I am only a couple days away from an exchange on a flat in Kentish Town and my parents have sent the 10% deposit to my lawyer. I am now told that as the deposit has been received from someone other than me my conveyancer needs to disclose this to my mortgage company. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I informed the mortgage company regarding my parents' contribution when I applied for the home loan, so is it really appropriate for this now to be an issue?
Your solicitor is obliged to check with mortgage company to make sure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only reveal this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
Is there a search tool that I can utilise to discover of the solicitor handling my conveyancing in Kentish Town is on the mortgage lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for The Royal Bank of Scotland thus paying £187.00 plus VAT in further legal fees.
Please do make the most of the search tool on this web page. Pick the mortgage company and type ‘Kentish Town’ or your preferred area and you will discover a number of lawyer based in Kentish Town or near you.
I am purchasing my first flat in Kentish Town with the aid of help to buy. The sellers refused to reduce the price so I negotiated £7000 of extras instead. The property agent told me not inform my lawyer about the extras as it would adversely affect my mortgage with the bank. Is this normal?.
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'm converting the mortgage on my current home to a BTL loan with Platform Home Loans Ltd and I will use the ballance of the raised equity towards another property. The area we are looking at is Kentish Town. Will your conveyancers be able to act for the two banks and link together the conveyances?
Do use our comparison tool on this site to be sure that the lawyers are approved by both lenders. Having checked that they are the lawyer will be able to simultaneously deal with the two deals but you should have a chat with you lawyer and specify your desired outcome and needs.
I am a couple of weeks into a residential purchase having been referred to solicitors by the high street agent to carry out the conveyancing in Kentish Town. I am am extremely frustrated with the quality of service. Could you you assist me in finding new solicitors?
They would have to be really poor to suggest diss instructing them. Has the loan offer been generated? If so you must advise them of the new contact details and ensure the mortgage documents are issued to the new lawyers. Your new solicitor ideally needs to be on the banks approved list to avoid added charges and complications. So that should be your first question of the new conveyancers. The find a solicitor tool will assist you in finding a lender approved conveyancer for your conveyancing in Kentish Town
I am attracted to a couple of flats in Kentish Town which have in the region of forty five years left on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Kentish Town is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. For most purchasers and banks, leases with less than eighty years become less and less attractive. On a more upbeat 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 premises 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 Kentish Town 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. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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 to extend my lease without any joy. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Kentish Town conveyancing firm to represent me?
Where there is a missing landlord or if there is dispute about what the lease extension should cost, under the relevant legislation you can apply to the LVT to calculate the price payable.
An example of a Lease Extension matter before the tribunal for a Kentish Town property is Flat 2 27 Mackeson Road in December 2012. The Tribunal assessed the value of the lease extension premium at £35,435 and rounded the figure to £35,500 This case affected 1 flat. The number of years remaining on the existing lease(s) was 64.77 years.