My wife and I are nearing an exchange on a property in Hammersmith and my mum and dad have transferred the ten percent deposit to my conveyancing practitioner. I am now told that as the deposit has not come from me my property lawyer needs to disclose this to my lender. Apparently, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I informed the lender concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to delay the deal?
The conveyancing practitioner is obliged to clarify with mortgage company to ensure that they know that the balance of the purchase price is not from your own funds. Your solicitor can only notify this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
I require expedited conveyancing in Hammersmith as I am under pressure to exchange contracts inside 4 weeks. A home loan is not required. Is it possible to avoid the conveyancing searches to save fees and time?
As you are are a mortgage free purchaser you have the choice not to have searches conducted although no lawyer would suggest that you don't. With lots of history conveyancing in Hammersmith the following are instances of issues that can show up and adversely impact market value: Enforcement Actions, Outstanding Fees, Overdue Grants, Railway Schemes,...
It has been 3 months since my purchase conveyancing in Hammersmith took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I decided to have a survey completed on a house in Hammersmith in advance of retaining lawyers. I have been informed that there is a flying freehold overhang to the house. Our surveyor has said that some banks tend refuse to give a mortgage on a flying freehold premises.
It depends who your proposed lender is. HSBC has different instructions for example to Birmingham Midshires. If you e-mail us we can look into this further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Hammersmith. Conveyancing will be smoother if you use a solicitor in Hammersmith especially if they are acquainted with such properties in Hammersmith.
Is it best to choose a Hammersmith conveyancing lawyer based in the vicinity that I am purchasing? We have a good friend who can handle the legal work but his firm is located 200miles away.
The primary upside of using a high street Hammersmith conveyancing firm is that you can attend the office to sign paperwork, hand in your identification documents and pester them where appropriate. They will also have local intelligence which is a plus. However it's more important to get someone that will pull out all the stops for you. If if people you trust instructed your friend and on the whole were happy that should outweigh using an unknown Hammersmith conveyancing solicitor solely due to them being local.
I am a negotiator for a reputable estate agency in Hammersmith where we have witnessed a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have received contradictory information from local Hammersmith conveyancing solicitors. Could you confirm whether the owner of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means 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 has to be done before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible 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.
I inherited a ground floor flat in Hammersmith. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the premium payable for the purchase of the freehold?
Where there is a missing landlord or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to decide the price payable.
An example of a Freehold Enfranchisement case for a Hammersmith residence is 19 Crisp Road in June 2009. Following a vesting order (Under section 26 of the Leasehold Reform,Housing and Urban Development Act 1993) The tribunal determined that the premium payable for the acquisition of the freehold was £33,756,apportioned as to£12,285 for the lower at and £21,471for the upper fat. This case related to 2 flats. The unexpired lease term was 68.32 years.