I am acquiring a house mortgage free in West Hampstead. I have been residing for the previous 20 years in West Hampstead. Conveyancing searches are exorbitant. Given that I have knowledge of the road and vicinity intimately must I have all the conveyancing searches?
If you not getting a home loan, then almost all of the West Hampstead conveyancing searches are non-obligatory. Your solicitor will 'advise', no-doubt strongly, that you should have searches carried out, but he has a professional duty to take that path of guidance. One thing to bear in mind; if you are intend to dispose of the house in the future, it could be of interest to your future buyer what the searches determine. On occasion premises with day to day issues can still show up unpredicted search results. A good conveyancing solicitor in West Hampstead will provide you some helpful advice concerning this.
We are purchasing a house and need a conveyancing solicitor in West Hampstead who is on the Co-operative approved panel. Could you point me in the right direction as regards a solicitor?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Co-operative . We don't recommend any particular firms conducting conveyancing in West Hampstead.
About to place a bid on a leasehold flat in West Hampstead. The property agents assure me that it is normal for flats in West Hampstead to have less than 75 years unexpired on the lease. I am expecting a mortgage with The Mortgage Works. Will the property be mortgageable given that the lease has 72 years remaining.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 26/12/2024 the requirements read as follows :
Where the unexpired lease term is different to that recorded on the mortgage offer, the following clarifies if we need to be informed:
Second hand property:
- If the unexpired lease term on the offer is 85 years or more - only advise us if the actual lease term is less than 85 years
- if the unexpired lease term on the offer is less than 85 years – advise us if the actual lease term is different than reported
- For equity share applications - advise us if the actual lease term is different than reported on the offer
New build property:
- If the unexpired lease term stated on the offer is 125 years (flat) / 250 years (house) or more - only advise us if the actual lease term is less than 125 years (flat) / 250 years (house)
- For equity share applications - always advise us if the actual lease term is different than reported on the offer
Lease terms such as ground rent and event fees must be reasonable at all times during the term of the lease and adhere to our requirements below. If you’re unsure as to whether the terms of a lease are unreasonable or onerous, please refer the details to us in plain English for Valuer consideration. If the potentially onerous terms are in relation to the ground rent please include the current ground rent figure per annum, how often it will be reviewed and the price structure it will be reviewed against. See the guidance below.
SECOND HAND PROPERTIES
Unacceptable - advise Issuing Office (Will be declined):
- Unexpired lease term less than 70 years
- Less than 30 years remaining at the end of the mortgage term
- Ground Rent greater than 0.5% of the property value
- Ground Rent doubles less than every 20 years (e.g. doubles every 5, 10 or 15 years) - acceptable if doubles every 20 years or more
- Ground Rent is compounded RPI
- Ground Rent review period less than or equal to 5 years
Refer to Issuing Office (Valuer will consider any impact on valuation figure and marketability):
- Unexpired lease term is 70 to 85 years
- Ground Rent greater than 0.1% and less than or equal to 0.5% of the property value
- Ground Rent escalation is linked to any indices greater than RPI
- Ground Rent escalation is linked to the value of the building*
- Ground Rent review period is greater than 5 and less than 10 years
- Event clauses exist for normal use e.g. changing the carpet, installing a TV aerial etc
- Estate Rent Charges greater than £500 p/a (please provide details of what the charges cover)
- Service Charges greater than 1.0% of property value p/a (please provide details of what the charges cover)
- Anything that appears onerous, unusual or out of the ordinary
Acceptable (no requirement to advise Issuing Office):
- Unexpired lease term greater than 85 years
- Ground Rent less than or equal to 0.1% of the property value
- Ground Rent review period greater than or equal to 10 years
- Ground Rent escalation less than or equal to RPI
NEW BUILD PROPERTIES (includes office conversions)
Unacceptable - advise Issuing Office (will be declined):
- Unexpired lease term less than 125 years on a new build flat or less than 250 years on a new build house
- Any lease which is subject to a ground rent (or annual rent) being charged which is more than on a peppercorn basis
- Any lease which is subject to a ground rent (or annual rent) being reviewed and altered on any review basis or methodology
Refer to Issuing Office (Valuer will consider any impact on valuation figure and marketability):
- Event clauses exist for normal use e.g. changing the carpet, installing a TV aerial etc
- Estate Rent Charges greater than £500 p/a (please provide details of what the charges cover)
- Service Charges greater than 1.0% of property value p/a (please provide details of what the charges cover)
- Anything else appears onerous, unusual or out of the ordinary
Acceptable (no requirement to advise Issuing Office):
- Unexpired lease term greater than or equal to 125 years on a new build flat or greater than or equal to 250 years on a new build house
- A lease subject to a peppercorn ground rent (annual rent) charges
For the avoidance of doubt, any new build properties completed but not sold pre 30 June 2022 will only be acceptable if the lease conforms to the above guidance
* Where the Ground Rent escalation is linked to the value of the building, please provide the following:
- How is the value of the block/unit currently calculated and if the assessment relates to the block(s), how is the Ground Rent calculated/apportioned per property?
- The current valuation and Ground Rent for each unit
- What is the mechanism for future valuations of the block and how is the Ground Rent calculated/apportioned?
- What is the right of appeal? And is this a documented process within the lease?
- Who bears the cost of the valuation (and appeal) process?
- Confirmation the review period is not less than twenty years
LEASE EXTENSIONS
We require all lease extensions to be completed under the Leasehold Reform Housing and Urban Development Act 1993 and to meet the above criteria as a minimum. Where you become aware that it does not meet these requirements, please refer to the Issuing Office
The deeds to my home can not be found. The solicitors who did the conveyancing in West Hampstead 10 years ago no longer exist. What are my next steps?
As long as the title is registered the details of your ownership will be held by HMLR with a Title Number. It is easy to carry out a search at the Land Registry, find your property and order current copies of the property title for a small fee. If the property is Leasehold then the Land Registry will usually hold a file duplicate of the Registered Lease and again, a copy can be ordered for twenty pounds.
Given that I am about to part with hundreds of thousands of pounds on a terraced house in West Hampstead I would like to talk to a conveyancer regarding theconveyancing prior to appointing the firm. Is this something that you can arrange?
This is something that we encourage - we would be happy to talk to you we do not take any clients on without you first talking to the lawyer due to be carrying out your conveyancing in West Hampstead.There is no ‘factory style conveyancing’ - every client is unique person, not a file number. The practices that we put you in touch with believe that the fees you are calculated and presented to you for residential conveyancing in West Hampstead should be the amount on the final invoice that you end up paying.
Back In 2005, I bought a leasehold house in West Hampstead. Conveyancing and Halifax mortgage are in place. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1992. The conveyancing practitioner in West Hampstead who acted for me is not around. What should I do?
First contact the Land Registry to make sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. It is not necessary to instruct a West Hampstead conveyancing firm to do this as you can do this on the Land Registry website for a few pound. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I have given up negotiating a lease extension in West Hampstead. Can this matter be resolved via the Leasehold Valuation Tribunal?
Absolutely. We can put you in touch with a West Hampstead conveyancing firm who can help.
An example of a Lease Extension case for a West Hampstead residence is Flat A 372 Cricklewood Lane in January 2013. The Tribunal decided that the premium for the extended lease should be £5,750.00 and that the terms of the new lease should be those set out in annex to the decsion This case affected 1 flat.