Why do I have to pay up front when it comes to conveyancing in Stroud Green?
If you are buying a property in Stroud Green your solicitor will ask you put them with funds to cover the search fees. This will be the total of the cost of the conveyancing searches. If any down payment is as part of the purchase price then this will be required immediately in advance of exchange of contracts. Any further balance that is due will be payable shortly before completion.
My solicitor has informed me that chancel insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Stroud Green?
The right level of chancel indemnity insurance should be dictated by who who your lender is. It would differ for example between Accord Mortgages Ltd and The Mortgage Works. Conveyancing lawyers as opposed to borrowers take out such insurances.
It is unclear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Stroud Green building society branch on a couple of occasions and was advised it wasn't a problem and they will lend. My Stroud Green conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they would not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
The property lawyer must comply with the Council of Mortgage Lenders’ Handbook section two conditions for your bank. Unless your lawyer obtains specific confirmation in writing that the lender 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
My offer on a property in Stroud Green has been agreed to, but there is a chain. The owners have offered on on an apartment, however it’s not been accepted yet, and have viewings of other properties booked. I have chosen a high street conveyancing solicitor in Stroud Green. What do I do now? When should I get the mortgage application with Nottingham going?
It is usual to have apprehensions where there is a chain as you are unlikely to want to incur expenses prematurely (mortgage application is in the region of £1k, then valuation, Stroud Green conveyancing search charges, etc). The first course of action is to check that your conveyancer is on the Nottingham conveyancing panel. As to the subsequent stages this very much dictated by the circumstances of your transaction, desire for the property and on the state of the market. During a rising market the majority of purchasers would apply for the mortgage with Nottingham and pay for the valuation and only if it comes back ok would they pay their conveyancing practitioner to move forward with searches.
Despite weeks of looking the Title Certificate and documents to our house can not be found. The conveyancers who conducted the conveyancing in Stroud Green 5 years ago no longer exist. Will I be able to sell the house?
Assuming you have a registered title the information relating to your ownership will be evidenced by HMLR under a Title Number. It is easy to conduct a search at the Land Registry, identify your house and obtain current copies of the Registered Entries for less than a fiver. If the title is Leasehold then the Land Registry will in most cases hold a file copy of the Registered Lease and again, a copy can be ordered for a small fee.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and found one close by in Stroud Green I like with amenity areas and railway links nearby, the downside is that it only has 61 remaining years left on the lease. I can't really find anything else in Stroud Green suitable, so just wondered if I would be making a mistake purchasing a short lease?
If you require a mortgage the shortness of the lease will likely be problematic. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you can request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
There are only 68 years unexpired on my flat in Stroud Green. I need to get lease extension but my freeholder is can not be found. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. However, you will be required to prove that you have made all reasonable attempts to locate the landlord. In some cases an enquiry agent would be useful to carry out a search and to produce a report which can be accepted by the court as proof that the freeholder is indeed missing. It is wise to seek advice from a conveyancer both on investigating the landlord’s disappearance and the vesting order request to the County Court covering Stroud Green.
Having spent months of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in Stroud Green. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
You certainly can. We can put you in touch with a Stroud Green conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Stroud Green premises is 51 Lorne Road in November 2009. The price Payable as decided by the tribunal for the freehold reversion was £27,000. The valuation follows the order of the County Court made on 3 April 2008 granting a vesting order. This case related to 1 flat. The number of years remaining on the existing lease(s) was 71 years.