My husband and I are only a couple days away from an exchange on a house in Hadley Wood and my mum and dad have transferred the 10% deposit to my lawyer. I am now told that as the deposit has not come from me my solicitor needs to disclose this to my lender. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I informed the bank concerning my parents' contribution when I applied for the home loan, so is it really necessary for this now to hold matters up?
The lawyer is legally required to clarify with lender 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 permit them to, failing which, your lawyer must cease to continue acting.
I am purchasing a house and need a conveyancing solicitor in Hadley Wood who is on the Santander solicitor. Could you point me in the right direction as regards a solicitor?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Santander in certain locations such as Hadley Wood. We dont recommend any particular firm.
Can you point me to a directory of Barclays panel solicitors in Hadley Wood on the Council of Mortgage Lender’s Website?
No. There is no such directory service on the CML or Building Society Association sites. Very few mortgage companies make their panel listings available over the internet. If you are in need of a Hadley Wood property lawyer on the Barclays please use our facility.
We were going to get a DIP from Kent Reliance this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Kent Reliance recommend any Hadley Wood solicitors on the Kent Reliance conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Hadley Wood solicitors independently although you'll need to choose one on the Kent Reliance conveyancing panel. The solicitor represents both you and Kent Reliance through the process.
I have a mortgage with HSBC for my property in Hadley Wood. Conveyancing has been completed 12 months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform HSBC?
HSBC must be informed of your intention before renting your property as this is likely to be a breach of HSBC’s mortgage conditions. It may be that HSBC will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact HSBC directly. You need not do this via a HSBC conveyancing panel firm.
How does conveyancing in Hadley Wood differ for new build properties?
Most buyers of new build premises in Hadley Wood approach us having been asked by the seller to sign contracts and commit to the purchase even before the property is completed. This is because developers in Hadley Wood usually buy the real estate, 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 used to new build conveyancing in Hadley Wood or who has acted in the same development.
I've recently found out that there is a flying freehold element on a house I put an offer in last month in what was supposed to be a straight forward, chain free conveyancing. Hadley Wood is the location of the property. Can you offer any advice?
Flying freeholds in Hadley Wood are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Hadley Wood you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Hadley Wood may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I am looking at a two apartments in Hadley Wood both have approximately fifty years unexpired on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Hadley Wood is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the value of the property. The majority of 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 premises 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 Hadley Wood conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 the agreed 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 tried to negotiate informally with with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Hadley Wood conveyancing firm to represent me?
Most definitely. We can put you in touch with a Hadley Wood conveyancing firm who can help.
An example of a Lease Extension case for a Hadley Wood residence is Flat 2 2 Netherfield Road in April 2010. The Tribunale held that premium payable for a 90 year extension to the existing Lease should be £7,705. This case was in relation to 1 flat. The remaining number of years on the lease was 76 years.