I can't travel far from Southgate. What is the rationale as to why all Southgate lawyers are not on all bank panels?

Even though it may seem unfair for mortgage companies to restrict who can act for them, from the public’s or solicitor’s viewpoint, the other side of the coin is that mortgage companies are becoming ever more anxious and feel it imperative to shield themselves against mortgage fraud. As a consequence of this concern lenders are limiting their conveyancing panel to a size that they are happy to control.

The owners have rather assertive sellers who has insisted on a lock out contract with a deposit 6,000. Are such agreements sensible?

This type of preliminary agreement is unusual in Southgate, conveyancers are often found to veer clients away from them as they detract from focusing on the primary focus, namely conveyancing and if you end up having your deposit forfeited then the solicitor at best left with an upset client and at worst a litigious one. Secondly, there is no assurance that just because the seller has signed an exclusivity contract they will complete the sale with you. They may be in contravention of the agreement if they receive a large enough incentive to do so because an aggrieved purchaser with the benefit of a lockout agreement will still have to establish consequential losses from the breach and these may not compare to the financial benefit that the owner may secure by reneging on the contract, however morally unworthy the behaviour is.

How does conveyancing in Southgate differ for new build properties?

Most buyers of new build property in Southgate contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is completed. This is because developers in Southgate typically purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Southgate or who has acted in the same development.

I have been on the look out for a flat up to £305k and identified one close by in Southgate I like with amenity areas and station nearby, the downside is that it's only got 52 years on the lease. I can't really find anything else in Southgate suitable, so just wondered if I would be making a mistake buying a short lease?

If you require a home loan the remaining unexpired lease term will be problematic. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of twenty four months you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer about this.

I am hoping to complete next month on a leasehold property in Southgate. Conveyancing solicitors assured me that they are sending me a report next week. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Southgate should include some of the following:

Does the lease require carpeting throughout thus preventing wood flooring? How long the lease is. You should receive guidance as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years It needs to be made clear to you if the lease allows you to change or improve aspects of the property- you must know whether any restrictions relates to all alterations or just structural alteration, and whether permission is mandated necessary You should be sent a copy of the lease Rent payments - what is payable and what the invoice dates are, and be on notice if this is subject to change

I am the leaseholder of a first flat in Southgate. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the sum payable for a lease extension?

if there is a absentee landlord or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to assess the sum to be paid.

An example of a Freehold Enfranchisement matter before the tribunal for a Southgate premises is 23 Beaconsfield Road in July 2013. The Tribunals decided that the amount payable was £31,203 for the freehold. This case was in relation to 2 flats. The unexpired term was 70.31 years.