My fiance and I are looking to purchase a house in North Finchley and have appointed a North Finchley conveyancing firm. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Britannia have this morning contacted us to inform me that they have now hit a problem as our North Finchley solicitor is not on their conveyancing panel. Is this a problem?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' solicitors to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your lender 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 the bank's conveyancing panel as you are at liberty to use your preferred North Finchley lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
I own a freehold property in North Finchley but still invoiced for rent, why is this and what is this?
It is rare for properties in North Finchley and has limited impact for conveyancing in North Finchley 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 have existed for hundreds of years, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
My Conveyancer in North Finchley has never been on on the Skipton Building Society Conveyancing Panel. Is it possible for me to use my prefered solicitor even though they are excluded from the Skipton Building Society panel of approved conveyancing solicitors?
Your options are as follows:
- Carry on with your existing North Finchley solicitors but Skipton Building Society will need to use a conveyancer on their panel. This will result in additional total legal charges as well as cause delays.
- Get a new practitioner to to deal with the conveyancing, not forgetting to check they are on the Skipton Building Society panel
When it comes to lenders such as Coventry BS, do North Finchley conveyancing practitioners incur an annual charge to be on the conveyancing panel?
We are not aware of any bank fees to register on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
We were going to get a DIP from Virgin Money this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Virgin Money recommend any North Finchley solicitors on the Virgin Money conveyancing panel, or is it better to go independently?
You will need to appoint North Finchley solicitors independently although you'll need to choose one on the Virgin Money conveyancing panel. The solicitor represents both you and Virgin Money through the process.
After shopping around on the internet I have found a North Finchley solicitor having checked that they are on the UBS conveyancing panel. Does my lawyer arrange the survey of the property?
UBS will need an independent valuation of the property. Your lawyer will not arrange this. Usually UBS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own North Finchley surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
What does commercial conveyancing in North Finchley cover?
North Finchley conveyancing for business premises incorporates a broad range of guidance, offered by qualified solicitors, relating to business premises. For instance, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.
I am a negotiator for a long established estate agency in North Finchley where we have experienced a few flat sales jeopardised due to leases having less than 80 years remaining. I have been given contradictory information from local North Finchley conveyancing solicitors. Can you clarify whether the owner of a flat can start the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Following months of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in North Finchley. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
You certainly can. We can put you in touch with a North Finchley conveyancing firm who can help.
An example of a Lease Extension decision for a North Finchley 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 was in relation to 1 flat. The unexpired term as at the valuation date was 76 years.