We are looking to buy a flat and need a conveyancing solicitor in Hadley Wood who is on the solicitor 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 . We don't recommend any particular firms conducting conveyancing in Hadley Wood.
My lender has recommended a law firm on their panel based in Hadley Wood but I would rather use a conveyancing lawyer in Hadley Wood or nearer to where I live. Are you able to assist?
Far from all Hadley Wood conveyancing solicitors are approved and listed on all lender’s conveyancing panel. Please make use of our search tool to choose a Hadley Wood conveyancing conveyancer on the on the lender panel.
How does conveyancing in Hadley Wood differ for newly converted properties?
Most buyers of new build premises in Hadley Wood contact us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is built. This is because new home sellers in Hadley Wood typically purchase 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 conveyancing solicitors 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 used to new build conveyancing in Hadley Wood or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a house in Hadley Wood prior to retaining conveyancers. I have been told that there is a flying freehold overhang to the house. Our surveyor has said that some lenders may not give a mortgage on this type of premises.
It varies from the lender to lender. Santander has different instructions for example to Nationwide. Should you wish to call us we can investigate further with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Hadley Wood. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Hadley Wood to see if the conveyancing will be more expensive.
I am attracted to a couple of apartments in Hadley Wood which have approximately fifty years left on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Hadley Wood is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the value of the premises. For most buyers and mortgage companies, leases with less than 75 years become less and less marketable. On a more positive 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 premises 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 Hadley Wood conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed 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 inherited a garden flat in Hadley Wood, conveyancing was carried out 1995. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Hadley Wood with over 90 years remaining are worth £165,000. The ground rent is £45 per annum. The lease terminates on 21st October 50
With 50 years unexpired we estimate the price of your lease extension to be between £36,100 and £41,800 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.