Our lawyer has discovered a a problem with the lease for the property we are purchasing in Hampton. The other side have put forward defective title insurance as a workaround. We are content with insurance and will cover the costs. Our lawyer has advised that he must ensure that the bank is willing to move forward with this solution. Who is the client here, us or the bank?
Notwithstanding that you have a mortgage offer from the bank does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the lender are the client. The appropriate lender specifications have to be complied with.
How can we know in advance if a Hampton conveyancing solicitor on the Nottingham panel is any good?
When it comes to conveyancing in Hampton seeking recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advise that you speak with the solicitor handling your transaction.
I have a mortgage with Santander for my property in Hampton. Conveyancing has been completed 12 months ago. Should I wish 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 Santander?
You must advise Santander before renting your property as this is likely to be a breach of Santander’s mortgage conditions. In many cases banks or building societies 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 Santander directly. It should not be necessary to do this via a Santander conveyancing panel firm.
Lloyds have agreed my mortgage in principle, my bid on a flat in Hampton has been accepted, what are the next steps?
The property agent will wish to know who your solicitors are (make sure the conveyancing practitioners are on the bank’s panel). Telephone Lloyds or your financial adviser and finish off any outstanding paperwork. Lloyds will appoint a valuer who will get in touch with the estate agent or seller to schedule a time for the valuation to occur. Once conducted (assuming no problems) it takes about a week for the mortgage offer to be issued. Lloyds will issue the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in Hampton.
A friend advised me that where I am purchasing in Hampton I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is occasionally quoted for as part of the standard Hampton conveyancing searches. It is a large report of more than thirty pages, listing and setting out significant information about Hampton around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Hampton Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Hampton Education with plans and statistics, Local Amenities and other useful data regarding Hampton.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Hampton?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Hampton. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I've recently found out that there is a flying freehold element on a house I have offered on last month in what should have been a quick, chain free conveyancing. Hampton is the location of the property. Can you offer any guidance?
Flying freeholds in Hampton are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Hampton you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Hampton 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 residence.
I am attracted to a two apartments in Hampton both have approximately forty five years left on the lease term. Do I need to be concerned?
There are plenty of short leases in Hampton. The lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the marketability of the lease reduces and results in it becoming more costly to acquire a lease extension. This is why it is advisable to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease extension can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this field.
After months of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Hampton. Can we issue an application to the Residential Property Tribunal Service?
if there is a missing freeholder or if there is disagreement about the premium for a lease extension, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to arrive at the amount due.
An example of a Lease Extension case 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 residue of the current lease was 82.93 years.