At what point does exchange of contracts occur in residential conveyancing in North Finchley and do I need to attend the solicitors office?
Where you are local to our conveyancing solicitors in North Finchley you are invited in to sign documents. However, the lender approved solicitors we work with provide a nationwide conveyancing service and give just as diligent and professional a job for you when dealing with you digitally. The executing of the contract is not the point of no return. A signed contract simply enables the firm to officially exchange at the appropriate time, which is ordinarily shortly after signing. The exchange process is is usually a five minute process, although where a long "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in North Finchley)to be in the office available at the end of the phone to exchange contracts.
We are close to exchanging contracts on the sale of our house in North Finchley and according to the buyers it appears that there is a risk of it being built on contaminated land. Any local conveyancer would know that there is no such problem. It does beg the question why the purchasers instructed a web based conveyancing practice rather than a conveyancing solicitor in North Finchley. Having lived in North Finchley for 4 years we know of no issue. Is it a good idea to get in touch with our local Authority to obtain clarification that there is no issue.
It would appear that you have a conveyancing lawyer currently acting for you. Are they able to advise? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
I'm purchasing a new build house in North Finchley with a loan from TSB. The developers refused to reduce the amount so I negotiated 6k of extras instead. The property agent suggested that I not disclose to my conveyancer about this extras as it would put at risk my loan with TSB. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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 am looking for a ground for flat up to £195,000 and identified one close by in North Finchley I like with a park and station nearby, the downside is that it only has 51 years unexpired on the lease. I can't really find anything else in North Finchley in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least twenty four months you could ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
I have recently realised that I have 72 years left on my lease in North Finchley. I need to extend my lease but my freeholder is can not be found. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to track down the freeholder. For most situations an enquiry agent should be useful to carry out a search and to produce a report which can be used as evidence that the landlord can not be located. It is wise to seek advice from a conveyancer both on investigating the landlord’s disappearance and the vesting order request to the County Court covering North Finchley.
I have attempted and failed to negotiate with my landlord to extend my lease without getting anywhere. Can I make an application to the Leasehold Valuation Tribunal? Can you recommend a North Finchley conveyancing firm to represent me?
in cases where there is a missing freeholder or if there is disagreement about what the lease extension should cost, under the relevant statutes it is possible to make an application to the Leasehold Valuation Tribunal to calculate the premium.
An example of a Lease Extension decision for a North Finchley 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 related to 1 flat. The unexpired residue of the current lease was 76 years.
Being a leasehold owner I am on the hook for a service charge for my first floor flat in North Finchley. As a result of personal circumstances I slipped into arrears with remittance. I negotiated a clearance plan but there remains in the region of £3000 outstanding as of today.
I am under pressure to dispose of the property and I am panicking this may hold me back if I have to discharge the arrears first. I'd like to sell up and then repay the debt from the proceeds - is this achievable?
Do clarify with the lawyer undertaking your North Finchley conveyancing but it may be possible to agree for the debt to be passed to the purchasers. The sale price payable would be reduced to reflect the amount of debt they assume. They would then deal with the outstanding monies following completion of the sale.