We are expecting a mortgage offer soon. The bank mentioned the home loan came with free conveyancing. Is the implication that I have to appoint their panel conveyancer as I would much rather use a high street conveyancing solicitor in Mortlake?
Do check but the chances are that give you one of their panel conveyancers should you take up the "fee-free" deal. Speak to the bank to check if they allow a cash alternative. It is not unheard for a lender to give a £250 cashback as a further option in which case you could put that amount towards the cost for your conveyancing solicitor near Mortlake.
Have just purchased a repossessed house at auction in Mortlake. Conveyancing is needed. What are my next steps?
Given that you are now legally bound yourself to purchase you will need to instruct a conveyancing lawyer as a matter of urgency as you are faced with a pending deadline in which to complete the property. All auction property will ordinarily have a corresponding auction pack. This will include most,if not all of the paperwork that your lawyer requires. In the case of leasehold premises the auction papers may provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation pertinent to leasehold premises. You must pass this on to your appointed conveyancing solicitor at the earliest opportunity. You also need to ensure that that you have the requisite funding in order to complete the transaction on the set completion date.
My partner and I have organised a further advance on our home loan from RBS as we intend to conduct improvements to our property in Mortlake. Do we need to appoint a bricks and mortar Mortlake solicitor on the RBS conveyancing panel to handle the paperwork?
RBS do not ordinarily appoint a member of their conveyancing panel to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the RBS conveyancing panel.
I have paid off my mortgage with Santander. I assume I don't need a Mortlake conveyancing practitioner on the Santander panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Santander mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Santander mortgage from the register. Santander, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Santander has sent the Land Registry the discharge electronically, and
- Santander has instructed the Land Registry to do so
Are there restrictive covenants that are commonly picked up as part of conveyancing in Mortlake?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Mortlake. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Over the last few months I have been searching for a flat up to £245,000 and identified one close by in Mortlake I like with open areas and railway links nearby, the downside is that it only has 49 years on the lease. I can't really find anything else in Mortlake in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a mortgage the shortness of the lease will be a potential deal breaker. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.
I am looking at a two flats in Mortlake which have approximately forty five years unexpired on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Mortlake is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. The majority of purchasers and banks, leases with less than 75 years become less and less marketable. On a more positive 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 premises 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 Mortlake conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed 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.
Following years of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Mortlake. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
if there is a missing landlord or if there is dispute about the premium for a lease extension, under the relevant statutes it is possible to make an application to the Leasehold Valuation Tribunal to determine the price payable.
An example of a Freehold Enfranchisement matter before the tribunal for a Mortlake residence is 19 St. Margarets Crescent in August 2010. the tribunal was of the view that the premium to be paid by the leaseholder for the freehold reversion was £51,983.00 This case affected 3 flats. The unexpired term was 66.25 years.
What are the distinct advantages to choosing a high street lawyer in Mortlake
Home movers in Mortlake choose a local conveyancing practitioner so that they can pop into the lawyer’s offices in the event that they have problems, and to collect paperwork without using the Royal Mail.
One could argue that there exists a distinct advantage in opting for a property lawyer nearby to a house you are purchasing, due to the familiarity of the area and possible local issues - however this is moot. Most conveyancers are now online and could be any place in the world.