I am purchasing a leasehold flat in Hillingdon. My lawyer is not listed on the bank conveyancing list. Am I still permitted to retain my Hillingdon conveyancing solicitor even though they are not on the mortgage company list of approved lawyers?
One must appoint a conveyancer to deal with the legal work required when you need a mortgage to purchase your property. The lawyer will conduct all the appropriate investigations on the property, ensuring that you will be properly registered as the owner and ensure that all the necessary mortgage paperwork is dealt with. You can select a Hillingdon property lawyer of your choosing. However, where the property lawyer appointed is not a member of the bank solicitor panel additional charges will arise as separate legal representation will be need by the lender. Conveyancing panel applications can be submitted, so provided your conveyancer has not in the past sought membership they can do so.
We see that you have a post code search directory identifying law firms on the Barclays conveyancing panel. Do firms pay you a commission if I appoint them for our own conveyancing in Hillingdon?
We are a listing service only for law firms wishing to communicate if they are on the Barclays conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Hillingdon.
I have an AIP. The lender mentioned the mortgage came with free conveyancing. Is the implication that I have to instruct their panel solicitor as I would much rather use a Hillingdon based conveyancing firm?
You should check but the chances are that allocate you one of their panel lawyers if you take up the "fee-free" offer. Call the mortgage company and see if they make available a cash alternative. It is not unheard for a lender to give a £250 cashback as a further option in which case that money can go towards your preferred conveyancing solicitor near Hillingdon.
We are buying a property in Hillingdon. It might be a silly question but how we can trust a conveyancer? On completion day we will need to deposit our life savings into their account. What protection do we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
We are getting the release of further funds on our mortgage from Nationwide as we want to conduct a loft conversion to our property in Hillingdon. Do we need to select a local Hillingdon solicitor on the Nationwide conveyancing panel to deal with the legals?
Nationwide don't usually instruct a member of their approved list of lawyers 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 Nationwide panel.
After what feels like an age I have had an offer on an apartment in Hillingdon agreed to, the vendors do nevertheless have a dependent purchase. The owners have offered on a property, but it’s not been accepted yet, and have viewings of other properties booked. I have selected a nearby conveyancing solicitor in Hillingdon. What should be my next step? At what point should I apply for the mortgage with Coventry BS?
It is understandable to have anxieties where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is in the region of £1k, then survey, Hillingdon conveyancing search costs, etc). First, you should check that your property lawyer is on the Coventry BS approved list. Concerning the next phase this very much dictated by the uniqueness of your transaction, desire for the property and on the state of the market. In a buoyant market many purchasers will apply for a home loan with Coventry BS and pay for the valuation and only if it was satisfactory would they pay their solicitor to press on with searches.
I'm buying my first flat in Hillingdon benefiting from help to buy. The developers would not budge the amount so I negotiated £7000 of extras instead. The house builders rep suggested that I not disclose to my conveyancer about the extras as it could impact my mortgage with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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 at a two maisonettes in Hillingdon both have in the region of fifty years left on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Hillingdon is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the property. For most buyers and mortgage companies, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Hillingdon conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I am the registered owner of a ground floor flat in Hillingdon. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the premium due for the purchase of the freehold?
Absolutely. We are happy to put you in touch with a Hillingdon conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Hillingdon 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 affected 2 flats. The number of years remaining on the existing lease(s) was 69 years.