Am I correct in assuming that the fact that my solicitor in New Barnet is not on my lender's conveyancing panel that there is a problem with the standard of the firm’s conveyancing?
It would be unwise to jump to that conclusion. There are all sorts of perfectly plausible explanations. Just recently a report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should contact the New Barnet conveyancing firm and enquire why they are no longer on the approved list for your bank.
My partner and I are only a couple days away from an exchange on a house in New Barnet and my mum and dad have transferred the exchange deposit to my solicitor. I am now told that as the deposit has not arrived from me my lawyer needs to make a notification to my mortgage company. Apparently, in also acting for the lender he must advise them that the balance of the purchase price is coming from anyone other than me. I informed the bank concerning my parents' contribution when I applied for the home loan, so is it really necessary for this now to be an issue?
The property lawyer is duty bound to clarify with mortgage company to ensure that they know that the balance of the purchase price is not from your own funds. The solicitor can only report this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
I purchased a freehold house in New Barnet but nevertheless invoiced for rent, why is this and what is this?
It’s unusual 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 extinguished.
Forgive me if this question is silly but I am new to the home buying as FTB of a ground floor flat in New Barnet. Do I pick up the keys to the property on the completion date from my lawyer? If this is the case, I will find a local conveyancing solicitor in New Barnet?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will transfer the purchase money to the owner’s lawyers, and shortly after the monies have arrived, you should be called to receive the keys from the selling Agents and move into your new home. This tends to happen between 1 and 3pm.
The formalities of my remortgage has taken place for my property in New Barnet. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
All lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Department at head office. Ordinarily complaints to a lender are sorted out effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
I can not fathom if my mortgage offer requires a lease extension. I have called into my local New Barnet building society branch on various occasions and was reassured it wasn't a problem and they would lend. My New Barnet conveyancing solicitor - who is on the bank conveyancing panel- called and was told they would not lend based on their specific requirements. I simply don't know who is right.
Provided that the property lawyer is on the mortgage company approved list, she or he must follow the Council of Mortgage Lenders’ Handbook specifications for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
I'm buying a new build house in New Barnet benefiting from help to buy. The developers refused to move on the price so I negotiated £7000 of fixtures and fittings instead. The house builders rep suggested that I not inform my solicitor about this deal as it may affect my mortgage with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I have had difficulty in trying to purchase the freehold in New Barnet. Can the Leasehold Valuation Tribunal adjudicate on premiums?
if there is a missing landlord or where there is disagreement about what the lease extension should cost, under the relevant statutes you can apply to the LVT to assess the premium.
An example of a Lease Extension matter before the tribunal for a New Barnet premises 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 remaining number of years on the lease was 76 years.
What makes a New Barnet lease defective?
There is nothing unique about leasehold conveyancing in New Barnet. All leases are individual and drafting errors can result in certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:
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Insurance obligations
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Chelsea Building Society, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to pull out.