My lawyer has discovered a defect with the lease for the property we are buying in West Hampstead. The seller’s lawyers have put forward defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our conveyancer has advised that he must ensure that the lender is happy with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancer will have no choice but to discontinue acting for you.
I purchased a freehold house in West Hampstead yet pay rent, why is this and what is this?
It is rare for properties in West Hampstead and has limited impact for conveyancing in West Hampstead but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the establishment of new rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
How does conveyancing in West Hampstead differ for newly converted properties?
Most buyers of new build premises in West Hampstead approach us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because developers in West Hampstead usually buy the land, 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 property lawyers 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 am looking into buying my first house which is in West Hampstead and I am already nervous. I couldn't find anything specific about West Hampstead. Conveyancing will be needed in due course but do you know about the West Hampstead area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at West Hampstead. In the meantime here are some basic statistics that we found
In sourcing the internet for the words on line conveyancing in West Hampstead it shows results of many property lawyersin the area. With so much choice what is the best way to find the suitable conveyancing solicitor for purchase transaction?
The best way of seeking the right conveyancer is through a personal referral, so enquire of friends and relatives who have acquired a property in West Hampstead or the respected estate agent or financial adviser. Charges for conveyancing in West Hampstead differ, so it's sensible to request at least three estimates from different conveyancers. Be sure to seek confirmation what costs in the quote includes.
I've found a house that seems to be perfect, at a reasonable figure which is making it more attractive. I have since discovered that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in West Hampstead. Conveyancing lawyers have not yet been appointed. Will they explain the issues?
The majority of houses in West Hampstead are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in West Hampstead so you should seriously consider looking for a West Hampstead conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is part of an estate. Your solicitor will advise you fully on all the issues.
I have tried to negotiate informally with with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a West Hampstead conveyancing firm to assist?
Where there is a missing landlord or if there is dispute about the premium for a lease extension, under the relevant legislation you can apply to the Leasehold Valuation Tribunal to assess the price.
An example of a Lease Extension matter before the tribunal for a West Hampstead premises 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.