In scouring mumsnet.com for an online lawyer in Peckham, most post that I should use a CQS assured lawyer. Can you explain what CQS is?
The Law Society's Conveyancing Quality Scheme is the recognised quality mark for legal experts in home moving process, trusted by some of the UK's biggest mortgage companies. Four years ago the Conveyancing Quality Scheme was officially recognised by the Council of Mortgage Lenders (CML). The scheme does not cover licenced conveyancers. Peckham is one of the numerous areas of the UK where there are CQS lawyers.
My wife and I are buying a flat in Peckham. I might seem paranoid but how we can trust a lawyer? At some point we have to put funds into their account. What is the protection we have from them run away with our money?
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.
What is the difference between a licensed conveyancer and conveyancing solicitor in Peckham
There are many registered licenced Conveyancers in Peckham and Solicitor practices in Peckham to choose from We would stress that the two are regulated professionals specialising in the legal work in transferring property. Both can handle other property legal work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
Forgive me if this question is silly but I am new to the process as a first time purchaser of a two bedroom flat in Peckham. Do I pick up the keys to the house on completion from my lawyer? If this is the case, I will use a local conveyancing solicitor in Peckham?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will electronically transfer the completion advance to the seller's lawyers, and shortly after the monies have arrived, you will be able to receive the keys from the Estate Agents and start moving into the property. This tends to happen between 1 and 3pm.
How does conveyancing in Peckham differ for new build properties?
Most buyers of new build residence in Peckham contact us having been asked by the builder to exchange contracts and commit to the purchase even before the house is constructed. This is because house builders in Peckham tend to acquire the real estate, 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 used to new build conveyancing in Peckham or who has acted in the same development.
I have been on the look out for a flat up to £305k and found one close by in Peckham I like with a park and railway links nearby, the downside is that it only has 49 years on the lease. I can't really find anything else in Peckham for this price, so just wondered if I would be making a grave error buying a short lease?
Should you require a mortgage the shortness of the lease will be problematic. Reduce the price by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least 2 years you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.
How do I identify a Peckham law firm on the Alliance & Leicester conveyancing panel? I have wheels and am prepared to travel upto 10kilometers to meet the lawyer.
You can use the tool on this page. Please pick a bank and your location and you will see a number of Peckham conveyancing lawyers located nearest you. We have listed some Peckham conveyancing firms at the bottom of this page and you can contact them to see if they are on the Alliance & Leicester approved list
I own a leasehold flat in Peckham. Conveyancing was finalised in last year. I have heard that I should not let the lease length get too short. What is the reasoning?
Peckham leasehold properties are for a fixed period - often just under one hundred years when they started. However many flats in Peckham were built or converted in the 70’s80’s and so these leases now have fewer than 80 years remaining. That may sound like a long time however Banks, Building Societies and other mortgage lenders generally require leases to have at least 75 years remaining to be mortgageable. This means that when you come to sell the property you will need a lease extension if you are approaching eighty years. To increase the marketability of your property you should be considering whether or not to extend your lease long before you come to sell it. You should note that there are advantages to doing so before the lease reaches even 80 years as when the lease is below 80 years the premium you have to pay to extend starts to increase.