My solicitor has uncovered a a problem with the lease for the flat we are buying in Finsbury. The seller’s lawyers have offered defective title insurance as a solution. We are happy with insurance and will cover the costs. Our property lawyer has advised that he must check that the mortgage company is happy with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
My husband and I have arranged a further advance on our mortgage from Skipton as we intend to conduct a loft conversion to our house in Finsbury. Are we obliged to select a high street Finsbury solicitor on the Skipton conveyancing panel to handle the paperwork?
Skipton do not ordinarily require a member of their approved list of lawyers to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Skipton list.
I have paid off my mortgage with RBS. I assume I don't need a Finsbury conveyancer on the RBS panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your RBS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the RBS mortgage from the register. RBS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where RBS has sent the Land Registry the discharge electronically, and
- RBS has instructed the Land Registry to do so
I am selling my flat. I had a double glazing fitted in November 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Skipton are being pedantic. The Finsbury solicitor who is on the Skipton conveyancing panel is saying indemnity insurance will be fine but Skipton are requiring a building regulation certificate. Why do Skipton have a conveyancing panel if they don't accept advice from them?
It is probably the case that Skipton have referred the matter to their valuer. The reason why Skipton may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I have justfound out that Action Conveyancing have been shut down. They carried out my conveyancing in Finsbury for a purchase of a freehold house 12 months ago. How can I check that my home is in my name in the name of the former proprietor?
The easiest method to check if the premises is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Finsbury conveyancing specialists.
I'm buying a new build house in Finsbury with a mortgage from Nationwide Building Society. The builders would not move on the amount so I negotiated 6k of fixtures and fittings instead. The estate agent advised me not inform my lawyer about this extras as it may impact 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.
I have been advised by two or three local estate agents in Finsbury to get a quote from a solicitor on your site. Is there a financial upside for Estate Agents to offer your services rather than alternative conveyancing organisations?
We refuse to make any referral fee for directing people to this site. We found it would be just too difficult a fee as a client could think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
I have attempted and failed to negotiate with my landlord to extend my lease without getting anywhere. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Finsbury conveyancing firm to represent me?
You certainly can. We can put you in touch with a Finsbury conveyancing firm who can help.
An example of a Lease Extension case for a Finsbury flat is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case was in relation to 1 flat. The number of years remaining on the existing lease(s) was 66.8 years.
What makes a Finsbury lease unacceptable for security purposes?
Leasehold conveyancing in Finsbury is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are missing. The following missing provisions could result in a defective lease:
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Service charge per centages that don't add up correctly leaving a shortfall Clauses dealing with recovering service charges for expenditure on the building or common parts.
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Barnsley Building Society, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to withdraw.