I have 70 years remaining on my lease and need a lease extension for my flat in South Croydon. Conveyancing solicitors on the Chelsea Building Society panel can deal with such extensions correct?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Chelsea Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 10/10/2019 the requirements read as follows :
Do commercial conveyancing searches reveal proposed roadworks that may impact a commercial estate in South Croydon?
Its becoming the norm that commercial conveyancing solicitors in South Croydon will execute a SiteSolutions Highways report as it reduces the time that conveyancers expend in investigating accurate data on highways that impact buildings and development assets in South Croydon. The search result sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in South Croydon.
For every commercial conveyancing transaction in South Croydon it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately could cause delays to South Croydon commercial conveyancing deals as well as present a risk to future intentions for the site. These searches are not carried out for residential conveyancing in South Croydon.
How does conveyancing in South Croydon differ for newly converted properties?
Most buyers of new build premises in South Croydon approach us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is completed. This is because new home sellers in South Croydon typically acquire the site, 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 accustomed to new build conveyancing in South Croydon or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in last month in what was supposed to be a quick, chain free conveyancing. South Croydon is where the house is located. What do you suggest?
Flying freeholds in South Croydon are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside South Croydon you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in South Croydon may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Do I need to be suspicious about brokers that I am dealing with are recommending a web based conveyancing firm rather than a local South Croydon conveyancing firm?
As with many professional services, often recommendations from relatives can be extremely useful or valuable. Nevertheless there are many people with a vested interest in a conveyancing matter; estate agents, financial adviser and mortgage companies might all put forward conveyancers to retain. Sometimes these conveyancers might be known to one of the organisations as experts in their field, but sometimes there is an underlying commercial relationship behind the endorsement. You have the right to select your preferred lawyer. Don't forget that most mortgage providers specify a panel list of solicitors you must use for the mortgage aspect of your conveyancing.
My wife and I are buying a garden flat in South Croydon. When we first instructed lawyer, they said that they were on all mainstream bank panels. Our financial adviser emailed just now to say that they don't seem to be on the RBS approved list. If it turns out to be true, what should we do? Do we simply choose a different solicitor that is on their approved list or do we cover the costs for dual representation, with RBS selecting their own preferred solicitor.
When buying a property with mortgage finance it is standard for the buyer’s lawyers to also act for the mortgage company. In order to act for a bank or building society a property lawyer has to be on that lender's list of approved lawyers. An application has to be made by the property lawyer to the lender to become a member of the lender's panel and there are increasingly strict conditions which the lawyer has to fulfill. Some lenders now insist their panel firms to be part of the Law Society’s Conveyancing Accreditation Scheme. Your lawyer should call RBS to discover if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on RBS's conveyancing panel as you are at liberty to use your preferred South Croydon lawyers, in which case it will likely add costs, and it may delay matters as you are adding another solicitor into the equation.