I have today made my last payment due on my mortgage with HSBC. I assume I don't need a Upton property lawyer on the HSBC panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your HSBC mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the HSBC mortgage from the register. HSBC, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where HSBC has sent the Land Registry the discharge electronically, and
- HSBC has instructed the Land Registry to do so
I was told four weeks ago that my mortgage has been agreed to by TSB. Is it usual for TSB to only issue the offer once my solicitor in Upton is approved on their conveyancing panel? TSB have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for TSB to deal with your lawyer's application to be on the TSB conveyancing panel. There's no guarantee that your solicitor will be accepted.
TSB have agreed my home loan in principle, my bid on a house in Upton has been agreed to, now what?
Your property agent will wish to be advised as to your lawyer's details (ensure that the property lawyers are on the bank’s panel). Contact TSB or your broker and finish off any outstanding forms. TSB will sellect a valuer who will get in contact with the selling agent or owners to book an appointment. Once carried out (assuming no problems) it takes about a week for the mortgage offer to be issued. TSB will send the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Upton.
I'm buying my first flat in Upton with a loan from Santander. The builders would not reduce the price so I negotiated £7000 of extras instead. The sale representative advised me not disclose to my conveyancer about this side-deal as it could adversely affect my loan with Santander. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Over the last few months I have been searching for a ground for flat up to £245,000 and found one close by in Upton I like with amenity areas and railway links nearby, the downside is that it's only got 52 years unexpired on the lease. There is not much else in Upton for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a mortgage that many years will be problematic. Discount the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least 2 years you may request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
I am employed by a busy estate agent office in Upton where we see a few flat sales put at risk as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Upton conveyancing firms. Please can you clarify whether the owner of a flat can commence the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I am the leaseholder of a ground flat in Upton. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the amount due for a lease extension?
Most certainly. We can put you in touch with a Upton conveyancing firm who can help.
An example of a Lease Extension decision for a Upton flat is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case related to 13 flats. The remaining number of years on the lease was 76 years.
I acquired a property in Upton last 3/1/2025 and to date it is still not registered with HM Land Registry. It is part of a new estate and my lawyer told me that it may take twelve months to complete the registration formalities. I have contacted the Land Registry directly and they have informed me the original application was cancelled due to failure to reply to requisitions. What can I do?
Call your conveyancer - Where you are unsatisfied with the responses, find out about their firm’s complaints process and amplify your concerns to a Complaints Manager. Registrations for Upton conveyancing are not known to be significantly delayed.