We are purchasing our first property. The property lawyer has contact usto check if we would like to take out extra conveyancing searches. We are really unsure what's appropriate for conveyancing in Bexleyheath
The range of Bexleyheath conveyancing searches depends primarily on the premises, the location, the possibility of any of these risks, your familiarity of the locality and risks, your overall attitude to risk. What matters is that you adequately comprehend what information the searches could give you. Then you can make a decision if you personally think you need that search. If in doubt, ask your conveyancing practitioner to advise.
We're in Bexleyheath, First timers purchasing with a mortgage (lender is Leeds Building Society , and our lawyer is on the Leeds Building Society conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Leeds Building Society conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Please help - my lawyer says that breach of easement insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Bexleyheath?
The right level of breach of easement indemnity insurance should be dictated by who who your lender is. It would differ for example between Santander and Chelsea Building Society. Conveyancing solicitors as opposed to borrowers take out such insurances.
We expect to receive a DIP from HSBC this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do HSBC recommend any Bexleyheath solicitors on the HSBC conveyancing panel, or is it better to go independently?
You will need to appoint Bexleyheath solicitors independently although you'll need to choose one on the HSBC conveyancing panel. The solicitor represents both you and HSBC through the process.
My sealed bid on a semi in Bexleyheath has been accepted, but there is a chain. The sellers have offered on on an apartment, but it’s not been accepted yet, and have viewings of other properties in the pipeline. I have selected a bricks and mortar conveyancing solicitor in Bexleyheath. What should be my next step? When do I get the mortgage application with Barclays going?
It is usual to have apprehensions where there is a chain as you are unlikely to want to incur costs prematurely (home loan application is in the region of £1k, then survey, Bexleyheath conveyancing search charges, etc). First, you must ensure that your conveyancer is on the Barclays approved list. Regarding the subsequent steps this very much depends on the circumstances of your transaction, attraction to the property and on the state of the market. In a buoyant market some purchasers would apply for a home loan with Barclays and arrange for the valuation and only if it was satisfactory would they pay their lawyer to move forward with searches.
I am buying a house and the solicitor has referenced Chancel Repair to which the property may be obligated to contribute to given it’s proximity to the area of such a church. She has suggested insurance. Is this really necessary for conveyancing in Bexleyheath
Unless a previous acquisition of the house completed after 12 October 2013 you can take it that lawyers carrying out conveyancing in Bexleyheath to continue to recommend a chancel search and or insurance against a claim.
Are there restrictive covenants that are commonly picked up during conveyancing in Bexleyheath?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Bexleyheath. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am tempted by the attractive purchase price for a two apartments in Bexleyheath both have in the region of 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Bexleyheath is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the marketability of the premises. For most buyers and banks, leases with less than eighty years become less and less attractive. 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 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 Bexleyheath 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 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 have tried to negotiate informally with with my landlord for a lease extension without getting anywhere. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a Bexleyheath conveyancing firm to act on my behalf?
Where there is a missing freeholder or if there is dispute about the premium for a lease extension, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to assess the price.
An example of a Lease Extension case for a Bexleyheath property 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 unexpired lease term was 76 years.