I am acquiring a property for cash in Southwark. I have been residing for the last twelve years in Southwark. Conveyancing searches are exorbitant. Given that I have knowledge of the road and vicinity intimately should I not bother getting the solicitor to do all the conveyancing searches?
If you not getting a home loan, then the vast majority of the Southwark conveyancing searches are non-obligatory. Your lawyer will try and sway you, perhaps strongly, that you should have searches done, but he has a professional duty to do this. Do take into account; if you are intend to dispose of the house one day, it will likely be be of importance to your future buyer what the searches contain. There are plenty of instances where premises with functional issues can still reveal unpredicted search results. A good conveyancing solicitor in Southwark will provide you some helpful guidance here.
I own a freehold house in Southwark but nevertheless charged 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 creation of new 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 after 2037 will be dispensed with completely.
Does a directory service exist listing HSBC panel solicitors in Southwark on the Council of Mortgage Lender’s Website?
Unfortunately not yet. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. A small selection of mortgage companies make their panel listings visible online. If you are seeking to appoint a Southwark property lawyer on the HSBC please make the most of our facility.
I have today made my last payment due on my mortgage with Leeds Building Society. I assume I don't need a Southwark conveyancing practitioner 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
I was told four weeks ago that my mortgage has been agreed to by Yorkshire BS. Is it usual for Yorkshire BS to only issue the offer once my solicitor in Southwark is approved on their conveyancing panel? Yorkshire BS have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Yorkshire BS to deal with your lawyer's application to be on the Yorkshire BS conveyancing panel. There's no guarantee that your solicitor will be accepted.
What will a local search reveal regarding the property we're purchasing in Southwark?
Southwark conveyancing often starts with the ordering local authority searches directly from your local Authority or via a personal search company for instance Onsearch The local search plays a central role in many a Southwark conveyancing purchase; that is if you wish to avoid any unpleasant surprises after you move into your property. The search will supply information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject headings.
I have justfound out that Wolstenholmes have been shut down. They carried out my conveyancing in Southwark for a purchase of a leasehold apartment 10 months ago. How can I establish that the property is in my name in the name of the former proprietor?
The easiest way to see if the property is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Southwark conveyancing specialists.
Last October I purchased a leasehold flat in Southwark. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Having spent months of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Southwark. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
if there is a absentee landlord or where there is dispute about the premium for a lease extension, under the relevant legislation you can apply to the LVT to determine the premium.
An example of a Freehold Enfranchisement decision for a Southwark flat 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 remaining number of years on the lease was 107 years.