Do the Building Society Association intend to launch a search tool with a view to list firms on the Darlington Building Society conveyancing panel for instance in Crystal Palace?
We have not been informed any intention on the part of the BSA to develop such a tool.
We had instructed solicitors based in Crystal Palace on the RBS solicitor panel. They have just billed me a further sum for the legal aspects of the RBS mortgage. Is this an additional conveyancing fee set by RBS?
As unfair as it may appear, as long as it’s in their Terms and Conditions or Quote then yes your lawyer is entitled to levy a fee for this. The fee is not dictated by RBS but by your Crystal Palace solicitor. Some firms on the RBS panel will charge an ‘acting for lender’ fee and others do not.
I have a mortgage with Bank of Ireland for my property in Crystal Palace. Conveyancing was finalised some time ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Bank of Ireland?
Your original mortgage agreement with Bank of Ireland will provide that you need their approval prior to letting out your property as this is likely to be a breach of Bank of Ireland’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Bank of Ireland directly. You need not do this via a Bank of Ireland conveyancing panel solicitor.
I was told four weeks ago that my mortgage has been agreed to by UBS. Is it usual for UBS to only issue the offer once my solicitor in Crystal Palace is approved on their conveyancing panel? UBS have asked my solicitor to see a copy of their PI Insurance.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for UBS to deal with your lawyer's application to be on the UBS conveyancing panel. There's no guarantee that your solicitor will be accepted.
How does conveyancing in Crystal Palace differ for new build properties?
Most buyers of new build premises in Crystal Palace come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is ready to move into. This is because new home sellers in Crystal Palace usually purchase the land, 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 conveyancers 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 accustomed to new build conveyancing in Crystal Palace or who has acted in the same development.
I am looking for a flat up to £235,500 and found one near me in Crystal Palace I like with a park and transport links in the vicinity, however it only has 61 remaining years left on the lease. There is not much else in Crystal Palace suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a home loan the shortness of the lease will likely be an issue. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least twenty four months you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
I am attracted to a couple of maisonettes in Crystal Palace which have approximately forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Crystal Palace is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. The majority of purchasers and lenders, leases with under 75 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 Crystal Palace 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 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.
Following years of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in Crystal Palace. Can we issue an application to the Residential Property Tribunal Service?
You certainly can. We are happy to put you in touch with a Crystal Palace conveyancing firm who can help.
An example of a Lease Extension case for a Crystal Palace premises is Flat 1 4 Border Crescent in March 2012. the Tribunal decided that the sum payable by the Applicants to the Respondent in respect of the new lease for the subject property should be £11,616.00 (ElevenThousand and Six Hundred and Sixteen Pounds) This case related to 1 flat. The unexpired lease term was 72.04 years.
I need to consider quotes for conveyancing in Crystal Palace from numerous lawyer and appoint one. Do I instruct them to hold tight until I have found somewhere to purchase.
We suggest that you only ask your lawyer to commence work and apply for searches after the offer has been accepted on the property particularly as Crystal Palace conveyancing searches are a couple of hundred pounds.