I am about to complete on the purchase of a house in Bermondsey but as a result of wreckage from a small fire at the property I have was able negotiate reparation from the seller of £3k by way of a adjustment in the price. I had intended this to be dealt with as part of a side agreement however Barclays are not allowing this. Should they have been involved?
Any conveyancer being on the Barclays conveyancing panel is duty bound to advise Barclays of any variations to the sale price. If you prohibit your solicitor to disclose the reduction to Barclays then they would have to discontinue acting for you. In addition, Barclays and you would have to appoint a new solicitor for your conveyancing in Bermondsey.
When it comes to mortgage companies such as RBS, do Bermondsey conveyancing practitioners have to pay a fee to be on the conveyancing panel?
We are not aware of any lender fees to register on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
How can we know in advance if a Bermondsey conveyancing solicitor on the Santander panel is any good?
When it comes to conveyancing in Bermondsey obtaining recommendations is a sensible start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advocate that you speak with the lawyer conducting your transaction.
It is unclear whether my bank requires a lease extension. I have telephoned my Bermondsey building society branch on a couple of occasions and was told it wasn't a problem and they will lend. My Bermondsey conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they would not lend based on their published requirements. I have no idea who is right.
Provided that the property lawyer is on the lender panel, they must adhere to the CML Handbook provisions for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am looking for a ground for flat up to £305k and found one near me in Bermondsey I like with a park and station in the vicinity, the downside is that it's only got 52 years unexpired on the lease. There is not much else in Bermondsey in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a mortgage the shortness of the lease will be a potential deal breaker. Discount the price by the amount the 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 pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.
Is it possible to swap conveyancer as I have to select a firm on the The Mortgage Works conveyancing panel. I was using a local conveyancing solicitor in Bermondsey round the corner but the firm is not accepted by The Mortgage Works
We will our best to assist in finding you a conveyancing solicitor in Bermondsey on the The Mortgage Works panel. Please note that the solicitors that we list do not pay us commission if you instruct them and are under regulation of the SRA who oversee all conveyancing solicitors in Bermondsey. In making use of search facility on this page, you can contrast charges for conveyancing solicitors in Bermondsey and beyond.
I am looking at a couple of apartments in Bermondsey which have approximately fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Bermondsey is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. The majority of buyers and mortgage companies, leases with less than 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Bermondsey conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
After months of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Bermondsey. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
in cases where there is a absentee freeholder or if there is disagreement about the premium for a lease extension, under the relevant statutes you can apply to the First-tier Tribunal (Property Chamber) to calculate the premium.
An example of a Freehold Enfranchisement decision for a Bermondsey property 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 term was 107 years.
Is there a reason that Bermondsey conveyancing fees are higher for leasehold and freehold properties?
Leasehold conveyancing in Bermondsey will often involve additional due diligence for instance fully examining the lease, communicating with the freeholder, obtaining up to date rent receipts, landlord’s consents, management company’s accounts amongst other tasks.