We are expecting a mortgage offer soon. The lender mentioned the loan came with free conveyancing. Is the implication that I have to instruct their panel lawyer as I would prefer to use a Forest Hill based conveyancing firm?
Do check but the the likelihood is that allocate you one of their panel lawyers if you want the "fee-free" offer. Speak to the bank to see if they allow a monetary alternative. In the past a few mortgage companies offered a £250 cashback as an alternative in which case that money can go towards the cost for your conveyancing solicitor near Forest Hill.
Forgive me if this question is silly but I am unexperienced as a first time purchaser of a two bedroom flat in Forest Hill. Do I receive the keys to the premises on completion from my lawyer? If so, I will appoint a local conveyancing solicitor in Forest Hill?
On the day of completion you will not be required to go to the conveyancers office in Forest Hill. Your solicitors will transfer the completion advance to the owner’s solicitors, and shortly after the monies have arrived, you should be called to pick up the keys from the property Agents and move into your new home. Usually this happens between 1 and 3pm.
I am being advised by my conveyancer that restrictive coveneant insurance is needed on my purchase. What is the level of cover for Forest Hill conveyancing?
The appropriate level of restrictive coveneant indemnity insurance should be dictated by who your lender. It would differ for example between Nationwide Building Society and Virgin Money. Conveyancing solicitors as opposed to members of the public take out such policies.
About to purchase maisonette in Forest Hill. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Virgin Money conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Forest Hill conveyancing practitioner is on the Virgin Money conveyancing panel.
About to purchase a new build flat in Forest Hill. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Forest Hill
The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Forfeiture - bankruptcy or liquidation must not apply under this provision. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
I'm remortgaging my existing home to a BTL loan with Virgin Money and I will use the rest of the raised equity as a down payment on a second house. The area we are looking at is Forest Hill. Will your conveyancers be able to act for both sets of mortgage companies and link together the transactions?
Make use of our comparison tool on this site to ensure that the solicitors are approved by both mortgage companies. Having checked that they are your lawyer should be able to tie up the two transactions but you should talk with you conveyancer and specify your desired outcome and requirements.
Can you provide any top tips for leasehold conveyancing in Forest Hill from the point of view of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Forest Hill can be reduced if you instruct lawyers the minute you market your property and request that they start to put together the leasehold documentation needed by the purchasers’ representatives. Some Forest Hill leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors. If you have the benefit of shareholding in the Management Company, you should make sure that you have the original share certificate. Organising a replacement share certificate is often a time consuming formality and frustrates many a Forest Hill conveyancing transaction. Where a reissued share is necessary, do contact the company officers or managing agents (where applicable) for this as soon as possible. If there is a history of conflict with your landlord or managing agents it is essential that these are settled before the property is put on the market. The buyers and their solicitors will be nervous about purchasing a flat where a dispute is ongoing. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is better to reveal the dispute as over rather than ongoing.
After months of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Forest Hill. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most definitely. We are happy to put you in touch with a Forest Hill conveyancing firm who can help.
An example of a Lease Extension case for a Forest Hill residence is Flat 1 40-42 Ewelme Road in August 2012. the Tribunal assessed the premium for the lease extension in the sum of £11,800 This case affected 1 flat. The unexpired residue of the current lease was 61.81 years.
We recently found out that one of the directors of the conveyancing practice handling the purchase conveyancing in Forest Hill is an uncle of the owners that we are purchasing from. Is this permitted?
As long as no conflict arises this should be fine. Where you are needing a mortgage then the bank may have a say as many banks have specific requirements on this. For example for Virgin as of 13/7/2021, the requirements read as follows :