My wife and I are acquiring a new build apartment in Northwood and my conveyancer is informing me that she has to the mortgage company to disclose incentives from the developer. The Estate Agents are hassling me to exchange and I have no desire to delay the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Is there a reason why leasehold purchase conveyancing in Northwood is more expensive?
In short, leasehold conveyancing in Northwood and elsewhere usually requires more due diligence compared to freehold transactions. This includes reviewing the lease, communicating with the landlord concerning the service of applicable notices, obtaining current service charge and management information, obtaining the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different leaseholders have owned the lease since it was first entered into.
My wife and I are buying a apartment in Northwood. I might seem paranoid but how we can trust a conveyancer? At some point we will need to deposit money into their account. What protection do we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
We are getting a further advance on our mortgage from HSBC as we want to carry out alterations to our home in Northwood. Are we obliged to appoint a bricks and mortar Northwood solicitor on the HSBC conveyancing panel to handle the legals?
HSBC do not ordinarily require firms on their approved list of lawyers to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the HSBC conveyancing panel.
I can not fathom if my bank requires a lease extension. I have telephoned my Northwood building society branch on various occasions and was informed it wasn't an issue and they will lend. My Northwood conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they refuse to lend based on their specific requirements. Who do I believe?
Provided that the lawyer is on the bank approved list, they must adhere to the Council of Mortgage Lenders’ Handbook requirements for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am buying a property and the lawyer has raised the issue of Chancel Repair for which the house may be liable because it falls into the area of such a church. She has mentioned insurance. Is this really warranted for conveyancing in Northwood
Unless a previous purchase of the house took place after 12 October 2013 you could expect solicitors handling conveyancing in Northwood to continue to propose a a chancel search and or chancel repair liability policy.
My father has urged me to instruct his lawyers for conveyancing in Northwood. Should I use them?
There are no two ways about it it’s preferable to find a conveyancing lawyer is to have recommendations from friends or relatives who have actually previously instructed the firm you're contemplating using.
I have recently realised that I have 72 years unexpired on my flat in Northwood. I need to extend my lease but my freeholder is can not be found. What options are available to me?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. However, you will be required to demonstrate that you have done all that could be expected to track down the lessor. In some cases an enquiry agent may be helpful to try and locate and to produce an expert document to be used as proof that the landlord is indeed missing. It is advisable to get professional help from a solicitor in relation to proving the landlord’s absence and the application to the County Court overseeing Northwood.
I own a first flat in Northwood. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the amount payable for a lease extension?
Most definitely. We can put you in touch with a Northwood conveyancing firm who can help.
An example of a Lease Extension case for a Northwood property is Flats 8, 11 and 15 Craigmore Court 46 Murray Road in December 2013. The tribunal held that the price payable by the Applicant tenant of Flat 8 to acquire an extended lease shall be £26,438 plus £1 to the intermediate lessee . The tribunal held that the price payable by the Applicant tenants of Flat 11 to acquire an extended lease shall be £26,791 plus £1 to the intermediate lessee. The tribunal held that the price payable by the Applicant tenant of Flat 15 to acquire an extended lease shall be £26,638 plus £1 to the intermediate lessee . This case was in relation to 3 flats. The unexpired lease term was 71 years.