My mortgage broker has requested my Harmondsworth lawyer’ panel reference for the HSBC conveyancing panel. What is the best way to obtain this. I have contacted my local Harmondsworth office but they cant find it on their system.
You are best placed to get this information from your Harmondsworth solicitor . They should have a central record lender panel numbers.
Is there a reason why leasehold purchase conveyancing in Harmondsworth is more expensive?
The conveyancing costs on a leasehold property in Harmondsworth is often higher than on a freehold transaction. This is due to the supplemental time required in liaising with the landlord and managing agents to collate the information concerning whether the rent and maintenance charges have been discharged and whether there are any major works due in the near future on repairs or maintenance of the building.
I am about to put an offer on a leasehold apartment in Harmondsworth. The property agents tell me that it is usual for flats in Harmondsworth to have less than 75 years remaining. I am obtaining a loan with Accord Mortgages. Will the property be mortgageable given that the lease has 69 years remaining.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 8/5/2022 the requirements read as follows :
I moved into my flat on 16 November and my personal details is not yet on the land registry website. Any reason for this? My conveyancing solicitor in Harmondsworth advises it should be dealt with in a couple of weeks. Are transfers in Harmondsworth uniquely lengthy to register?
As far as conveyancing in Harmondsworth is concerned, registration is no quicker or slower than the rest of England and Wales. Rather than based on location, timescales can differ depending on the party submitting the application, whether there are errors and whether the Land registry need to notify any 3rd parties. At present roughly three quarters of such applications are completed within 12 days but some can be subject to protracted delays. Historically registration takes place after the buyer has moved in to the property thus 'speed' is not always primary concern but if it is urgent that the the registration takes place urgently then you or your conveyancer can speak with the land registry and explain the circumstances.
I work for a reputable estate agency in Harmondsworth where we have witnessed a number of flat sales derailed due to leases having less than 80 years remaining. I have received inconsistent advice from local Harmondsworth conveyancing solicitors. Can you shed some light as to whether the owner of a flat can start the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, 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.
Following years of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Harmondsworth. Can we issue an application to the Residential Property Tribunal Service?
Where there is a absentee landlord or where there is disagreement about what the lease extension should cost, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to calculate the sum to be paid.
An example of a Freehold Enfranchisement decision for a Harmondsworth premises is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case related to 2 flats. The remaining number of years on the lease was 69 years.
We own a leasehold flat in Harmondsworth. Conveyancing was finished in last year. I have read on numerous advice forums that I mustn’t allow the the remaining lease term to get too low. What is the reasoning?
Harmondsworth residential long term leases are for a prescribed period - normally just under one hundred years when they commenced. However many appartments in Harmondsworth were constructed or converted in the 70’s80’s and so such leases now have fewer than 80 years unexpired. That may seem like a long time however Banks, Building Societies and other mortgage institutions on the whole need leases to have a minimum of 75 years left to adequate security. Accordingly when you come to sell the property you will need a lease extension if you are nearing seventy five years. To increase the saleability of your property you should be thinking about whether to extend your lease long before you come to sell it. There are also strong financial reasons to taking action before the lease reaches even eighty years as when the lease is below 80 years the premium you have to pay to extend starts to get a lot more expensive.