We note that you have a search directory identifying firms on the Virgin Money conveyancing panel. Do companies pay you a commission if I appoint them for our own conveyancing in Hermon?
We are a listing service only for law firms wishing to communicate if they are on the Virgin Money conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Hermon.
I am purchasing a terraced house in Hermon. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Hermon you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Hermon.
I've recently found out that there is a flying freehold issue on a property I put an offer in two weeks back in what was supposed to be a simple, chain free conveyancing. Hermon is the location of the property. Can you shed any light on this issue?
Flying freeholds in Hermon are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Hermon you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Hermon may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Helen (my wife) and I may need to rent out our Hermon garden flat for a while due to a career opportunity. We used a Hermon conveyancing practice in 2001 but they have since shut and we did not have the foresight to seek any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
Your lease governs the relationship between the landlord and you the leaseholder; specifically, it will indicate if subletting is prohibited, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Hermon do not prevent subletting altogether – such a clause would adversely affect the market value the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.
Hermon Leasehold Conveyancing - Sample of Questions you should ask before Purchasing
Does the lease include onerous restrictions? How much is the ground rent and service charge? Does the lease have in excess of 80 years left?
I own a leasehold flat in Hermon. Conveyancing was finished in 2009. I have read on numerous advice forums that I should not let the the remaining lease term to get too low. Why is that a problem?
Hermon domestic long term leases are for a prescribed period - often 99 years when they are first granted. However many flats in Hermon were constructed or converted in the 70’s80’s and so such leases now have under eighty years unexpired. That may sound like plenty of time but Banks, Building Societies and other mortgage institutions tend to need leases to have a minimum of seventy five years left to adequate security. Accordingly when you come to sell the property you will need a lease extension if you are getting close to seventy five years. To maximise your property value you should be considering whether or not to extend your lease well in advance of selling the property. Please note that there are strong financial reasons to doing so before the lease hits 80 years as when the lease is below eighty years the amount you have to pay to extend starts to escalate.