My fiance and I are buying a purpose built apartment in New Malden with a mortgage from HSBC Bank.We like our New Malden conveyancing practitioner but HSBC Bank says she’s not listed on their "panel". We have to appoint a HSBC Bank panel lawyer or keep our high street solicitor and fork out for a HSBC Bank panel lawyer to act for them. We feel as though this is unjust; Can we not simply insist that HSBC Bank use our lawyer?
No, not really. The loan offered to you contains terms and conditions, a common one being that conveyancers needs to be on the HSBC Bank approved list. in the past, 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 solicitors to apply to be on the conveyancing panel for HSBC Bank
Are there restrictive covenants that are commonly identified during conveyancing in New Malden?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in New Malden. 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 have been on the look out for a ground for flat up to £305k and identified one round the corner in New Malden I like with a park and transport links in the vicinity, however it only has 61 remaining years left on the lease. There is not much else in New Malden for this price, so just wondered if I would be making a grave error buying a short lease?
Should you need a home loan that many years will likely be problematic. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least 2 years you may request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
Should I be concerned that estate agents that I am dealing with are suggesting an internet conveyancing firm rather than a High Street New Malden conveyancing practice?
As with many professional services, often input from family and friends can be most helpful. Nevertheless there are lots of people with a vested interest in a conveyancing matter; estate agents, financial adviser and banks might all put forward lawyers to use. On occasion these conveyancers might be known to one of the organisations as one of the best in their field, but occasionally there is an underlying commercial relationship behind the recommendation. You have the discretion to appoint your preferred conveyancer. Don't forget that some lenders have an approved list of lawyers you are obliged to use for the lender related work in your home move.
I need to appoint a conveyancing solicitor for sale conveyancing in New Malden. I've land on a web site which appears to be the ideal solution If there is a chance to get all the legals completed via phone that would be preferable. Should I be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am looking at a two maisonettes in New Malden both have approximately 50 years unexpired on the lease term. Do I need to be concerned?
There is no doubt about it. A leasehold apartment in New Malden is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. The majority of buyers and banks, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with New Malden conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I own a second floor flat in New Malden. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the premium due for a lease extension?
Where there is a absentee freeholder or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to determine the amount due.
An example of a Lease Extension case for a New Malden property is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case related to 1 flat.