My partner and I are buying a new build duplex in Hendon and my lawyer is telling me that she has to the mortgage company to reveal incentives from the seller. The Estate Agents are hassling me to exchange contracts and I have no desire to delay matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I'm buying my first flat in Hendon with the aid of help to buy. The sellers would not reduce the amount so I negotiated £7000 of fixtures and fittings instead. The sale representative told me not to tell my solicitor about this side-deal as it may adversely affect my loan with Santander. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am looking for a ground for flat up to £305k and identified one round the corner in Hendon I like with a park and railway links nearby, however it's only got 51 remaining years left on the lease. There is not much else in Hendon suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a mortgage that many years will be a potential deal breaker. Reduce the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of 2 years you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
I am using a search engine for the phrase conveyancing in Hendon it shows results of many solicitorsin the vicinity. With so much choice what is the best way to find the right conveyancer for purchase transaction?
The best way of seeking a suitable conveyancer is through a personal testimonial, so ask friends and relatives who have purchased a property in Hendon or a respected estate agent or mortgage broker. Charges for conveyancing in Hendon differ, so it's sensible to obtain at least three quotes from varying types of law firms. Dont forget to clarify that the fees are fixed.
I only have 62 years remaining on my flat in Hendon. I now want to extend my lease but my freeholder is absent. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. However, you will be required to prove that you or your lawyers have done all that could be expected to track down the lessor. On the whole a specialist should be helpful to try and locate and prepare an expert document which can be used as proof that the landlord can not be located. It is advisable to get professional help from a conveyancer in relation to investigating the landlord’s disappearance and the vesting order request to the County Court covering Hendon.
I have tried to negotiate informally with with my landlord to extend my lease without getting anywhere. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Hendon conveyancing firm to assist?
Where there is a absentee freeholder or where there is disagreement about what the lease extension should cost, under the relevant statutes you can apply to the First-tier Tribunal (Property Chamber) to arrive at the price payable.
An example of a Lease Extension matter before the tribunal for a Hendon flat 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 unexpired lease term was 71 years.
I note that you have a search directory identifying solicitors on the mortgage company conveyancing panel. Do Hendon conveyancing firms pay you a commission if I retain them for my conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the lender conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint for your conveyancing in Hendon.