I am nearing exchange of contracts for my apartment in Tottenham Green and the EA has just called to advise that the buyers are switching solicitor. The excuse is that the lender will only engage with solicitors on their conveyancing panel. Why would a big named mortgage company only engage with certain solicitors rather the firm that they want to choose for their conveyancing in Tottenham Green ?
UK lenders have always had panels of law firms that can represent them, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Mortgage companies blame a rise in fraud by way of justification for the cull – 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 claims that it is being contacted daily by practices that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are unlikely to have any impact on this.
We have very pushy vendors who has insisted on a exclusivity agreement with a payment two thousand pounds. Are such agreements sensible?
There are two main downsides with signing a lock out agreement (also known as an exclusivity agreement) is that it can distract from progressing with the conveyancing transaction itself, so unless it requires limited or no negotiation then it may transpire to be unhelpful. It is not promoted amongst Tottenham Green conveyancing solicitors as a result. The other main issue is the extent of the remedies available - a jilted buyer should not expect to be granted an injunctive ruling by a court to stop the owner completing the sale to a third party, so the only remedy open via the agreement will be the recovery of abortive costs and, in rare scenarios, the extra payment of damages.
Will my conveyancing lawyers need to check that the building insurance when buying a house in Tottenham Green. My lender is Platform
Platform have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 23/12/2024, the requirements read as follows :
I am a sole trader hoping to take over a lease of a shop on a shopping parade. Can you recommend solicitors offering competitive costs for commercial conveyancing in Tottenham Green for under 2k?
We are happy to recommend firms who have well rounded knowledge of commercial conveyancing in Tottenham Green, including the sale and acquisition of businesses as well as simply premises. Whether you are intending to buy or sell a shop, pub, restaurant, office, retail premises or a complete business we will find you the right firm. As for the charges these will vary based on the structure and heads of terms of the proposed transaction. Please provide us with your contact information or call so as to enable us to supply you with a detailed commercial conveyancing calculation.
I am looking at a couple of maisonettes in Tottenham Green which have in the region of forty five years left on the leases. should I be concerned?
There is no doubt about it. A leasehold apartment in Tottenham Green is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the salability of the property. For most buyers and lenders, leases with under eighty years become less and less marketable. 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 property 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 property 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 Tottenham 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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 have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Tottenham Green conveyancing firm to assist?
You certainly can. We are happy to put you in touch with a Tottenham Green conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Tottenham Green property 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 affected 2 flats. The number of years remaining on the existing lease(s) was 74.13 years.
My brother is buying a leasehold flat in Tottenham Green. He has received an estimate by the conveyancer suggested by the selling agents and it came to £1156 . It was ten years ago I sold and bought a home and the bill was £600. Have costs really gone up that much?
What does the conveyancing estimate include? Is it just for the legal fees, or what you will be paying in total (for example Tottenham Green searches, land registry fees, etc)