My solicitor has uncovered a a problem with the lease for the flat we are buying in Mill Hill. The seller’s lawyers have suggested title insurance as a solution. We are happy with insurance and will cover the costs. Our solicitor has advised that he must ensure that the lender is content with this solution. Are we the client or is the lender?
Regardless of the fact that you have a mortgage offer from the bank does not mean to say that the property will meet their provisions 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. The appropriate lender requirements have to be complied with.
we are a couple who are hoping to buy a newbuild flat in Mill Hill with a mortgage from The Mortgage Works.We would like to retain our Mill Hill conveyancing practitioner but The Mortgage Works advised that he's not on their approved list of member firms. We have to appoint a The Mortgage Works panel solicitor or keep our local solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; Can we not simply insist that The Mortgage Works use our lawyer?
No, not really. The loan offered to you is subject to its various provisions, one of which will be that conveyancers needs to be on the The Mortgage Works approved list. Until recently, most banks had large numbers of solicitors on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for The Mortgage Works
This question may be naive but I am wet behind the ears as FTB of a ground floor flat in Mill Hill. Do I pick up the keys to the house on completion from my conveyancer? If this is the case, I will instruct a local conveyancing solicitor in Mill Hill?
There is no need to visit the lawyers office on the day of completion. Your solicitors will electronically transfer the purchase money to the seller's lawyers, and once they have received this, you will be called to pick up the keys from the Estate Agents and start moving into the property. Usually this happens between 1 and 3pm.
I happen to be the only beneficiary of my late grandmother’s will and I have everything in my name alone, including the house in Mill Hill. The Mill Hill property was put into my name in September. I want to move. I do know about the CML 6 month 'rule', which means that my property ownership could be treated the same way as though I had purchased the property in September. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be caught by that. How practical a view lenders take of it, depend on the lender as this provision is chiefly there to capture subsales or the flipping of property.
I have finally had an offer on a flat in Mill Hill agreed to, the vendors do however have a tied purchase. The sellers have offered on a property, however it’s not yet agreed to, and are looking at other properties booked. I have chosen a high street conveyancing solicitor in Mill Hill. What should be my next step? When should I get the mortgage application with Kent Reliance going?
It is usual to have apprehensions where there is a chain as you are unlikely to want to incur costs prematurely (mortgage application is in the region of £1k, then survey, Mill Hill conveyancing search fees, etc). First, you should ensure that your property lawyer is on the Kent Reliance approved list. Regarding the subsequent steps this very much dictated by the uniqueness of your case, desire for the property and on the state of the market. During a buoyant market the majority of buyers will apply for the mortgage with Kent Reliance and arrange for the valuation and only if it comes back ok would they ask their conveyancer to move forward with searches.
Are there restrictive covenants that are commonly identified during conveyancing in Mill Hill?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Mill Hill. 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…’
I'm purchasing my first flat in Mill Hill benefiting from help to buy. The developers would not move on the price so I negotiated £7000 of extras instead. The estate agent suggested that I not disclose to my lawyer about this side-deal as it would put at risk my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the UK Finance website. UK Finance form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am hoping to exchange soon on a garden flat in Mill Hill. Conveyancing lawyers inform me that they are sending me a report tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Mill Hill should include some of the following:
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The physical extent of the demise. This might be the apartment itself but could also incorporate a roof area or storage are if relevant. The length of the lease term. You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a lessee has Specifying your rights in relation to the communal areas in the block.For example, does the lease provide for a right of way over a path or hallways? What options are available to the landlord where you are in breach of your lease terms?
I have attempted and failed to negotiate with my landlord for a lease extension without success. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a Mill Hill conveyancing firm to assist?
in cases where there is a missing landlord or if there is dispute about what the lease extension should cost, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to determine the price payable.
An example of a Lease Extension matter before the tribunal for a Mill Hill property is Ground Floor Maisonette 17 Milton Road in January 2014. The Tribunal determined the premium payable by the Applicant to the should be £13,299 This case was in relation to 1 flat. The unexpired term as at the valuation date was 71.73 years.