We are acquiring a newly constructed apartment in Highams Park and my conveyancer is telling me that she is duty bound to the lender to reveal incentives from the developer. I am nearing the developer’s deadline to sign contracts and I have no desire to delay the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your property 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 am assisting my aunt sell her property in Highams Park. Does the solicitor arrange the energy assessment or it is for me to coordinate?
After the demise of HIPs, energy assessments became a mandatory element of selling a property. An EPC must be commissioned prior to the property being placed on the market. It is not something that lawyers ordinarily arrange. Where you are using a Highams Park conveyancing lawyer they may help arrange energy assessments given their relationships with long established Highams Park accredited person
I have a mortgage with Principality for my property in Highams Park. Conveyancing has been completed a year ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Principality?
You must advise Principality prior to renting your property as this is likely to be a breach of Principality’s mortgage conditions. It may be that Principality will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Principality directly. You need not do this via a Principality conveyancing panel solicitor.
I was told four weeks ago that my mortgage has been agreed to by UBS. Is it usual for UBS to only issue the offer once my solicitor in Highams Park is approved on their conveyancing panel? UBS have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for UBS to deal with your lawyer's application to be on the UBS conveyancing panel. There's no guarantee that your solicitor will be accepted.
I purchased a semi-detached Edwardian house in Highams Park. Conveyancing practitioner represented me and The Royal Bank of Scotland. I did a free Land Registry search last week and I saw two entries: one for freehold, the second leasehold under the matching property. If a house is not a freehold shouldn't I have been informed?
You should review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Highams Park and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also question the situation with the conveyancing practitioner who carried out the work.
I'm purchasing my first flat in Highams Park with a mortgage from TSB. The sellers refused to move on the amount so I negotiated £7000 of fixtures and fittings instead. The sale representative suggested that I not reveal to my conveyancer about this side-deal as it could jeopardize my mortgage with TSB. Is this normal?.
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've recently found out that there is a flying freehold issue on a house I have offered on last month in what should have been a simple, no chain conveyancing. Highams Park is the location of the property. What do you suggest?
Flying freeholds in Highams Park are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Highams Park you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Highams Park may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I only have 68 years remaining on my flat in Highams Park. I am keen to get lease extension but my freeholder is missing. What should I do?
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 enable the lease to be granted an extra 90 years by the Court. You will be obliged to demonstrate that you have used your best endeavours to track down the landlord. In some cases an enquiry agent may be helpful to carry out a search and prepare a report which can be used as proof that the landlord can not be located. It is wise to seek advice from a conveyancer in relation to devolving into the landlord’s absence and the application to the County Court covering Highams Park.
I am the leaseholder of a a ground floor purpose built flat in Highams Park. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the premium due for a lease extension?
in cases where there is a missing freeholder or if there is dispute about what the lease extension should cost, under the relevant statutes it is possible to make an application to the Leasehold Valuation Tribunal to assess the price payable.
An example of a Freehold Enfranchisement matter before the tribunal 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 affected 2 flats. The remaining number of years on the lease was 104 years.