The property market in Heathrow is hotting up. What can I do to speed up matters?

In the event that the seller is applying a tight deadline to sign contracts we would recommend that your conveyancer is familiar with the area as they will make use of local relationships and insight. It is possible that they may have conducted previoushouses in the same street. Therefore consider using a Heathrow conveyancing firm. In addition, check that the conveyancing firm is on the member panel. It is claimed that just under twenty per cent of Heathrow conveyancing deals are delayed or derailed after finding out that a buyer’s solicitor was not on their banks panel. In many cases this discovery resulted in the buying process being delayed by an average of 21 days. It is said that this issue affects in the region of 100,000 home moves every year. Many Heathrow conveyancing firms can not act for certain lenders so do check at the outset.

I happen to be the sole beneficiary of my late father’s estate and I have everything in my name alone, including the house in Heathrow. The Heathrow property was put into my name in November. I plan to dispose of the property. I understand that there is a CML 6 month 'rule', which means that my property ownership may be treated the same way as though I had purchased the property in November. Is the property unsalable for six months?

The Council of Mortgage Lenders’ handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be caught by that. many lenders would take a pragmatic view as this obligation is principally there to pick up on the purchase and immediately sell or the wholesaling and assigning of properties.

Is it the case that all Heathrow CQS (Conveyancing Quality Scheme) solicitors are on the Leeds Building Society conveyancing list of approved firms?

It is true that some banks and building societies now use CQS as the kick off point for Panel membership such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of conveyancing solicitors.

is it true that all Heathrow solicitor practices on the RBS conveyancing panel are overseen by the Solicitors Regulatory Authority?

As a firm of solicitors, in order to be on the RBS approved list of solicitors they would need to be overseen by the Solicitors Regulatory Authority. Some banks do list licenced conveyancers on their panel in which case such firms would be overseen by the CLC.

Due to the input of my in-laws I had a survey completed on a house in Heathrow before instructing solicitors. I have been advised that there is a flying freehold element to the property. The surveyor has said that some lenders tend refuse to issue a mortgage on a flying freehold home.

It varies from the lender to lender. Bank of Scotland has different requirements from Nationwide. If you e-mail us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Heathrow. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Heathrow to see if the conveyancing costs will increase in light of this.

I am tempted by the attractive purchase price for a two maisonettes in Heathrow which have approximately fifty years left on the leases. Will this present a problem?

There are no two ways about it. A leasehold flat in Heathrow is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the value of the premises. For most purchasers and banks, leases with under eighty 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 property 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 Heathrow 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. 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 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.

Despite our best endeavours, we have been unsuccessful in trying to purchase the freehold in Heathrow. Can this matter be resolved via the Leasehold Valuation Tribunal?

if there is a missing freeholder or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to calculate the amount due.

An example of a Lease Extension decision for a Heathrow premises is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case related to 1 flat. The remaining number of years on the lease was 82.93 years.

What are the compelling advantages to choosing a local lawyer in Heathrow

Lots of house movers in Heathrow opt for a nearby high street property lawyer so that they can visit in the event that they have questions, and to execute mortgage deeds rather than depending on the post.

There is a slight advantage when opting for a conveyancer local to a house you are buying, due to the in-depth knowledge of the region and potential local issues - yet this is moot. The majority of conveyancers carry out their work over the web and may be anywhere in the world.