Unfortunately I am unable to travel far from New Barnet. Is there a reason why all New Barnet solicitors aren't automatically on all mortgage company panels?
Mortgage companies point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud annually.The elimination of law firms from lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for mortgage companies to review their conveyancing panels, which kicked off a major policy change in the sector. It resulted in mortgage companies removing less reputable firms off their books of approved solicitors .
Why do I have to pay up front for conveyancing in New Barnet?
Where you are retaining lawyers for conveyancing in New Barnet your solicitor will ask you place them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. If any down payment is as part of the total price then this will be needed immediately ahead of exchange of contracts. The closing balance that is due should be sent to your lawyer a few days ahead of the day of completion.
My lawyer in New Barnet is not listed on the Norwich and Peterborough Building Society Approved Panel. Is it possible for me to continue with my prefered solicitor notwithstanding that they are excluded from the Norwich and Peterborough Building Society approved list?
The limited options open to you here include:
- Complete the purchase with your preferred New Barnet lawyers but Norwich and Peterborough Building Society will need to instruct a conveyancer on their list of acceptable firms. This will result in additional overall legal charges and cause frustration.
- Get a new lawyer to to deal with the conveyancing, not forgetting to check they are Persuade your conveyancer to do everything within their powers to join the Norwich and Peterborough Building Society conveyancing panel
What can a local search reveal regarding the house I am purchasing in New Barnet?
New Barnet conveyancing often starts with the ordering local authority searches directly from your local Authority or through a personal search organisations for example Xpress Legal The local search is essential in every New Barnet conveyancing purchase; as long as you don’t want any unpleasant surprises after you move into your new home. The search will provide information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject headings.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on two weeks back in what was supposed to be a simple, chain free conveyancing. New Barnet is the location of the property. Can you shed any light on this issue?
Flying freeholds in New Barnet are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside New Barnet you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in New Barnet may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I am in need of some leasehold conveyancing in New Barnet. Before I set the wheels in motion I would like to find out the unexpired term of the lease.
If the lease is recorded at the land registry - and almost all are in New Barnet - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
My wife and I have hit a brick wall in trying to reach an agreement for a lease extension in New Barnet. Can this matter be resolved via the Leasehold Valuation Tribunal?
Where there is a absentee freeholder or where there is dispute about the premium for a lease extension, under the relevant legislation it is possible to make an application to the LVT to determine the amount due.
An example of a Lease Extension matter before the tribunal for a New Barnet property is Flat 2 2 Netherfield Road in April 2010. The Tribunale held that premium payable for a 90 year extension to the existing Lease should be £7,705. This case affected 1 flat. The number of years remaining on the existing lease(s) was 76 years.