I have been told that property searches are the primary cause of delay in Potters Bar house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not feature amongst the common causes of delays in the conveyancing process. Local searches are unlikely to feature in any holding up conveyancing in Potters Bar.
I am buying my first flat in Potters Bar with a loan from Accord Mortgages Ltd. The developers would not reduce the amount so I negotiated £7000 of fixtures and fittings instead. The property agent suggested that I not reveal to my conveyancer about the deal as it will impact 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've recently found out that there is a flying freehold issue on a property I have offered on last month in what was supposed to be a quick, no chain conveyancing. Potters Bar is where the house is located. Can you shed any light on this issue?
Flying freeholds in Potters Bar are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Potters Bar you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Potters Bar may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
In what way can the Landlord & Tenant Act 1954 affect my business premises in Potters Bar and how can you help?
The particular law that you refer to gives a safeguard to commercial leaseholders, granting the right to make a request to court for a new tenancy and remain in occupation at the end of an expired lease. There are certain specified grounds where a landlord can refuse a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Potters Bar is one of the hundreds of locations in which our lawyers have offices
I need to find a conveyancing solicitor for freehold conveyancing in Potters Bar. I happened to discover a web site which seems to have the perfect solution If there is a chance to get all this stuff completed via web that would be preferable. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am looking at a two maisonettes in Potters Bar which have about 50 years remaining on the leases. Will this present a problem?
There is no doubt about it. A leasehold flat in Potters Bar is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the marketability of the premises. The majority of purchasers and lenders, leases with less than 75 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 premises 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 Potters Bar 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.
I am the leaseholder of a garden flat in Potters Bar. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the sum payable for the purchase of the freehold?
Where there is a absentee freeholder or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to arrive at the premium.
An example of a Lease Extension matter before the tribunal for a Potters Bar 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 affected 1 flat. The unexpired term was 76 years.