The Highams Park conveyancing firm handling our Highams Park conveyancing has identified a discrepancy between the information in the valuation survey and what is revealed within the title deeds. My lawyer informs me that he is obliged to check that the lender is happy with this discrepancy and is still content to lend. Is my solicitor’s approach right?
Your lawyer must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
I have 7378 less than 75 years unexpired on my lease and need a lease extension for my flat in Highams Park. Conveyancing solicitors on the The Mortgage Works panel can deal with such extensions right?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 22/4/2019 the requirements read as follows :
NEW BUILD PROPERTIES (includes office conversions)
The following are not acceptable:
- The unexpired lease term on a new build flat is less than 125 years
- The unexpired lease term on a new build house is less than 250 years
- Starting ground rent is more than 0.1% of the property value
The lease must be amended to comply with the above. If not the case cannot proceed. Please advise us where the case cannot proceed.
Ground rents and event fees:
Ground rent and other event fees must be reasonable at all times during the lease term. For example, it is acceptable for ground rent escalation to be linked to RPI (Retail Price Index) or a similar index and where this is the case we do not need to be advised. However, unreasonable multipliers of ground rent will not be permitted, for example, doubling every 5, 10 or 15 years. These must be referred to us and we will advise if our mortgage offer remains valid. If you are unsure as to whether the terms of a lease are unreasonable, please refer the details to us.
Can you help - my lawyer says that missing deeds insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Highams Park?
The appropriate level of missing deeds indemnity insurance depends on who your lender is. It would differ for example between National Westminster Bank and Norwich and Peterborough Building Society. Conveyancing practitioners as opposed to members of the public take out such policies.
Are all Highams Park Conveyancing Quality Solicitors on the Leeds Building Society conveyancing panel?
A selection of lenders now make use of CQS as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their panels.
My husband and I have organised the release of further monies on our mortgage from Principality as we intend to carry out renovations to our property in Highams Park. Do we need to select a bricks and mortar Highams Park solicitor on the Principality conveyancing panel to deal with the legals?
Principality do not ordinarily instruct a member of their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Principality panel.
How does conveyancing in Highams Park differ for new build properties?
Most buyers of new build or newly converted property in Highams Park approach us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because developers in Highams Park typically acquire the site, 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 conveyancing solicitors 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 Highams Park or who has acted in the same development.
Due to the guidance of my in-laws I had a survey completed on a property in Highams Park prior to instructing conveyancers. I have been informed that there is a flying freehold aspect to the house. My surveyor has said that some banks may refuse to grant a loan on such a property.
It depends who your proposed lender is. Santander has different instructions from Halifax. Should you wish to telephone us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Highams Park. Conveyancing may be slightly more expensive based on your lender's requirements.
I am in need of some leasehold conveyancing in Highams Park. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Highams Park - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I inherited a ground-floor 1950’s flat in Highams Park. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the sum due for the purchase of the freehold?
if there is a missing freeholder or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to judgment on the sum to be paid.
An example of a Freehold Enfranchisement decision for a Highams Park residence is 48 Greenleaf Road in December 2009. the lessees sought to exercise their right to purchase the freehold from the landlord by way of collective enfranchisement in accordance with the Leasehold Reform Housing and Urban Development Act 1993.The landlord could not be found.A vesting order was granted from the Bow County Court on 10 September 2007 (Claim No: 8BO04141). The Tribunal held that the premium to be paid was £3,850 This case related to 2 flats. The number of years remaining on the existing lease(s) was 104 years.