I selected a local lawyer for our conveyancing in Streatham last week. Upon checking the official terms of business I seeI am on the hook for costs even if the movefalls through. Should I ditch them and instruct a web based conveyancing company who offer no move no charge conveyancing in Streatham?
It is usually a trade off in that if "No Sale No Fee" is advertised then the conveyancing charges will tend to be be higher to counteract those transactions that do not go ahead. Please beware that such schemes tend not to cover expenditure such your Streatham conveyancing search fees.
I have 7378 less than 75 years remaining on my lease and need a lease extension for my flat in Streatham. Conveyancing solicitors on the The Mortgage Works panel can deal with such extensions correct?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 21/7/2024 the requirements read as follows :
Where the unexpired lease term is different to that recorded on the mortgage offer, the following clarifies if we need to be informed:
Second hand property:
- If the unexpired lease term on the offer is 85 years or more - only advise us if the actual lease term is less than 85 years
- if the unexpired lease term on the offer is less than 85 years – advise us if the actual lease term is different than reported
- For equity share applications - advise us if the actual lease term is different than reported on the offer
New build property:
- If the unexpired lease term stated on the offer is 125 years (flat) / 250 years (house) or more - only advise us if the actual lease term is less than 125 years (flat) / 250 years (house)
- For equity share applications - always advise us if the actual lease term is different than reported on the offer
Lease terms such as ground rent and event fees must be reasonable at all times during the term of the lease and adhere to our requirements below. If you’re unsure as to whether the terms of a lease are unreasonable or onerous, please refer the details to us in plain English for Valuer consideration. If the potentially onerous terms are in relation to the ground rent please include the current ground rent figure per annum, how often it will be reviewed and the price structure it will be reviewed against. See the guidance below.
SECOND HAND PROPERTIES
Unacceptable - advise Issuing Office (Will be declined):
- Unexpired lease term less than 70 years
- Less than 30 years remaining at the end of the mortgage term
- Ground Rent greater than 0.5% of the property value
- Ground Rent doubles less than every 20 years (e.g. doubles every 5, 10 or 15 years) - acceptable if doubles every 20 years or more
- Ground Rent is compounded RPI
- Ground Rent review period less than or equal to 5 years
Refer to Issuing Office (Valuer will consider any impact on valuation figure and marketability):
- Unexpired lease term is 70 to 85 years
- Ground Rent greater than 0.1% and less than or equal to 0.5% of the property value
- Ground Rent escalation is linked to any indices greater than RPI
- Ground Rent escalation is linked to the value of the building*
- Ground Rent review period is greater than 5 and less than 10 years
- Event clauses exist for normal use e.g. changing the carpet, installing a TV aerial etc
- Estate Rent Charges greater than £500 p/a (please provide details of what the charges cover)
- Service Charges greater than 1.0% of property value p/a (please provide details of what the charges cover)
- Anything that appears onerous, unusual or out of the ordinary
Acceptable (no requirement to advise Issuing Office):
- Unexpired lease term greater than 85 years
- Ground Rent less than or equal to 0.1% of the property value
- Ground Rent review period greater than or equal to 10 years
- Ground Rent escalation less than or equal to RPI
NEW BUILD PROPERTIES (includes office conversions)
Unacceptable - advise Issuing Office (will be declined):
- Unexpired lease term less than 125 years on a new build flat or less than 250 years on a new build house
- Any lease which is subject to a ground rent (or annual rent) being charged which is more than on a peppercorn basis
- Any lease which is subject to a ground rent (or annual rent) being reviewed and altered on any review basis or methodology
Refer to Issuing Office (Valuer will consider any impact on valuation figure and marketability):
- Event clauses exist for normal use e.g. changing the carpet, installing a TV aerial etc
- Estate Rent Charges greater than £500 p/a (please provide details of what the charges cover)
- Service Charges greater than 1.0% of property value p/a (please provide details of what the charges cover)
- Anything else appears onerous, unusual or out of the ordinary
Acceptable (no requirement to advise Issuing Office):
- Unexpired lease term greater than or equal to 125 years on a new build flat or greater than or equal to 250 years on a new build house
- A lease subject to a peppercorn ground rent (annual rent) charges
For the avoidance of doubt, any new build properties completed but not sold pre 30 June 2022 will only be acceptable if the lease conforms to the above guidance
* Where the Ground Rent escalation is linked to the value of the building, please provide the following:
- How is the value of the block/unit currently calculated and if the assessment relates to the block(s), how is the Ground Rent calculated/apportioned per property?
- The current valuation and Ground Rent for each unit
- What is the mechanism for future valuations of the block and how is the Ground Rent calculated/apportioned?
- What is the right of appeal? And is this a documented process within the lease?
- Who bears the cost of the valuation (and appeal) process?
- Confirmation the review period is not less than twenty years
LEASE EXTENSIONS
We require all lease extensions to be completed under the Leasehold Reform Housing and Urban Development Act 1993 and to meet the above criteria as a minimum. Where you become aware that it does not meet these requirements, please refer to the Issuing Office
Should our lawyer be raising questions concerning flooding as part of the conveyancing in Streatham.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Streatham. There are those who purchase a property in Streatham, fully aware that at some time, it may suffer from flooding. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or sell the premises. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Conveyancers are not best placed to impart advice on flood risk, but there are a numerous checks that can be initiated by the purchaser or on a buyer’s behalf which will give them a better understanding of the risks in Streatham. The conventional set of completed inquiry forms sent to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) contains a standard question of the seller to discover if the property has ever been flooded. If flooding has previously occurred and is not notified by the seller, then a buyer may bring a legal claim for losses as a result of such an misleading reply. A purchaser’s lawyers will also order an enviro report. This will indicate whether there is any known flood risk. If so, further investigations will need to be carried out.
I am looking into buying my first house which is in Streatham and I am already nervous. I couldn't find anything specific about Streatham. Conveyancing will be needed in due course but do you know about the Streatham area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Streatham. In the meantime here are some basic statistics that we found
I need to instruct a conveyancing lawyer in Streatham for my home move. Is there any facility to review a solicitor's record with the profession’s regulator?
One may review presented Solicitor Regulator Association (SRA) determinations stemming from inquisitions from 2008 onwards. Visit Check a solicitor's record. To find records about the period before 1 January 2008, or to check a solicitors history, ring 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For callers outside the UK, use +44 (0)121 329 6800. The SRA could recorded call for training reasons.
Is it true that a Streatham conveyancing firm got sued by a client for not carrying out comprehensive conveyancing searches?
Our attention has not be brought to such a Streatham conveyancing matter but it has been reported that, a couple purchasing a home in Cumbria successfully sued their conveyancing practitioner as a consequence of development permission to build a wind farm failing to be picked up in conveyancing searches.
Where you are purchasing in Streatham It is essential that your lawyer carry out all Streatham conveyancing searches required making sure that you have relevant and current information before purchasing a property.