A friend advised me that in buying a property in Peckham there could be various restrictions preventing external changes to the property. Is this right?
There are anumerous of properties in Peckham which have some sort of restriction or requirement of consent to external alterations. Part of the conveyancing in Peckham should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I am due to exchange contracts on my house. I had a double glazing fitted in November 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Coventry BS are being a right pain. The Peckham solicitor who is on the Coventry BS conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Coventry BS are requiring a building regulation certificate. Why do Coventry BS have a conveyancing panel if they don't accept advice from them?
It is probably the case that Coventry BS have referred the matter to their valuer. The reason why Coventry BS may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Having digested plenty of house buying guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Peckham solicitor - who is on the Lloyds conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Lloyds will need an independent valuation of the property. Your lawyer will not arrange this. Usually Lloyds will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Peckham postcode. As you are getting a mortgage with Lloyds, you could contact them to see if they have a list of approved surveyors in Peckham.
How does conveyancing in Peckham differ for new build properties?
Most buyers of new build premises in Peckham contact us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is finished. This is because new home sellers in Peckham tend to purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Peckham or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a house in Peckham in advance of appointing lawyers. I have been advised that there is a flying freehold overhang to the house. Our surveyor has said that some lenders may not give a loan on a flying freehold premises.
It varies from the lender to lender. HSBC has different requirements for example to Birmingham Midshires. Should you wish to telephone us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Peckham. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Peckham to see if the conveyancing will be more expensive.
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At this site secure an accurate costs illustration via a Solicitor or Licensed Conveyancer that understands the issues for your conveyancing in Peckham. As opposed to estate agents and many comparison sites we are not in the business of charging firms a fee if you choose them for your property ownership legalities in Peckham
My husband and I are FTB’s - had an offer accepted, but the estate agent informed us that the owners will only go ahead if we instruct their recommended solicitors as they are insisting on a ‘quick sale’. My instinct tells me that we should use a family solicitor accustomed to conveyancing in Peckham
It is improbable the owners are driving this. Should the owner require ‘a quick sale', turning down a motivated buyer is is going to put the whole deal at risk. Avoid the agents and go straight to the sellers and explain that (a)you are genuine buyers (b)you are excited to move forward, with mortgage lined up © you have nothing to sell (d) you wish to move quickly (e)however you are going to appoint your preferred Peckham conveyancing solicitors - as opposed tothe ones that will provide the negotiator at the agency a commission or meet his conveyancing figures demanded by senior management.
I am attracted to a couple of apartments in Peckham both have in the region of forty five years remaining on the lease term. Do I need to be concerned?
There is no doubt about it. A leasehold apartment in Peckham is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. For most buyers and mortgage companies, leases with under 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 property 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 property 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 Peckham 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 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.
I have tried to negotiate informally with with my landlord to extend my lease without any joy. Can a leaseholder apply to the Leasehold Valuation Tribunal? Can you recommend a Peckham conveyancing firm to assist?
Absolutely. We are happy to put you in touch with a Peckham conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Peckham property is 31 Kings Grove in January 2012. By a claim form issued on 11" August 2011 under action number 1LB01618 in the Lambeth County Court the applicant tenants sought dispensation under section 26 of the Leasehold Reform, Housing and Urban Development Act 1993 from the requirement to serve a notice under section 13 of that Act in order to purchase the freehold of the premises. The Tribunal decided the amount payable for the freehold as £10,728 This case was in relation to 2 flats. The number of years remaining on the existing lease(s) was 80.5 years.