We are approaching an exchange on a property in New Beckenham and my mum and dad have transferred the 10% deposit to my conveyancing practitioner. I am now advised that as the deposit has not come from me my conveyancing practitioner needs to make a notification to my bank. I am advised that, in also acting for the mortgage company he must inform them that the balance of the purchase price is coming from anyone other than me. I disclosed to the bank regarding my parents' contribution when I applied for the home loan, so is it really necessary for this now to hold matters up?
Your lawyer is obliged to clarify with mortgage company to make sure that they know that the balance of the purchase price is not from your own resources. The solicitor can only reveal this to your bank if you agree, failing which, your lawyer must cease to continue acting.
Me and my partner are buying a property in New Beckenham. It might be a silly question but how we can trust a lawyer? At some point we will need to deposit money into their account. What is the protection we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
We previously chose conveyancing lawyers locally in New Beckenham on the TSB solicitor approved list. They are now charging me a further amount for dealing with the TSB mortgage. Is this a supplemental conveyancing fee specified by TSB?
Unfortunately, so long as it is in their Terms of Engagement or estimate then yes your property lawyer is entitled to levy a fee for this. This charge is not dictated by TSB but by your New Beckenham lawyer. Numerous firms on the TSB panel will quote ’dealing with mortgage’ fee and others do not.
I have a mortgage with Yorkshire BS for my property in New Beckenham. Conveyancing has been completed some time ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Yorkshire BS?
Yorkshire BS must be informed of your intention in advance of letting out your property as this is likely to be a breach of Yorkshire BS’s mortgage conditions. It may be that Yorkshire BS 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 Yorkshire BS directly. It should not be necessary to do this via a Yorkshire BS conveyancing panel solicitor.
My partner and I are downsizing from our home in New Beckenham and the buyers lawyers are claiming that there is a possibility that the property was built on contaminated land. A local lawyer would know this is not the case. For the life of me I don't know why the purchasers instructed a factory type conveyancing practice as opposed to a conveyancing solicitor in New Beckenham. Having lived in New Beckenham for three years we know of no issue. Do we get in touch with our local Authority to get confirmation that there is no issue.
It sounds as though you may have a conveyancing solicitor already. Are they able to advise? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
Over the last few months I have been searching for a leasehold apartment up to £305k and found one near me in New Beckenham I like with a park and station in the vicinity, however it's only got 61 remaining years left on the lease. There is not much else in New Beckenham suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a home loan the remaining unexpired lease term may be problematic. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of twenty four months you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this.
What advice can you give us when it comes to finding a New Beckenham conveyancing practice to deal with our lease extension?
When appointing a property lawyer for your lease extension (regardless if they are a New Beckenham conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggest that you speak with several firms including non New Beckenham conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be of use:
How many lease extensions have they conducted in New Beckenham in the last year? How familiar is the firm with lease extension legislation?
I am the leaseholder of a ground-floor 1950’s flat in New Beckenham. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the premium due for the purchase of the freehold?
You certainly can. We are happy to put you in touch with a New Beckenham conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a New Beckenham flat is 26 Manor Road in July 2010. the Tribunal decided that price to be paid for the freehold was £12,420 This case affected 2 flats. The unexpired residue of the current lease was 76.75 and 88.83.
I own a leasehold flat in New Beckenham. Conveyancing was finalised in 2010. I have heard that I should not allow the the remaining lease term to fall too low. Is this right?
New Beckenham residential long term leases are for a prescribed term - usually just under one hundred years when they are first granted. However a significant flats in New Beckenham were constructed or converted 35 or more years ago and so such leases now have under 80 years left to run. That may sound like a long time however Banks, Building Societies and other mortgage institutions generally require leases to have at least 75 years left to be mortgageable. This means that when you come to sell the property you will need a lease extension if you are approaching 75 years. To optimize your property value you should be thinking about whether to extend your lease long before you come to sell it. Furthermore advantages to taking action before the lease hits eighty years as when the lease falls below eighty years the amount you have to pay to extend starts to escalate.