Me and my fiance are intending to buy a 1 bedroom apartment in Hampton Hill with a mortgage. We have a Hampton Hill conveyancer, however the bank says she’s not on their "panel". It appears that we have little option but to appoint one of the bank panel solicitors or keep our Hampton Hill conveyancer and pay for one of their panel ones to act for them. This seems very unfair; are we not able to require that the lender use our Hampton Hill solicitor ?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Hampton Hill conveyancing lawyer to apply to be on the conveyancing panel.
It is a dozen years since I bought my home in Hampton Hill. Conveyancing solicitors have recently been appointed on the sale but I am unable to find the title documents. Will this jeopardise the sale?
Don’t worry too much. Firstly the deeds may be retained by the lender or they may still be with the solicitor who oversaw your purchase. Secondly in most cases the title will be recorded at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors acquiring current official copies of the land registers. The vast majority of conveyancing in Hampton Hill involves registered property but in the rare situation where your property is unregistered it adds to the complexity but is resolvable.
Various internet forums that I have frequented warn that are the number one reason for obstruction in Hampton Hill conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published determinations of research by MoveWithUs that conveyancing searches do not figure within the most frequent causes of hindrances in the conveyancing process. Local searches are not likely to be the root cause of holding up conveyancing in Hampton Hill.
How does conveyancing in Hampton Hill differ for newly converted properties?
Most buyers of new build residence in Hampton Hill approach us having been asked by the builder to exchange contracts and commit to the purchase even before the property is ready to move into. This is because house builders in Hampton Hill usually purchase the land, 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 conveyancers 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 Hampton Hill or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a property in Hampton Hill prior to appointing lawyers. I have been informed that there is a flying freehold element to the house. Our surveyor has said that some banks tend not issue a mortgage on this type of property.
It varies from the lender to lender. Lloyds has different requirements from Nationwide. If you call us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Hampton Hill. Conveyancing will be smoother if you use a solicitor in Hampton Hill especially if they regularly deal with such properties in Hampton Hill.
I work for a reputable estate agency in Hampton Hill where we see a number of flat sales jeopardised as a result of short leases. I have received contradictory information from local Hampton Hill conveyancing firms. Could you shed some light as to whether the vendor of a flat can start the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I have given up trying to purchase the freehold in Hampton Hill. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most certainly. We are happy to put you in touch with a Hampton Hill conveyancing firm who can help.
An example of a Lease Extension decision for a Hampton Hill property is Ground Floor Flat 91 Bath Road in May 2009. in a case where the freeholder could not be traced, the Brentford County Court ordered that the Lease be surrendered in return for the grant of a new lease of the Premises at a premium determined by the Leasehold Valuation Tribunal. The tribunal concluded that the price payable by the Applicant for the new lease of the premises be £15,900 This case related to 1 flat. The unexpired term was 60.45 years.