The Hampton conveyancing firm handling our Hampton conveyancing has identified a difference between the surveyor’s assumptions in the home valuation survey and what is in the conveyancing documents. My solicitor has advised that he needs to ensure that the bank is OK with this discrepancy and is still content to lend. Is my solicitor’s course or action legitimate?
Your solicitor must comply with the UK Finance Lenders’ Handbook provisions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
Completed the sale of my flat in Hampton last June yet the purchaser is calling me to say her conveyancer needs to hear from mylawyer. What should my lawyer have done now that I have sold?
Following your house sale your lawyer is committed to forward the transfer documentation and all of the paperwork to the purchaser's lawyers. If applicable, your conveyancer must also confirm that the mortgage has been redeemed to the purchasers lawyers. There is unlikely to be post completion formalities peculiar conveyancing in Hampton.
I have been referred to a conveyancing solicitor in Hampton. I I am struggling to find out whether they are accepted on the Nationwide Building Society approved list of lawyers. Can you help?
You should contact your conveyancer and ask them whether they can act for the lender. Alternatively please call Nationwide Building Society who may be able to help.
I am buying a new build apartment in Hampton. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Hampton
-
Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Please confirm the Lease plans are architect prepared. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.
I am attracted to a two flats in Hampton which have in the region of fifty years unexpired on the lease term. Will this present a problem?
There are no two ways about it. A leasehold flat in Hampton is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the salability of the premises. For most buyers and lenders, leases with less than 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 Hampton 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 inherited a basement flat in Hampton. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the sum due for the purchase of the freehold?
in cases where there is a missing landlord or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to decide the premium.
An example of a Lease Extension decision for a Hampton premises is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case related to 1 flat. The unexpired term as at the valuation date was 82.93 years.
We are soon to buying a property in Hampton. Can the property lawyer have the amount we are are buying for private from the likes of Nestoria. How could this be achieved ?
HMLR are legally required to reveal price sold data on the official title for residential properties nationwide including properties in Hampton. The register of ownership is a public document, so HM Land Registry would be breaking the law excluded specific homes such as the one in Hampton.
In essence you can ask HMLR to hide the price paid data yet the answer would be in the negative.