I plan on acquiring a leasehold flat in Downe. My lawyer is not listed on the lender approved list. Am I still permitted to continue with my Downe conveyancing solicitor notwithstanding that they are not on the bank approved list?
Various options include
- Carry on with your existing Downe solicitor but your lender will no doubt instruct a property lawyer from their conveyancing panel. This will result in additional fees and probable delay.
- Appoint a fresh property lawyer to conduct the conveyancing, ensuring that they are on the bank conveyancing panel.
- Convince your lawyer to seek to join the bank panel
Can the conveyancing lawyers that you recommend carry out attended exchange conveyancing in Downe?
There are a few conveyancing experts who can conduct personalised exchanges. Please call us to obtain a conveyancing quote and details as to dates.
What happens if my lawyer’s firm is removed from the Nationwide Solicitor panel ahead of completing my conveyancing in Downe?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Over the last few months I have been searching for a leasehold apartment up to £305k and identified one near me in Downe I like with open areas and transport links nearby, the downside is that it's only got 49 years unexpired on the lease. There is not much else in Downe in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
If you require a home loan the shortness of the lease will likely be problematic. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you may ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
I am tempted by the attractive purchase price for a couple of apartments in Downe both have in the region of forty five years left on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Downe. The lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the value of the lease deteriorates and it becomes more costly to extend the lease. This is why it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this field.
I am the leaseholder of a ground-floor 1960’s flat in Downe. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the amount due for the purchase of the freehold?
Most certainly. We are happy to put you in touch with a Downe conveyancing firm who can help.
An example of a Lease Extension case for a Downe premises is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case was in relation to 1 flat. The number of years remaining on the existing lease(s) was 50.57 years.
If instructed can a conveyancer remove someone from the title of my property in Downe ?
Removing or adding someone to the title of your house is relatively straightforward. You’ll need to appoint a lawyer to discuss your legal rights before you can proceed with a transfer of property. Contact us to book a free consultation with one a conveyancer