Why do I have to pay up front for my conveyancing in Crystal Palace?
If you are buying a property in Crystal Palace your lawyer will ask you put them with monies to cover the the cost of the conveyancing searches. Normally this is needed to cover the fees of the Local Authority Search. When the deposit is as part of the purchase price then this should be needed shortly prior to contracts are exchanged. The final balance that is due should be transferred a couple of days prior to the day of completion.
After scouring online forums for an affordable lawyer in Crystal Palace, most post that I must use a CQS assured lawyer. What is CQS?
Crystal Palace Conveyancing Quality Scheme practices have been granted accreditation under the Law Society's Scheme (CQS) The Law Society created CQS to promote high standards in the in the legal transfer of properties. CQS enables home movers to identify solicitor firms who provide a quality residential conveyancing. Crystal Palace is one of the many areas in England and Wales in which CQS are based. The scheme obliges practices to undergo a strict assessment, compulsory training, self-reporting, spot checks and yearly assessments in order to maintain CQS status. It is available to solicitors and not licensed conveyancers and has the support of the Association of British Insurers.
Will our conveyancer be asking questions concerning flooding as part of the conveyancing in Crystal Palace.
Flooding is a growing risk for conveyancers specialising in conveyancing in Crystal Palace. There are those who buy a house in Crystal Palace, fully expectant that at some time, it may be flooded. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Solicitors are not best placed to offer advice on flood risk, however there are a numerous searches that may be carried out by the purchaser or on a buyer’s behalf which can figure out the risks in Crystal Palace. The standard property information forms supplied to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a standard inquiry of the owner to discover whether the property has ever been flooded. In the event that flooding has previously occurred which is not notified by the vendor, then a purchaser could commence a compensation claim as a result of such an inaccurate response. The purchaser’s solicitors may also carry out an enviro search. This will reveal if there is a recorded flood risk. If so, additional investigations should be carried out.
Due to the advice of my in-laws I had a survey completed on a property in Crystal Palace in advance of retaining solicitors. I have been informed that there is a flying freehold element to the house. Our surveyor advised that some banks will refuse to grant a loan on such a property.
It varies from the lender to lender. Santander has different requirements from Halifax. Should you wish to call us we can look into this further with 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 Crystal Palace. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Crystal Palace to see if the conveyancing costs will increase in light of this.
I am attracted to a couple of maisonettes in Crystal Palace which have about fifty years left on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Crystal Palace is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the premises. For most purchasers and banks, leases with under 75 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 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.
I have tried to negotiate informally with with my landlord for a lease extension without getting anywhere. Can one apply to the Leasehold Valuation Tribunal? Can you recommend a Crystal Palace conveyancing firm to act on my behalf?
Where there is a absentee landlord or if there is dispute about what the lease extension should cost, under the relevant legislation it is possible to make an application to the First-tier Tribunal (Property Chamber) to arrive at the price payable.
An example of a Lease Extension matter before the tribunal for a Crystal Palace residence is Flat 5 4 Border Crescent in December 2013. the tribunal calculated that premium payable for the acquisition of a lease extension of the subject premises was in the sum of £14,900 (Fourteen thousand, nine hundred pounds). Those advising the applicant were advised to send a copy of the decision and a copy of the new lease with the premium (less the applicants costs as assessed by the Court) to the Croydon County Court (under claim number 3CR01226) for an officer of the Court to execute the new lease on behalf of the absentee landlord who is missing and cannot be traced). This case was in relation to 1 flat. The remaining number of years on the lease was 69 years.
My partner and I are purchasing a first floor flat in Crystal Palace. At the point of instructing our conveyancing practitioner, they told us that they were on all mainstream mortgage company panels. Our financial adviser emailed just now to advise that they are not on the Lloyds approved list. If it turns out to be true, what should we do? Do we just choose a different lawyer that is on their panel or should we cover the costs for dual representation, with Lloyds appointing their own approved lawyer.
Where you are purchasing a property with the assistance of a mortgage it is standard for the purchaser’s solicitors to also act for the purchaser's lender. In order to act for a bank or building society a property lawyer has to be on that lender's conveyancing panel. An application has to be made by the property lawyer to the lender to become a member of the lender's panel and there are increasingly strict conditions which the conveyancing practitioner has to satisfy. Some lenders now insist their panel firms to be part of the Law Society’s Conveyancing Quality Scheme. Your conveyancer should contact Lloyds and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on Lloyds's conveyancing panel as you are at liberty to use your preferred Crystal Palace lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the equation.