I am thinking of mortgaging my property in West Hampstead, does my lawyer need to be on the Leeds Building Society Solicitor panel?
In theory, you could use a solicitor that is not on the Leeds Building Society conveyancing panel, but Leeds Building Society would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
What is the difference between a licensed conveyancer and conveyancing solicitor in West Hampstead
There are many registered licenced Conveyancers in West Hampstead and Solicitor partnerships in West Hampstead offering conveyancing It is important to make clear that the two are regulated professionals specialising in the legal aspects of transferring property. The two can conduct associated property related work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
Can I be sure that the West Hampstead conveyancing solicitor on the Barclays panel is any good?
When it comes to conveyancing in West Hampstead seeking recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advise that you speak with the lawyer carrying out your conveyancing.
The mortgage over my property is with HSBC for my property in West Hampstead. Conveyancing has been completed 12 months 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 buy-to-let mortgage or inform HSBC?
HSBC must be informed of your intention prior to letting out your property as this is likely to be a breach of HSBC’s mortgage conditions. It may be that HSBC will allow you to rent 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 HSBC directly. You need not do this via a HSBC conveyancing panel solicitor.
How does conveyancing in West Hampstead differ for new build properties?
Most buyers of new build or newly converted property in West Hampstead come to us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is built. This is because developers in West Hampstead tend to purchase the site, 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 used to new build conveyancing in West Hampstead or who has acted in the same development.
Is it simple use the search facility to find a conveyancing solicitor in West Hampstead on the panel for my bank?
Step one is to pick a bank such as Barclays , Skipton Building Society or Godiva Mortgages Ltd then type in your location a common one being West Hampstead. Conveyancing practices in West Hampstead and further afield will then be listed.
I am attracted to a couple of maisonettes in West Hampstead which have in the region of 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease gets shorter the saleability of the lease reduces and results in it becoming more costly to acquire a lease extension. This is why it is generally wise to extend the lease term. It is often difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you seek professional help from a conveyancer and surveyor with experience in this field.
After years of negotiations we cannot 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 landlord or where there is disagreement about what the lease extension should cost, under the relevant legislation you can apply to the Leasehold Valuation Tribunal to arrive at the price payable.
An example of a Lease Extension matter before the tribunal for a West Hampstead flat 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.
I dont have enough spare money to pay a 10% deposit on my flat purchase in West Hampstead , but I still want to go ahead. What can I do?
One option is to try and agree a smaller deposit. Many sellers will accept a smaller deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last moment