I own a freehold residence in New Barnet but nevertheless pay rent, why is this and what is this?
It is rare for properties in New Barnet and has limited impact for conveyancing in New Barnet 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 many centuries, but the Rent Charge Act 1977 barred the generation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished 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 husband and I are buying a purpose built flat in New Barnet with a mortgage from Nottingham Building Society.We have a New Barnet conveyancing lawyer but Nottingham Building Society says his firm is not on their "panel". It seems we are left with no choice but to instruct a Nottingham Building Society panel solicitor or keep our high street solicitor and fork out for a Nottingham Building Society panel lawyer to represent them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The loan issued to you contains terms and conditions, one of which will be that solicitors will be on the Nottingham Building Society conveyancing panel. Until recently, most mortgage companies had large numbers of law firms on their panels: a borrower could find 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. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Nottingham Building Society
I have recentlydiscovered that Stirling Law have been shut down. They conducted my conveyancing in New Barnet for a purchase of a leasehold flat 9 months ago. How can I check that the property is in my name in the name of the previous owner?
The quickest way to see if the premises is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of New Barnet conveyancing specialists.
How does conveyancing in New Barnet differ for newly converted properties?
Most buyers of new build premises in New Barnet contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is finished. This is because house builders in New Barnet typically acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in New Barnet or who has acted in the same development.
I have just started marketing my garden flat in New Barnet. Conveyancing solicitors are to be appointed soon, but I have just had a quarterly service charge invoice – what should I do?
It best that you discharge the maintenance contribution as you normally would as all ground rent and maintenance payments will be allotted on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless 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. This will smooth the conveyancing process.
I have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a New Barnet conveyancing firm to assist?
Absolutely. We can put you in touch with a New Barnet conveyancing firm who can help.
An example of a Lease Extension case for a New Barnet flat 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 was in relation to 1 flat. The unexpired lease term was 76 years.
I have instructed a New Barnet conveyancing solicitor for our home move (FTB’s) and have picked up in the Ts and Cs that they are not governed by the Financial Conduct Authority. Am I right to be worried or is that standard with property lawyer?
We can't see why they should be. Most property lawyer don't lend money. They should be regulated by the SRA, who dictate specific rules in place on funds held by them.