I am soon to complete buying a house in Mill Hill but as a result of wreckage from the recent storms I have was able negotiate recompense from the current proprietors in the sum of £3k in the form of a deduction in the price. This was going to be addressed as part of a side agreement however Santander will not permit this. Why were they approached?
Any solicitor that is on a Santander conveyancing panel is obliged to advise Santander of any amendments to the purchase price. If you were to refuse your solicitor to disclose the reduction to Santander then they would have to discontinue acting for you. In addition, Santander and you would have to appoint a new conveyancer for your conveyancing in Mill Hill.
What does my ID and proof of funds have anything to do with my conveyancing in Mill Hill? Is this really warranted?
In order to comply with Money Laundering Regulations any Mill Hill conveyancing firm will require evidence of your identity in all conveyancing transactions. This is normally dealt with by provision of a passport and an original bank statement or utility bill showing where you reside.
In accordance with Money Laundering Regulations, conveyancing solicitors are obliged by law to ascertain not simply the identity of conveyancing clients but also the source of monies that they receive in respect of any matter. Refusal to disclose this may lead to your lawyer terminating their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to inform the appropriate authorities should they believe that any monies received by them may contravene the Money Laundering Regulations.
How does conveyancing in Mill Hill differ for newly converted properties?
Most buyers of new build premises in Mill Hill come to us having been asked by the developer to exchange contracts and commit to the purchase even before the property is built. This is because developers in Mill Hill tend to acquire the site, 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 property lawyers 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 Mill Hill or who has acted in the same development.
What does commercial conveyancing in Mill Hill cover?
Non domestic conveyancing in Mill Hill covers a broad range of services, given by regulated solicitors, relating to business property. For example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.
I own a leasehold flat in Mill Hill. Conveyancing and Coventry Building Society mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in Mill Hill who previously acted has now retired. What should I do?
The first thing you should do is contact HMLR to make sure that this person is indeed the new freeholder. It is not necessary to instruct a Mill Hill conveyancing firm to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am the leaseholder of a ground flat in Mill Hill. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the premium payable for a lease extension?
Where there is a absentee landlord or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to decide the amount due.
An example of a Lease Extension decision for a Mill Hill residence 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 related to 1 flat. The unexpired residue of the current lease was 71.73 years.
We own a leasehold flat in Mill Hill. Conveyancing was finished in 21012. I have heard that I mustn’t allow the the remaining lease term to get too low. Why is that a problem?
Mill Hill leasehold properties are for a set period - often ninety nine years when they started. However a significant appartments in Mill Hill were constructed or converted 35 or more years ago and so such leases now have fewer than eighty years remaining. That may sound like plenty of time but Banks, Building Societies and other mortgage lenders tend to need leases to have at least 75 years unexpired to adequate security. Accordingly when you come to sell the property you will need to extend the term of your lease if you are approaching eighty years. To maximise your property value you should be considering whether to extend your lease well in advance of selling the property. Furthermore advantages to doing so before the lease hits eighty years as when the lease is less than 80 years the premium to be paid to extend starts to increase.