My bid for a property was accepted at auction in Southwark. Conveyancing is needed. What is next?
Given that you are now legally committed yourself to purchase you will need to instruct a conveyancing solicitor quickly as you are facing a tight deadline in which to complete the conveyancing. All auction property should have a bespoke auction pack. This will likely include most,if not all of the paperwork that your solicitor requires. In the case of leasehold premises the conveyancing papers should include a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork relating to leasehold premises. You need to pass this on to the solicitor instructed by you ASAP. You also need to ensure that your finances are in order to complete the transaction on the set completion date.
Can you point me to a directory of Coventry BS panel conveyancers in Southwark on the Building Society Association’s Website?
No. There is no such tool on the CML or Building Society Association websites. Very few lenders make their panel listings available online. Where you are seeking to appoint a Southwark conveyancer on the Coventry BS please make the most of our tool.
I have today made my last payment due on my mortgage with Leeds Building Society. I assume I don't need a Southwark lawyer on the Leeds Building Society panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Leeds Building Society mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Leeds Building Society mortgage from the register. Leeds Building Society, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Leeds Building Society has sent the Land Registry the discharge electronically, and
- Leeds Building Society has instructed the Land Registry to do so
Should my lawyer be raising questions about flooding as part of the conveyancing in Southwark.
Flooding is a growing risk for conveyancers conducting conveyancing in Southwark. There are those who buy a house in Southwark, fully aware that at some time, it may be flooded. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or sell the property. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Lawyers are not qualified to offer advice on flood risk, but there are a number of searches that may be carried out by the buyer or by their conveyancers which will give them a better appreciation of the risks in Southwark. The conventional set of completed inquiry forms given to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual inquiry of the vendor to determine if the property has suffered from flooding. In the event that flooding has previously occurred and is not disclosed by the seller, then a buyer may issue a claim for damages stemming from an misleading reply. The purchaser’s solicitors may also conduct an environmental report. This should disclose whether there is a recorded flood risk. If so, additional inquiries should be made.
I am buying a new build flat in Southwark. Conveyancing is daunting 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 legal work.
Set out below is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Southwark
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? 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. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore.
As co-executor for the estate of my grandfather I am selling a property in Neath but reside in Southwark. My lawyer (approximately 250 kilometers awayhas requested that I sign a statutory declaration ahead of completion. Can you recommend a conveyancing solicitor in Southwark to witness this legal document for me?
strictly speaking you are not likely to be required to have the documents attested by a conveyancing solicitor. Ordinarily or notary public or qualified solicitor will do regardless of whether they are located in Southwark
I am looking at a couple of apartments in Southwark both have about fifty years left on the leases. Will this present a problem?
A lease is a right to use the property for a prescribed time frame. As the lease gets shorter the marketability of the lease decreases and results in it becoming more costly to acquire a lease extension. This is why it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a protracted process. We recommend you seek professional help from a conveyancer and surveyor with experience in this field.
I have attempted and failed to negotiate with my landlord to extend my lease without getting anywhere. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a Southwark conveyancing firm to act on my behalf?
Where there is a absentee freeholder or where there is dispute about the premium for a lease extension, under the relevant legislation you can apply to the Leasehold Valuation Tribunal to arrive at the price.
An example of a Freehold Enfranchisement decision for a Southwark residence is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case affected 41 flats. The unexpired term was 107 years.
We own a leasehold flat in Southwark. Conveyancing was finalised in 21012. I have heard that I should not let the the remaining lease term to get too low. Why is that a problem?
Southwark domestic long term leases are for a fixed term - normally 99 years when they commenced. However a significant flats in Southwark were built or converted in the 70’s80’s and so such leases now have less than eighty years left to run. This may seem like plenty of time however Banks, Building Societies and other mortgage lenders generally need leases to have at least 75 years left to adequate security. Accordingly when you come to sell the property you will need a lease extension if you are approaching 75 years. To maximise your property value you should be considering whether to extend your lease long before you come to sell it. Furthermore strong financial reasons to doing so before the lease hits eighty years as when the lease is less than 80 years the amount you have to pay to extend starts to escalate.