I am nearing exchange of contracts for my house in Seven Sisters and the EA has just called to say that the purchasers are changing their property lawyer. I am told that this is due to the fact that the mortgage company will only engage with property lawyers on their approved list. On what basis would a major lender only engage with certain lawyers rather the firm that they want to appoint for their conveyancing in Seven Sisters ?
Banks have always had an approved set of law firms that can represent them, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Banks blame a rise in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are not going to have any impact on this.
Me and my wife are purchasing our first house. Our lawyer has e-mailedto check if we wish to purchase additional conveyancing searches. We are really unsure what's needed for conveyancing in Seven Sisters
The range of Seven Sisters conveyancing searches depends primarily on the premises, the location, the likelihood of any of these risks, your knowledge of the region and risks, your overall appetite to risk. What matters is that you properly understand what information the searches could supply. Then you can decide if you consider that you need that information. Should you be uncertain, ask the property lawyer to provide guidance.
My wife and I are purchasing a apartment in Seven Sisters. I might seem paranoid but how we can trust a solicitor? At some point we will need to send money into their account. What protection do 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.
A relative informed me that in buying a property in Seven Sisters there could be various restrictions preventing external changes to the property. Is this right?
There are a number of properties in Seven Sisters which have some sort of restriction or requirement of consent to carry out external alterations. Part of the conveyancing in Seven Sisters should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I am purchasing a property in Seven Sisters. A rare aspect is that the roof has a solar panel. Aldermore have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Aldermore your lawyer must check the formal instructions outlined in Part two of UK Finance Lenders’ Handbook for Aldermore. The CML Handbook contains minimum conditions for solar panel roof-space leases, and solicitors are required to report to Aldermore where a lease fails to meet these conditions. The provisions relate to the installation of panels on properties in England and Wales and is not isolated to Seven Sisters.
I'm purchasing a new build house in Seven Sisters with a mortgage from Yorkshire Building Society. The sellers refused to budge the amount so I negotiated five thousand pounds worth of extras instead. The sale representative suggested that I not disclose to my conveyancer about the side-deal as it may put at risk my mortgage with the bank. Should I keep quiet?.
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.
Due to the encouragement of my in-laws I had a survey completed on a house in Seven Sisters ahead of instructing solicitors. I have been informed that there is a flying freehold aspect to the house. My surveyor has said that some mortgage companies may not issue a loan on a flying freehold property.
It varies from the lender to lender. Santander has different requirements from Halifax. If you contact us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Seven Sisters. Conveyancing will be smoother if you use a solicitor in Seven Sisters especially if they are acquainted with such properties in Seven Sisters.
I today plan to offer on a house that seems to meet my requirements, at a reasonable figure which is making it all the more appealing. I have subsequently found out that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Seven Sisters. Conveyancing advisers have not yet been instructed. Will they explain the issues?
Most houses in Seven Sisters are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Seven Sisters so you should seriously consider looking for a Seven Sisters conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the property is located on an estate. Your lawyer should appraise you on the various issues.
I own a two-bedroom flat in Seven Sisters. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the amount payable for the purchase of the freehold?
You certainly can. We can put you in touch with a Seven Sisters conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Seven Sisters residence is 22 Wakefield Road in January 2012. Following a vesting order Clerkenwell and Shoreditch County Court under section 26 of the Leasehold Reform,Housing and Urban Development Act 1993 on 9th May 2011 the Tribunal decided that the price that the Applicant for the freehold interest should pay is £17,400 This case related to 2 flats. The unexpired term was 74.13 years.