grant a mortgage on this type of property.
It varies from the lender to lender. Santander has different requirements for example to Birmingham Midshires. If you e-mail us we can check via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Hornsey. Conveyancing will be smoother if you use a solicitor in Hornsey especially if they are acquainted with such properties in Hornsey.
Estate agents have just been given the go-ahead to market my ground floor flat in Hornsey. Conveyancing is yet to be initiated, but I have just had a quarterly maintenance charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should pay the service charge as usual because all rents and service payments will be allotted on completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I have tried to negotiate informally with with my landlord for a lease extension without success. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a Hornsey conveyancing firm to help?
Absolutely. We are happy to put you in touch with a Hornsey conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Hornsey flat 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 affected 3 flats. The unexpired term was 73.27 years.