My lawyer has discovered a a legal deficiency with the lease for the apartment we are purchasing in Hampton. The seller’s lawyers have offered title insurance as a solution. We are happy with insurance and will cover the costs. Our lawyer has advised that he must ensure that the mortgage company is willing to move forward with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancer will have no choice but to discontinue acting for you.
We hope to to purchase with Melton Mowbray Building Society. I called into a few high street companies yet am unable to find a Hampton conveyancing firm on the Melton Mowbray Building Society approved list. Can you help?
Please do take advantage of the search tool on this web page. Please choose the lender and type Hampton or your location and you will be presented with numerous conveyancers located in Hampton or by proximity to you.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Hampton?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Hampton. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Over the last few months I have been searching for a ground for flat up to £245,000 and identified one close by in Hampton I like with a park and railway links nearby, however it's only got 61 years unexpired on the lease. There is not much else in Hampton for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a mortgage that many years will be a potential deal breaker. Discount the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least twenty four months you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
Should I instruct a Hampton conveyancing lawyer based in the area that I am buying? We have a good friend who can carry out the conveyancing but they are based approximately 350miles away.
The benefit of a high street Hampton conveyancing firm is that you can pop in to execute documents, hand in your ID and pester them if necessary. They will also have local insight which is a plus. However it's more important to get someone that will pull out all the stops for you. If you know people who used your friend and the majority were impressed that should outweigh using an unfamiliar Hampton conveyancing solicitor solely due to them being Hampton based.
I today plan to offer on a house that seems to meet my requirements, at a reasonable figure which is making it more attractive. I have just discovered that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Hampton. Conveyancing solicitors have not yet been instructed. Will they explain the issues?
The majority of houses in Hampton are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can assist with the conveyancing process. It is clear that you are buying in Hampton so you should seriously consider looking for a Hampton conveyancing practitioner and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’spermission to conduct changes to the property. It may be necessary to pay a contribution towards the maintenance of the communal areas where the property is located on an estate. Your solicitor should report to you on the legal implications.
Following months of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Hampton. Can we issue an application to the Residential Property Tribunal Service?
You certainly can. We are happy to put you in touch with a Hampton conveyancing firm who can help.
An example of a Lease Extension case for a Hampton flat is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case affected 1 flat. The number of years remaining on the existing lease(s) was 82.93 years.