We are purchasing a flat in Potters Bar. It might be a silly question but how we can trust a conveyancer? On the day of competition we will need to send funds into their account. What is the protection we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
We are getting the release of further monies on our home loan from HSBC as we intend to carry out a loft conversion to our house in Potters Bar. Are we obliged to choose a local Potters Bar solicitor on the HSBC conveyancing panel to handle the legals?
HSBC don't usually appoint firms on their conveyancing panel to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the HSBC panel.
I can not fathom if my lender requires a lease extension. I have called into my local Potters Bar building society branch on various occasions and was advised it wasn't a problem and they would lend. My Potters Bar conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Provided that the property lawyer is on the lender approved list, she or he must follow the Council of Mortgage Lenders’ Handbook requirements 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 left on the lease.
How does conveyancing in Potters Bar differ for newly converted properties?
Most buyers of new build or newly converted property in Potters Bar approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is built. This is because developers in Potters Bar usually buy 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 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 Potters Bar or who has acted in the same development.
Due to the advice of my in-laws I had a survey completed on a property in Potters Bar prior to instructing conveyancers. I have been informed that there is a flying freehold element to the property. Our surveyor has said that some lenders may not grant a mortgage on a flying freehold house.
It depends who your proposed lender is. HSBC has different instructions for example to Halifax. If you e-mail us we can look into this further via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Potters Bar. Conveyancing will be smoother if you use a solicitor in Potters Bar especially if they regularly deal with such properties in Potters Bar.
I am using a search engine for the phrase on line conveyancing in Potters Bar it shows results of numerous property lawyerslocally. How do I determine which is the right property lawyer for my move?
The preferential method of choosing the right conveyancer is through a personal testimonial, so seek the counsel of friends and family who have bought a property in Potters Bar or the reputable estate agent or financial adviser. Fees for conveyancing in Potters Bar differ, so it's advisable to obtain a minimum of four quotes from different solicitors. Dont forget to clarify that the costs are assured not to to be inflated.
Do you have any top tips for leasehold conveyancing in Potters Bar with the purpose of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Potters Bar can be reduced where you get in touch lawyers the minute you market your property and ask them to collate the leasehold information which will be required by the purchasers’ representatives. If there is a history of conflict with your landlord or managing agents it is very important that these are settled before the property is marketed. The buyers and their solicitors will be nervous about purchasing a flat where there is an ongoing dispute. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is better to present the dispute as over rather than unresolved. In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Most leases in Potters Bar state that internal structural changes or laying down wooden flooring require a licence from the Landlord acquiescing to such works. If you dont have the consents in place do not communicate with the landlord without contacting your conveyancer in advance. You may think that you are aware of the number of years remaining on your lease but it would be wise to verify this by asking your solicitors. A buyer’s lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is less than 80 years. In the circumstances it is important at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.
I am the leaseholder of a basement flat in Potters Bar. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the premium due for a lease extension?
in cases where there is a absentee landlord or if there is dispute about the premium for a lease extension, under the relevant legislation you can apply to the LVT to arrive at the sum to be paid.
An example of a Lease Extension matter before the tribunal for a Potters Bar residence 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 lease term was 76 years.
What is the best way to find the right lawyer for my conveyancing in Potters Bar ?
First ask the people you trust who they would recommend. Option 2 is to use a search tool on the internet for conveyancing in Potters Bar. Phone a couple or more firms from the list and ask them to email you their conveyancing quote and speak to the lawyer who will conduct your conveyancing before you commit. Third is to use this site to help you find the right lawyers for you based on your unique requirements including location,speed, complexity and who your intended mortgage company is.Resist the temptation to appoint lowest cost conveyancing solicitors in Potters Bar