What does my ID and proof of funds have anything to do with my conveyancing in Hampstead? Is this really warranted?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to check the ID of the person or body they are dealing with before they can accept their conveyancing retainer. The Client Care letter that you are required to sign should reaffirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Should you are unwilling to supply ID verification documents, your lawyer would not be able to accept instructions from you.
I am helping my step-mother sell her house in Hampstead. Will the conveyancer order the EPC or it is for the seller to coordinate?
Following the demise of Home Packs, energy performance certificates was kept a compulsory element of selling a property. An EPC needs to be commissioned in advance of the property being placed on the market. This is not something that conveyancers ordinarily arrange. Where you are using a Hampstead conveyancing solicitor they may be able to arrange energy performance certificates due to their relationships with reputable Hampstead providers
We previously chose solicitors locally in Hampstead on the TSB solicitor panel. They are now charging me an additional fee for handling the TSB mortgage. Is this a supplemental conveyancing fee set by TSB?
As unfair as it may appear, as long as it’s in their Terms and Conditions or estimate then yes your conveyancing practitioner is entitled to levy a fee for this. This fee is not set by TSB but by your Hampstead property lawyer. Plenty of firms on the TSB panel will quote an ‘acting for lender’ fee and others do not.
Our sealed bid on a detached house in Hampstead has been accepted, but there is a chain. The sellers have placed an offer on somewhere, however it’s not yet agreed to, and are looking at other flats in the pipeline. I have instructed a local conveyancing solicitor in Hampstead. What do I do now? At what stage should I apply for the mortgage with Clydesdale?
It is normal to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is in the region of £1k, then valuation, Hampstead conveyancing search costs, etc). The first course of action is to check that your property lawyer is on the Clydesdale approved list. Regarding the subsequent stages this very much depends on the specifics of your transaction, motivation for this property and on the state of the market. During a hot market some home buyers would apply for the mortgage with Clydesdale and arrange for the valuation and only if it was satisfactory would they ask their lawyer to press on with the conveyancing in Hampstead.
How does conveyancing in Hampstead differ for newly converted properties?
Most buyers of new build residence in Hampstead come to us having been asked by the developer to sign contracts and commit to the purchase even before the house is ready to move into. This is because new home sellers in Hampstead tend to purchase 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 conveyancing solicitors 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 Hampstead or who has acted in the same development.
Due to the guidance of my in-laws I had a survey completed on a house in Hampstead prior to instructing conveyancers. I have been informed that there is a flying freehold aspect to the house. Our surveyor has said that some lenders tend not issue a loan on a flying freehold home.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Nationwide. If you contact us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Hampstead. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Hampstead to see if the conveyancing will be more expensive.
I am attracted to a two maisonettes in Hampstead which have in the region of fifty years remaining on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Hampstead is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the marketability of the property. The majority of purchasers and lenders, leases with under 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Hampstead conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
After years of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Hampstead. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
if there is a absentee freeholder or if there is disagreement about what the lease extension should cost, under the relevant legislation it is possible to make an application to the First-tier Tribunal (Property Chamber) to decide the price payable.
An example of a Lease Extension decision for a Hampstead property is Raised Ground Floor Flat 20 Fitzjohns Avenue in July 2014. the Tribunal decided that the premiums to be paid for new leases in respect of the Raised Ground Floor Flat and the First Floor Flat were to be calculated as: Raised Ground Floor: £765,175.14 First Floor: £601,617.77 This case was in relation to 2 flats. The remaining number of years on the lease was 16.83 and 16.43.