I have 70 years left on my lease and need a lease extension for my apartment in Colindale. Conveyancing solicitors on the Bank of Ireland panel can deal with such extensions right?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 22/10/2021 the requirements read as follows :
Is it correct that all Colindale CQS (Conveyancing Quality Scheme) solicitors are on the Leeds Building Society conveyancing list of approved practices?
It is true that some lenders now utilise CQS as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their approved list of firms.
How can we tell if a Colindale conveyancing solicitor on the Principality panel is any good?
When it comes to conveyancing in Colindale getting 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 which is cheap as chips. We would always advise that you speak with the solicitor conducting your conveyancing.
I am currently in the process of buying my council flat in Colindale. I have a mortgage offer with HSBC. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with HSBC, you will need to appoint a solicitor on the HSBC conveyancing panel.
How does conveyancing in Colindale differ for new build properties?
Most buyers of new build premises in Colindale come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because builders in Colindale tend to purchase 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 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 Colindale or who has acted in the same development.
We're first time buyers - had an offer accepted, but the agent has warned us that the seller will only issue a contract if we appoint their recommended lawyers as they need a ‘quick sale’. We would rather use a family conveyancer used to conveyancing in Colindale
It is improbable the vendors are behind this. If they desire ‘a quick sale', alienating a serious buyer is going to damage their objectives. Try to communicate with the owners directly and make the point that (a)you are genuine buyers (b)you are ready to go, with mortgage lined up © you are chain free (d) you wish to move quickly (e)but you are going to use your own,trusted Colindale conveyancing solicitors - not the ones that will earn the estate agent a introducer fee or achieve conveyancing figures set by corporate headquarters.
I work for a long established estate agent office in Colindale where we see a number of flat sales jeopardised as a result of short leases. I have received conflicting advice from local Colindale conveyancing solicitors. Please can you confirm whether the owner of a flat can commence the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Despite our best endeavours, we have been unsuccessful in trying to purchase the freehold in Colindale. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most definitely. We are happy to put you in touch with a Colindale conveyancing firm who can help.
An example of a Lease Extension case for a Colindale residence is 27B Hillside in February 2010. the resulting premium, all other aspects of the valuation having been agreed between the parties was set at £8,250 This case related to 1 flat. The remaining number of years on the lease was 70.25 years.