My Deptford solicitor has identified a difference between the information in the valuation report and what is revealed within the conveyancing documents. My lawyer informs me that he is duty bound to ensure that the lender is OK with this discrepancy and is still content to lend. Is my conveyancer’s approach correct?
Your lawyer must comply with the UK Finance Lenders’ Handbook provisions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
My grandfather passed away six months ago and as sole heir and executor I was left the house in Deptford. The house had a relatively small loan remaining of approximately £4500. I want to have the title changed into my name whilst I re-mortgage to Lloyds, pay off the mortgage. Is this possible?
Given you plan to re-mortgage then Lloyds will insist on your using a conveyancer on the Lloyds conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Lloyds conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Lloyds mortgage is registered as a charge at the Land Registry.
Is it necessary to take out insurance to protect me from financial exposure to chancel repairs when purchasing a property in Deptford?
Unless a prior purchase of the premises took place post 12 October 2013 you can take it that solicitors delivering conveyancing in Deptford to continue to suggest a chancel search and or chancel repair liability policy.
I have been on the look out for a flat up to £195,000 and identified one round the corner in Deptford I like with open areas and railway links nearby, however it's only got 61 years on the lease. I can't really find anything else in Deptford for this price, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a mortgage the shortness of the lease may be an issue. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of 2 years you could ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.
I only have Sixty One years remaining on my lease in Deptford. I now wish to extend my lease but my freeholder is can not be found. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. However, you will be required to demonstrate that you have used your best endeavours to find the landlord. On the whole an enquiry agent would be helpful to try and locate and prepare a report to be used as evidence that the freeholder can not be located. It is wise to seek advice from a property lawyer both on proving the landlord’s absence and the vesting order request to the County Court overseeing Deptford.
I am the registered owner of a garden flat in Deptford. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the amount due for the purchase of the freehold?
Most certainly. We can put you in touch with a Deptford conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Deptford flat is 41 Endwell Road in March 2013. this matter relateed to the acquisition of the freehold of a mid- terraced Victorian house converted into three separate self-contained dwellings. By an order dated 28/11/2012, Deputy District Judge Cole in the Bromley County Court held that the leaseholders were entitled to acquire the freehold and directed that the premium payable be determined by this Tribunal. The Tribunal assessed the premium to be £14,753 This case was in relation to 3 flats. The unexpired term as at the valuation date was 80.01 years.
Do banks and building societies provide you with an approved list of Deptford solicitors? How do you know who is on the mortgage company conveyancing panel?
Deptford law firm practices and firms carrying out conveyancing in Deptford themselves provide us confirmation that they are on the mortgage company conveyancing panel as opposed to being supplied with a list from the lender directly.