Willappointing a Southwark conveyancing lawyer make the ownership transfer smoother?
Existing third party connections are another important factor to consider when choosing conveyancing lawyers. Southwark law firms often have long term relationships with mortgage brokers and agents, local authorities, surveyors and other conveyancing firms meaning you will move in shortest possible time. Possessing a sound knowledge of the local area is also a plus .
I own a freehold residence in Southwark yet pay rent, why is this and what is this?
It’s unusual for properties in Southwark and has limited impact for conveyancing in Southwark but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
We were going to get a DIP from Leeds Building Society this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Leeds Building Society recommend any Southwark solicitors on the Leeds Building Society conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Southwark solicitors independently although you'll need to choose one on the Leeds Building Society conveyancing panel. The solicitor represents both you and Leeds Building Society through the process.
My fiancee and I are spending time viewing apartments in Southwark and I am now considering a potential offer. Is it sensible to have a property lawyer on ‘stand by’? I intend to finance via a mortgage with Nottingham.
It would be sensible to start your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their details on to the EA. As you are taking out a mortgage with Nottingham, ask your prospective lawyers if they are on the Nottingham conveyancing panel otherwise they can't do the mortgage legal work.
I have today made my last payment due on my mortgage with Co-operative. I assume I don't need a Southwark conveyancer on the Co-operative panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Co-operative 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 Co-operative mortgage from the register. Co-operative, 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 Co-operative has sent the Land Registry the discharge electronically, and
- Co-operative has instructed the Land Registry to do so
Taking into account that I will soon spend over three hundred thousand on a house in Southwark I wish to have a conversation with the solicitor regarding thehome move before giving the go ahead to the firm. Is this something that you can arrange?
This is something that we recommend - we would be happy to talk to you we do not take any clients on without you first talking to the conveyancer due to be doing your conveyancing in Southwark.There is no ‘factory style conveyancing’ - each client is an important individual, not a case reference. The law firms that we put you in touch with believe that the figure you are quoted for residential conveyancing in Southwark should be the figure that you are charged.
I am the proprietor of a second floor flat in Southwark. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the amount payable for a lease extension?
Most definitely. We are happy to put you in touch with a Southwark conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Southwark premises 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 related to 41 flats. The unexpired residue of the current lease was 107 years.
In relation to leasehold conveyancing in Southwark what are the most frequent lease defects?
Leasehold conveyancing in Southwark is not unique. Most leases are drafted differently and drafting errors can result in certain sections are missing. The following missing provisions could result in a defective lease:
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Maintenance charge proportions which don’t add up to the correct percentage A duty to insure the building
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Leeds Building Society, and Barclays Direct all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the buyer to withdraw.
I am purchasing a garden apartment in Southwark. Conveyancing lawyer has been awaiting, from the vendor, building insurance schedule. This afternoon I was advised that the vendor needs to send the insurance paperwork for the flat above as well. Why does my conveyancer want to see the insurance for the other flat? Is it really required? We have been waiting for the last month…
It is not unheard of in leasehold conveyancing in Southwark to discover Conveyancing in Southwark in a minority of cases reveals that the lease obliges the tenant's to insure their individual flats as opposed to the landlord insuring the whole property - which is definitely preferable. Do contact your conveyancing practitioner but it would appear that your solicitor is attempting to establish that the whole building is insured. Insuring your flat is no help when it comes to rebuilding after a fire if the other flat cannot be rebuilt as a result of lack of insurance cover.