I am getting closer to an exchange on a flat in Hendon and my mum and dad have transferred the 10% deposit to my lawyer. I am now told that as the deposit has not arrived from me my conveyancing practitioner needs to disclose this to my mortgage company. I am advised that, in also acting for the mortgage company he must inform them that the balance of the purchase price is not just from me. I informed the lender concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
Your property lawyer is legally required to clarify with the bank to make sure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only report this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
Despite weeks of looking the Title Certificate and documents to our home are lost. The conveyancers who did the conveyancing in Hendon 5 years ago no longer exist. Will I be able to sell the house?
Gone are the days when you need to hold title official documentation to establish that you own the land or premises, given that the Land Registry have everything they need in a digital format.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and identified one close by in Hendon I like with a park and transport links nearby, however it only has 61 years on the lease. There is not much else in Hendon in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a mortgage the shortness of the lease will likely be problematic. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you may request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
Should I be wary about third parties that I am dealing with are encouraging me to use an internet conveyancing firm rather than a local Hendon conveyancing firm?
As is the case with many service providers, often suggestions from connections can be extremely useful or valuable. Yet there are numerous people with a keen interest in a conveyancing transaction; estate agents, mortgage brokers and lenders might all recommend conveyancers to choose. Sometimes the conveyancers might be known to one of the organisations as experts in their field, but sometimes there might be a financial incentive behind the recommendation. You have the discretion to appoint your preferred lawyer. You need to be aware that some banks have an approved list of lawyers you are obliged to use for the lender aspect of your transaction.
Can you provide any top tips for leasehold conveyancing in Hendon with the intention of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Hendon can be bypassed if you instruct lawyers the minute your agents start marketing the property and request that they start to put together the leasehold information needed by the purchasers’ conveyancers. If you have carried out any alterations to the residence would they have required Landlord’s consent? In particular have you laid down wooden flooring? Hendon leases often stipulate that internal structural alterations or installing wooden flooring necessitate a licence issued by the Landlord approving such alterations. Should you dont have the consents in place you should not contact the landlord without contacting your lawyer before hand. Many landlords or Management Companies in Hendon levy fees for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Hendon. If there is a history of any disputes with your freeholder or managing agents it is very important that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a flat where a dispute is unsettled. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic rather than ongoing.
Following months of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Hendon. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most certainly. We can put you in touch with a Hendon conveyancing firm who can help.
An example of a Lease Extension case for a Hendon property is First Floor Flat 61 Wilberforce Road in March 2014. The premium payable was £10,130 and the case was remitted back to the Willesden County Court to effect the Vesting Order (Claim No 3W103100). This case affected 1 flat. The number of years remaining on the existing lease(s) was 71 years.
I am purchasing a leasehold apartment in Hendon. Conveyancing estimates are averaging around £1700. Is that reasonable?
The average cost in 2014 for conveyancing in Hendon was just over one thousand four hundred and fifty pounds not including Land Tax and Land Registry fees.