Can you explain why leasehold purchase conveyancing in Deptford is more expensive?
The conveyancing costs for a leasehold premises in Deptford is frequently more expensive than on a freehold acquisition or disposal. This is due to the additional work necessary in liaising with the freeholder and managing agents to obtain evidence concerning whether the rent and service fee have been cleared and whether there are any major works due in the foreseeable future on repairs or maintenance of the building.
Can you help - my lawyer advises that missing deeds insurance is needed on my purchase. What is the level of cover for Deptford conveyancing?
The appropriate level of missing deeds indemnity insurance depends on who your lender is. It would differ for example between National Westminster Bank and Coventry Building Society. Conveyancing practitioners as opposed to members of the public take out such policies.
My wife and I have arranged a further advance on our home loan from Principality as we intend to conduct alterations to our property in Deptford. Do we need to appoint a local Deptford solicitor on the Principality conveyancing panel to handle the legals?
Principality don't usually instruct a member of their conveyancing panel to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Principality panel.
We were going to get 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 Deptford solicitors on the HSBC conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Deptford solicitors independently although you'll need to choose one on the HSBC conveyancing panel. The solicitor represents both you and HSBC through the process.
Various online forums that I have frequented warn that are the main cause of obstruction in Deptford house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of a review by MoveWithUs that conveyancing searches do not feature within the common causes of hindrances during the legal transfer of property. Searches are unlikely to feature in any slowing down conveyancing in Deptford.
I own a terraced Victorian property in Deptford. Conveyancing lawyer represented me and National Westminster Bank. I happened to do a free search for it on the Land Registry database and there are two entries: one for freehold, the second leasehold under the matching property. I thought I was buying a freehold how can I check?
You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Deptford and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with lenders. You can also question the position with the conveyancing lawyer who conducted the conveyancing.
I'm buying a new build house in Deptford benefiting from help to buy. The sellers refused to reduce the price so I negotiated five thousand pounds worth of additionals instead. The estate agent told me not disclose to my solicitor about this extras as it may affect my mortgage with the bank. Do I keep my lawyer in the dark?.
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.
Due to the encouragement of my in-laws I had a survey completed on a house in Deptford in advance of instructing lawyers. I have been advised that there is a flying freehold overhang to the property. My surveyor has said that some mortgage companies will not give a mortgage on such a home.
It depends who your proposed lender is. HSBC has different instructions for example to Birmingham Midshires. If you e-mail us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Deptford. Conveyancing will be smoother if you use a solicitor in Deptford especially if they are familiar with such properties in Deptford.