The West Hampstead conveyancing firm handling our West Hampstead conveyancing has uncovered a difference when comparing the assumptions in the valuation survey and what is revealed within the legal papers for the property. My lawyer informs me that he is duty bound to ensure that the bank is OK with this discrepancy and is still content to lend. Is my solicitor’s stance legitimate?
Your conveyancer must comply with the UK Finance Lenders’ Handbook requirements 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.
Are the BSA planning on creating a search tool with a view to list solicitors on the Norwich and Peterborough Building Society conveyancing panel for instance in West Hampstead?
We are not aware of any intention on the part of the BSA to develop such a tool.
I am being advised by my solicitor that breach of easement insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in West Hampstead?
The appropriate level of breach of easement indemnity insurance should be dictated by who your lender. It would differ for example between HSBC Bank and Skipton Building Society. Conveyancing practitioners as opposed to borrowers take out such insurances.
I have a mortgage with Aldermore for my property in West Hampstead. Conveyancing was finalised a year ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Aldermore?
Aldermore must be informed of your intention prior to letting out your property as this is likely to be a breach of Aldermore’s mortgage conditions. It may be that Aldermore 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 Aldermore directly. You need not do this via a Aldermore conveyancing panel solicitor.
At last I have had an offer on an apartment in West Hampstead accepted, the sellers do however have a dependent purchase. The vendors have offered on on an apartment, but it’s not yet agreed to, and are looking at other flats in the pipeline. I have selected a nearby conveyancing solicitor in West Hampstead. What do I do now? When do I get the mortgage application with RBS started?
It is understandable to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is in the region of £1k, then valuation, West Hampstead conveyancing search costs, etc). The first course of action is to ensure that your conveyancer is on the RBS conveyancing panel. Regarding the next steps this very much depends on the specifics of your case, attraction to the property and on the state of the market. In a rising market the majority of buyers will apply for the mortgage with RBS and pay for the valuation and only if it was satisfactory would they pay their property lawyer to proceed with the conveyancing in West Hampstead.
I understand that there are debates on Chancel Insurance on online forums. Do I need chancel insurance when buying a house in West Hampstead? or I am told that there is historic law that could mean that house owners residing in a parish church boundary will be compelled to pay for maintenance towards the chancel within the church. Is this applicable for conveyancing in West Hampstead?
Unless a prior purchase of the property took place after 12 October 2013 you could expect conveyancing practitioners conducting conveyancing in West Hampstead to remain recommending a chancel search and or chancel repair liability policy.
Are there restrictive covenants that are commonly picked up during conveyancing in West Hampstead?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in West Hampstead. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I've recently bought a leasehold flat in West Hampstead. Am I liable to pay service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Having spent years of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in West Hampstead. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most definitely. We can put you in touch with a West Hampstead conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a West Hampstead property 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.