We are about to exchange on the purchase of a property in Southwark but as a consequence of wreckage from some water damage at the property I have was able negotiate compensation from the vendor in the sum of three thousand pounds in the form of a adjustment in the price. I had intended this to be addressed as part of the conveyancing process but Nationwide are not allowing this. Should they have been informed?
Any conveyancing practitioner that is on a Nationwide approved list is duty bound to advise Nationwide of any changes to the sale price. If you were to refuse your solicitor to report the reduction to Nationwide then they would have to discontinue acting for you. In addition, Nationwide and you would have to appoint a new conveyancing practitioner for your conveyancing in Southwark.
Is there a reason why leasehold purchase conveyancing in Southwark costs more?
The conveyancing costs for a leasehold property in Southwark is often greater than on a freehold acquisition or disposal. This is because there is an amount of extra investigations required in communicating with the freeholder and management company to obtain evidence concerning whether the rent and service fee have been discharged and whether there are any significant expenditure in the near future on repairs or maintenance of the building.
Have just purchased a repossessed house at auction in Southwark. Conveyancing is required. What are my next steps?
Having legally bound yourself to purchase you should choose a conveyancing lawyer soon as you now have a fast approaching a fixed date to complete the conveyancing. Every auction property will have a bespoke legal set of papers. This will likely include evidence of title and search results. In the case of leasehold property the legal papers may contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork specific to leasehold premises. You need to give this to the conveyancer instructed by you ASAP. You also need to ensure that you have funds organised to complete the transaction on the set completion date.
My aunt pointed out to me me that in purchasing a property in Southwark there may be a number of restrictions limiting what one can do in terms of external changes to the property. Is this right?
We are aware of anumerous of properties in Southwark which have some sort of restriction or requirement of consent to external alterations. Part of the conveyancing in Southwark should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
My partner and I have arranged the release of further monies on our home loan from Aldermore as we wish to conduct renovations to our property in Southwark. Are we obliged to select a bricks and mortar Southwark solicitor on the Aldermore conveyancing panel to handle the legals?
Aldermore would not normally instruct a member of their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Aldermore list.
We are close to exchanging contracts on the sale of our home in Southwark and the buyers lawyers are claiming that there is a risk of it being constructed land that was not decontaminated. Any high street Southwark lawyer would know this is not the case. It does beg the question why the purchasers are using an internet conveyancing outfit rather than a conveyancing solicitor in Southwark. Having lived in Southwark for 5 years we know that this is a non issue. Is it a good idea to contact our local Authority to seek confirmation that the buyers are looking for.
It sounds as though you may have a conveyancing lawyer currently acting for you. What do they say? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same ailment)
Are there restrictive covenants that are commonly identified during conveyancing in Southwark?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Southwark. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I have been on the look out for a leasehold apartment up to £195,000 and found one near me in Southwark I like with open areas and station nearby, however it only has 49 years on the lease. There is not much else in Southwark in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term will be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least 2 years you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor about this.