Is the fact that my conveyancer in Sanderstead is not listed on my bank's conveyancing panel that there is a problem with the quality of his work?
It would not be wise to jump to that conclusion. There are all sorts of perfectly plausible explanations. A recent report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) low volume of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Where you are concerned you should contact the Sanderstead conveyancing firm and ask them why they are no longer on the approved list for your bank.
Do the Building Society Association intend to launch a online directory to to identify practices on the Earl Shilton BS conveyancing panel for instance in Sanderstead?
We have not been informed any intention on the part of the BSA to develop such a search facility.
Over the last few months I have been searching for a leasehold apartment up to £305k and found one round the corner in Sanderstead I like with a park and railway links in the vicinity, the downside is that it only has 49 years on the lease. There is not much else in Sanderstead for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a home loan the remaining unexpired lease term 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 a minimum of twenty four months you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.
Is it simple use your search tool to find a conveyancing solicitor in Sanderstead on the panel for my mortgage?
First pick a mortgage company such as National Westminster Bank, Chelsea Building Society or Bank of Ireland then type in your preferred area for instance Sanderstead. Conveyancing firms in Sanderstead and across England and Wales will then be identified.
I am attracted to a two apartments in Sanderstead which have about forty five years left on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Sanderstead is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. For most purchasers and banks, leases with less than eighty years become less and less marketable. 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 Sanderstead 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. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed 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.
Despite our best endeavours, we have been unsuccessful in negotiating a lease extension in Sanderstead. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most certainly. We can put you in touch with a Sanderstead conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Sanderstead property is The Woodlands 95 Purley Park Road in April 2009. The Tribunals own valuation produced the figure of £37,912. This case was in relation to 6 flats. The unexpired term as at the valuation date was 78.32 years.
I have just discovered that one of the directors of the solicitors handling the purchase conveyancing in Sanderstead is an aunty of the vendor. Is this permitted?
As long as there is no conflict of interest this is permitted. If you are obtaining a home loan then the mortgage company may have a say as many banks have specific requirements concerning this. For example for Royal Bank of Scotland as of 1/4/2020, the requirements read as follows :