Our solicitor has identified a a legal deficiency with the lease for the property we are purchasing in Hazlemere. The seller’s lawyers have put forward title insurance as a solution. We are content with insurance and will pay for it. Our solicitor has advised that he must ensure that the mortgage company is content with this solution. Are we the client or is the lender?
Even though you have a mortgage offer from the bank does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the mortgage company are the client. These conveyancing instructions must be adhered to.
A friend advised me that in buying a property in Hazlemere there may be various restrictions limiting what one can do in terms of external changes to the property. Is this right?
We are aware of anumerous of properties in Hazlemere which have some sort of restriction or requirement of consent to perform external variations. Part of the conveyancing in Hazlemere should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
The mortgage over my property is with Santander for my property in Hazlemere. Conveyancing has been completed months ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Santander?
Your original mortgage agreement with Santander will provide that you need their approval before letting out your property as this is likely to be a breach of Santander’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Santander directly. It should not be necessary to do this via a Santander conveyancing panel solicitor.
Our offer on a house in Hazlemere has been accepted, the sellers do however have a connected purchase. The sellers have put an offer on on an apartment, however it’s not yet tied up, and have viewings of other properties in the pipeline. I have selected a nearby conveyancing solicitor in Hazlemere. What should be my next step? When do I get the mortgage application with Principality going?
It is understandable to have concerns where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is approx one thousand pounds, then survey, Hazlemere conveyancing search charges, etc). First, you should check that your lawyer is on the Principality conveyancing panel. As to the next phase this very much dictated by the circumstances of your case, attraction to this property and on the state of the market. During a rising market many home buyers will apply for a home loan with Principality and arrange for the valuation and only if it was satisfactory would they ask their property lawyer to move forward with the conveyancing in Hazlemere.
I purchased a 4 bedroom Victorian property in Hazlemere. Conveyancing solicitor represented me and National Westminster Bank. I did a free Land Registry search last week and there are a couple of entries: one for freehold, another for leasehold under the matching address. Is it worth asking National Westminster Bank to clarify?
You need to read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Hazlemere and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the situation with your conveyancing lawyer who conducted the purchase.
Just had an offer accepted on a new build flat in Hazlemere. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Hazlemere
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The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Forfeiture - bankruptcy or liquidation must not apply under this provision. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
I am a negotiator for a long established estate agent office in Hazlemere where we have witnessed a few flat sales jeopardised as a result of short leases. I have received inconsistent advice from local Hazlemere conveyancing firms. Could you confirm whether the vendor of a flat can initiate the lease extension process for the buyer?
Provided that 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. The benefit of this is that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
An alternative approach is to agree the lease extension with the freeholder 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.
Hazlemere Leasehold Conveyancing - A selection of Questions you should consider before buying
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Does the lease contain onerous restrictions? Who manages the block?
I am in the process of buying my 1st home in Hazlemere. Conveyancing lawyer already instructed. The mortgage adviser suggested that a survey is not necessary as the house was only constructed twenty two years ago.
At the very least you should order a Home Buyer's Report. Given the residence was constructed over a decade ago the property will not benefit from a warranty, so you don't want to take a risk. Where a property of this age shows no signs of problems a Home Buyer's report may be sufficient. The report should highlight any apparent problems and suggest further investigation if appropriate. Where there are any indications of material issues obtain a comprehensive structural survey.