My partner and I are nearing an exchange on a flat in West Hampstead and my parents have transferred the 10% deposit to my solicitor. I am now advised that as the deposit has not come from me my lawyer needs to disclose this to my lender. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is coming from anyone other than me. I informed the bank regarding my parents' contribution when I applied for the home loan, so is it really necessary for this now to be an issue?
Your property lawyer is legally required to clarify with lender to ensure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only report this to your bank if you agree, failing which, your lawyer must cease to continue acting.
Me and my partner are buying a flat in West Hampstead. It might be a silly question but how we can trust a lawyer? At some point we will need to send funds into their account. What is the protection 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.
I'm the sole beneficiary of my late mum's will and I have everything in my name now, including the house in West Hampstead. Conveyancing formalities meant that the Land Registry date was in May. I plan to dispose of the house. I understand that there is a Mortgage Lenders six month 'rule', which means that my property ownership will be considered the same way as though I had purchased the house in May. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be caught by that. many mortgage companies would take a pragmatic view as this clause is primarily there to pick up on subsales or the flipping of property.
After weeks of negotiation I have agreed a price on an apartment in West Hampstead. My financial adviser pressured me to appoint their property lawyer. I paid an upfront payment of £150. Shortly after, the conveyancer contacted me sheepishly admitting that they were not on the Lloyds conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Lloyds panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
How does conveyancing in West Hampstead differ for new build properties?
Most buyers of new build residence in West Hampstead contact us having been asked by the developer to sign contracts and commit to the purchase even before the residence is completed. This is because builders in West Hampstead typically acquire the real estate, 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 conveyancers 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 accustomed to new build conveyancing in West Hampstead or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I put an offer in a fortnight ago in what was supposed to be a simple, no chain conveyancing. West Hampstead is where the house is located. Is there any advice you can impart?
Flying freeholds in West Hampstead are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in West Hampstead you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in West Hampstead may decide 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 residence.
My step-father has recommend that I instruct his lawyers for conveyancing in West Hampstead. Should I use them?
Much as we are happy to recommend a West Hampstead conveyancing lawyer the ideal way to find a conveyancing lawyer is to have guidance from friends or family who have actually experience in using the conveyancer you're are thinking of instructing.
What advice can you give us when it comes to appointing a West Hampstead conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a West Hampstead conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with several firms including non West Hampstead conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be helpful:
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What volume of lease extensions has the firm conducted in West Hampstead in the last twenty four months?
Following months of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in West Hampstead. Can we issue an application to the Residential Property Tribunal Service?
in cases where there is a missing freeholder or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to determine the price payable.
An example of a Lease Extension matter before the tribunal for a West Hampstead residence is Flat A 372 Cricklewood Lane in January 2013. The Tribunal decided that the premium for the extended lease should be £5,750.00 and that the terms of the new lease should be those set out in annex to the decsion This case was in relation to 1 flat.