I am in a contract race with another buyer for a property in Palmers Green. What can I do to accelerate the legal process?
In the event that the seller is applying a tight deadline to complete it is advisable to make sure that your lawyer is familiar with the location as they will have local contacts and insight. It is even conceivable that they may have handled previousproperties in the same street. You would be best advised to use a Palmers Green conveyancing lawyer. In addition, double check that the lawyer is on the on the approved list for your mortgage company. It is estimated that nearly one in five of Palmers Green conveyancing transactions are delayed or jeopardised after discovering a purchaser’s conveyancer was not on their mortgage lender’s member panel. In many cases this discovery resulted in the conveyancing being held up by as much as three weeks. It is estimated that this issue impacts in the region of one hundred thousand home sales every year. Most Palmers Green conveyancing firms can not act for certain banks so do check at the outset.
We have agreed to purchase a house in Palmers Green. A rare aspect is that the roof has a solar panel. RBS have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is RBS your lawyer must comply with the conveyancing requirements contained in Part 2 of UK Finance Lenders’ Handbook for RBS. The CML Handbook includes minimum conditions for solar panel roof-space leases, and property lawyers are required to report to RBS where a lease does not meet these conditions. The specifications relate to the installation of panels on properties nationwide and is not isolated to Palmers Green.
I have paid off my mortgage with Co-operative. I assume I don't need a Palmers Green property lawyer on the Co-operative panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Co-operative mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Co-operative mortgage from the register. Co-operative, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Co-operative has sent the Land Registry the discharge electronically, and
- Co-operative has instructed the Land Registry to do so
I am currently in the process of buying my council flat in Palmers Green. I have a mortgage agreed with Coventry BS. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Coventry BS, you will need to appoint a solicitor on the Coventry BS conveyancing panel.
How does conveyancing in Palmers Green differ for newly converted properties?
Most buyers of new build premises in Palmers Green contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is completed. This is because house builders in Palmers Green tend to buy the real estate, 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 conveyancing solicitors 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 used to new build conveyancing in Palmers Green or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £305k and found one near me in Palmers Green I like with amenity areas and transport links nearby, the downside is that it only has 52 remaining years left on the lease. There is not much else in Palmers Green in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a mortgage that many years will likely be an issue. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of 2 years 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 existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.
My husband and I are new to the buying process - agreed a price, but the property agent advised that the vendor will only move forward if we use the agent's preferred solicitors as they want a ‘quick sale’. We would rather use a high street conveyancer used to conveyancing in Palmers Green
We suspect that the seller is unaware of this ultimatum. If they want ‘a quick sale', turning down a genuine buyer is not the way to achieve this. Speak to the owners direct and explain that (a)you are keen to buy (b)you are excited to move forward, with finances arranged © you do not need to sell (d) you wish to move quickly (e)but you are going to instruct your own,trusted Palmers Green conveyancing firm - as opposed tothose that will earn the negotiator at the agency a referral fee or achieve conveyancing thresholds demanded by HQ.
I am tempted by the attractive purchase price for a two apartments in Palmers Green which have about 50 years left on the lease term. Will this present a problem?
There is no doubt about it. A leasehold apartment in Palmers Green is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. The majority of buyers and mortgage companies, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Palmers Green conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Notwithstanding our best efforts, we have been unsuccessful in trying to purchase the freehold in Palmers Green. Can the Leasehold Valuation Tribunal adjudicate on premiums?
if there is a missing landlord or if there is dispute about the premium for a lease extension, under the relevant legislation it is possible to make an application to the LVT to determine the sum to be paid.
An example of a Lease Extension matter before the tribunal for a Palmers Green premises is First Floor Flat 109 Lyndhurst Road in May 2010. Following a vesting order by Edmonton County Court on 29th October 2009 the Tribunal decided on a figure of £5,012 for a lease extension. This case was in relation to 1 flat. The remaining number of years on the lease was 81.79 years.