We're in New Barnet, First time buyers buying with a mortgage (lender is Yorkshire BS , and our solicitor is on the Yorkshire BS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Yorkshire BS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
My wife and I own a 4 bedroom Georgian property in New Barnet. Conveyancing practitioner acted for me and Santander. I happened to do a free search for it on the Land Registry database and I saw two entries: the first freehold, another for leasehold under the matching property. I'd like to know for sure, how can I find out??
You need to read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in New Barnet and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the position with the conveyancing solicitor who conducted the conveyancing.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and found one near me in New Barnet I like with a park and railway links in the vicinity, the downside is that it only has 51 years unexpired on the lease. I can't really find anything else in New Barnet suitable, so just wondered if I would be making a mistake purchasing a short lease?
If you require a home loan that many years will be an issue. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you could request that they start the process of the extension and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
Do I need to be suspicious that estate agents that I am dealing with are recommending an online conveyancing firm rather than a High Street New Barnet conveyancing firm?
As with many professional services, often input from family and friends can be worth their weight in gold. Nevertheless there are numerous players in a conveyancing matter; estate agents, mortgage brokers and lenders may suggest conveyancers to choose. On occasion the solicitors might be known to one of the organisations as experts in their field, but occasionally there is an underlying commercial relationship behind the recommendation. You have the discretion to appoint your own lawyer. Don't forget that many mortgage providers operate an approved list of law firms you are obliged to use for the lender related work in your conveyancing.
What are your top tips when it comes to appointing a New Barnet conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a New Barnet conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggest that you speak with several firms including non New Barnet conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be helpful:
-
Can they put you in touch with clients in New Barnet who can give a testimonial? What volume of lease extensions has the firm conducted in New Barnet in the last twenty four months?
I have attempted and failed to negotiate with my landlord to extend my lease without success. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a New Barnet conveyancing firm to represent me?
Most certainly. We can put you in touch with a New Barnet conveyancing firm who can help.
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 related to 1 flat. The number of years remaining on the existing lease(s) was 76 years.
My wife and I are acquiring a ground floor flat in New Barnet. At the time of instructing our lawyer, they told us that they were on all major UK bank panels. Our financial adviser emailed yesterday to advise that they are not on the HSBC approved list. If it turns out to be true, what should we do? Should we simply pick a new conveyancing practitioner that is on their approved list or should we pay for dual representation, with HSBC appointing their own preferred conveyancer.
When purchasing a property with mortgage finance it is standard for the purchaser’s solicitors to also act for the purchaser's lender. In order to act for a bank or building society a conveyancing practitioner has to be on that lender's list of approved lawyers. An application has to be made by the conveyancer to the lender to become a member of the lender's panel and there are increasingly strict criteria which the property lawyer has to satisfy. Some lenders now require their panel firms to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact HSBC and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on HSBC's conveyancing panel and you may continue to use your own New Barnet solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.