Have just purchased a repossessed house at auction in Potters Bar. Conveyancing is needed. What are my next steps?
Having legally committed yourself to purchase you now have to appoint a conveyancing solicitor soon as you will have a pending a fixed date to complete the deal. An auction property will ordinarily have a corresponding auction set of papers. This will likely include the copy title deeds, local authority and drainage searches. If you have purchased leasehold property the legal papers may provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation specific to leasehold premises. You must hand this to your appointed conveyancing solicitor at the earliest opportunity. Do make sure that your finances are in place to complete on the date specified in the contract.
We were going to get a DIP from Santander 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 Santander recommend any Potters Bar solicitors on the Santander conveyancing panel, or is it better to go independently?
You will need to appoint Potters Bar solicitors independently although you'll need to choose one on the Santander conveyancing panel. The solicitor represents both you and Santander through the process.
My wife and I are spending time viewing houses in Potters Bar and I am about to put in an offer. Is it premature to have a solicitor in place? I will be getting a home loan with Leeds Building Society.
It would be advisable to instigate your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their details on to the selling agent. Given that you are taking out a mortgage with Leeds Building Society, make sure you remember to check that your lawyer is on the Leeds Building Society conveyancing panel.
Me and my brother have a 4 bedroom Georgian house in Potters Bar. Conveyancing practitioner represented me and Aldermore. I did a free Land Registry search last week and there are a couple of entries: the first freehold, the second leasehold with the matching property. I'd like to know for sure, how can I find out??
You should assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Potters Bar and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the position with the conveyancing practitioner who conducted the conveyancing.
I'm purchasing a new build house in Potters Bar with a loan from TSB. The developers refused to reduce the amount so I negotiated £7000 of additionals instead. The estate agent advised me not to tell my lawyer about the extras as it would jeopardize my loan with the bank. Do I keep my lawyer in the dark?.
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'm converting the mortgage on my existing house to a BTL mortgage with Barclays Direct and I will use the ballance of the raised equity as a deposit on a second property. The location we are looking at is Potters Bar. Will your solicitors be able to act for both sets of mortgage companies and link together the transactions?
Do use our comparison tool on this page to ensure that the conveyancers are approved by both lenders. Having checked that they are your solicitor will be able to tie up the two transactions but you should talk with you solicitor and make apparent your expectations and needs.
We are 18 days into a freehold purchase having been recommend to solicitors by the estate agent to do our conveyancing in Potters Bar. I am am starting to be dissatisfied with the level of service. Could you help me find new lawyers?
A solicitor would have to be very poor in order to consider changing them. Has your mortgage offer been generated? In the event that it has you must advise them of the replacement solicitor and have the loan are re-sent. Your conveyancer should be on the lenders approved list to avoid supplemental charges and complications. That should be your starting point. The find a solicitor tool will help you find a bank approved lawyer for your home move in Potters Bar
I am employed by a long established estate agency in Potters Bar where we see a number of leasehold sales derailed due to leases having less than 80 years remaining. I have received contradictory information from local Potters Bar conveyancing solicitors. Could you confirm whether the owner of a flat can initiate the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 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 disposal of the property.
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.
My wife and I have hit a brick wall in seeking a lease extension in Potters Bar. Can this matter be resolved via the Leasehold Valuation Tribunal?
in cases where there is a missing freeholder or where there is dispute about the premium for a lease extension, under the relevant statutes it is possible to make an application to the LVT to make a decision on the amount due.
An example of a Lease Extension case 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 term was 76 years.