I am need of leasehold conveyancing for a flat in a fairly new development (seven years built) in St John's Wood. 95% of the properties are already occupied. Is it strictly necessary to order neighbourhood searches as part of conveyancing in St John's Wood?
You would be taking a significant risk in not carrying out St John's Wood conveyancing searches. Without searches you have no clarity over flooding, environmental etc which may mean you walk away due to potential problems down the line. If you are buying mortgage free there is no legal necessity to have them, but we would absolutely advise in the strongest possible terms that you have them. Where speed and cost are top of your issues you should discuss with your solicitor about the options such as lack of search insurance available to you
It is 10 years ago since I acquired my home in St John's Wood. Conveyancing lawyers have recently been appointed on the sale but I can't locate my deeds. Will this cause complications?
You need not be too concerned. First the deeds may be kept by your mortgage company or they could be in the possession of the conveyancers who oversaw the purchase. Secondly in all probability the title will be recorded at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors acquiring current official copies of the land registers. Nearly all conveyancing in St John's Wood relates to registered property but in the unlikely event that your home is unregistered it is more of a problem but is resolvable.
Are the BSA planning on creating a search tool with a view to list law firms on the Earl Shilton BS conveyancing panel for instance in St John's Wood?
Lexsure has not been advised of any intention on the part of the BSA to develop such a register.
My bid for a property was accepted at auction in St John's Wood. Conveyancing is needed. What are my next steps?
Having legally committed yourself to purchase you will need to choose a conveyancing lawyer as a matter of urgency as you now have a pending a drop dead date to complete the purchase. All auction property will ordinarily have an associated legal pack. This will likely include evidence of title and search results. Where you are dealing with leasehold premises the legal pack may include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork relating to a leasehold property. You must hand this to your appointed conveyancing solicitor ASAP. Do make sure that that you have the requisite funding in place to complete the transaction on the set completion date.
I am purchasing a detached bungalow in St John's Wood. Our aim is to an extension at the rear at the property.Will legal due diligence on the property include investigations to determine if these alterations are allowed?
Your solicitor will review the registered title as conveyancing in St John's Wood will occasionally reveal restrictions in the title deeds which prohibit certain changes or require the permission of another owner. Many extensions need local authority planning permissions and approval in accordance building regulations. Many locations are designated conservation areas and special planning restrictions apply which frequently prevent or affect extensions. It would be wise to check these things with a surveyor ahead of any purchase.
Can you point me to a directory of Leeds Building Society panel solicitors in St John's Wood on the Building Society Association’s Website?
Unfortunately not yet. There is no such directory service on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings available online. Where you are seeking to appoint a St John's Wood solicitor on the Leeds Building Society please use our tool.
I am looking for a leasehold apartment up to £305k and found one near me in St John's Wood I like with open areas and transport links in the vicinity, the downside is that it only has 52 years unexpired on the lease. I can't really find anything else in St John's Wood for this price, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a home loan that many years will be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of twenty four months you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.
We own a leasehold flat in St John's Wood. Conveyancing was completed in 2009. I have read on various consumer forums that I mustn’t let the the remaining lease term to get too low. What is the reasoning?
St John's Wood leasehold properties are for a prescribed period - normally just under one hundred years when they started. However a significant flats in St John's Wood were built or converted in the 60’s and so these leases now have under 80 years unexpired. That may sound like a long time however Banks, Building Societies and other mortgage institutions generally require leases to have at least 75 years left to be mortgageable. This means that when you come to sell the property you will need to extend the term of your lease if you are getting close to seventy five years. To maximise your property value you should be considering whether or not to extend your lease well in advance of selling the property. Furthermore strong financial reasons to taking action before the lease hits 80 years as when the lease falls below eighty years the amount you have to pay to extend starts to increase.