Can you explain why leasehold purchase conveyancing in Hendon costs more?
The conveyancing fees on a leasehold property in Hendon is often more expensive than on a freehold residence. This is due to the supplemental work necessary in dealing with the freeholder and managing agents to obtain evidence concerning whether the rent and maintenance charges have been cleared and whether there are any large sums expected to be spent in the near future on repairs or maintenance of the block.
I happen to be the sole recipient of my late father’s estate with all property in now in my sole name, including the my former home in Hendon. The Hendon property was put into my name in March. I plan to dispose of the house. I do know about the Mortgage Lenders 6 month 'rule', which means that my proprietorship may be treated the same way as if I'd bought the property in March. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be impacted by that. many banks would take a pragmatic view as this requirement is principally there to pick up on the purchase and immediately sell or the quick reselling of property.
I am currently in the process of buying my council flat in Hendon. I have a mortgage offer with Lloyds. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Lloyds, you will need to appoint a solicitor on the Lloyds conveyancing panel.
The mortgage over my property is with Santander for my property in Hendon. Conveyancing was finalised 12 months ago. If I am intending 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?
Santander must be informed of your intention prior to 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. You need not do this via a Santander conveyancing panel lawyer.
I purchased my apartment on 7 August and my personal details is not yet registered. Should I be concerned? My conveyancing solicitor in Hendon expressed confidence that it would be formalised inside ten days. Are properties in Hendon particularly slow to register?
There is nothing unique about conveyancing in Hendon registration formalities. As opposed to being determined by geographic area, timeframes can adjust according to the party submitting the application, whether there are errors and if the Land registry communicate with any third persons or bodies. As of today roughly three quarters of submission are fully addressed within two weeks but some can be subject to longer delays. Registration takes place after the new owner has moved in to the property thus an expedited registration is not always an essential issue yet where there is a degree of urgency associated with the registration then you or your conveyancer should speak with the land registry and explain the circumstances.
How does conveyancing in Hendon differ for newly converted properties?
Most buyers of new build or newly converted property in Hendon come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is built. This is because new home sellers in Hendon usually buy 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 conveyancers 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 accustomed to new build conveyancing in Hendon or who has acted in the same development.
I've recently found out that there is a flying freehold element on a property I have offered on two weeks back in what was supposed to be a straight forward, no chain conveyancing. Hendon is the location of the property. Can you shed any light on this issue?
Flying freeholds in Hendon are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Hendon you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Hendon may ascertain 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 residence.
What are your top tips when it comes to finding a Hendon conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for your lease extension (regardless if they are a Hendon conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non Hendon conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be useful:
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If the firm is not ALEP accredited then what is the reason? How experienced is the practice with lease extension legislation?
I have attempted and failed to negotiate with my landlord for a lease extension without getting anywhere. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Hendon conveyancing firm to assist?
Most certainly. We are happy to put you in touch with a Hendon conveyancing firm who can help.
An example of a Lease Extension case for a Hendon property is First Floor Flat 61 Wilberforce Road in March 2014. The premium payable was £10,130 and the case was remitted back to the Willesden County Court to effect the Vesting Order (Claim No 3W103100). This case related to 1 flat. The remaining number of years on the lease was 71 years.