My family lawyer has quoted £995 for leasehold conveyancing in Rotherhithe. I’m hoping to downsize from a Victorian house for £225,000. This sounds overpriced. Is it above the average fee for conveyancing in Rotherhithe?
The charges are a bit high. If you shop around you could shave off some of the cost by say a hundred pounds. That being said, you couldlive to rue opting for an an untested solicitor. Don't forget to be sure that the firm can represent your bank. You can employ our search tool to find a Rotherhithe conveyancing practice on the lender’s approved list of lawyers which can often include conveyancing solicitors in Rotherhithe.
I'm the only beneficiary of my late mum's estate and I have everything in my name now, including the house in Rotherhithe. The Rotherhithe property was put into my name in April. I plan to dispose of the house. I do know about the Mortgage Lenders six month 'rule', which means that my proprietorship will be treated the same way as if I'd bought the property in April. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be caught by that. Some mortgage companies would take a sensible view as this obligation is chiefly there to pick up on the purchase and immediately sell or the flipping of properties.
is it true that all Rotherhithe conveyancing solicitors on the Barclays conveyancing panel are governed by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Barclays conveyancing panel they would need to be overseen by the SRA. Some banks do allow licenced conveyancers on their panel in which case such organisation would be overseen by the Council of Licensed Conveyancers.
We previously selected conveyancers with offices in Rotherhithe on the Virgin Money solicitor approved list. They are now charging me a further charge for handling the Virgin Money mortgage. Is this an additional conveyancing fee specified by Virgin Money?
Unfortunately, so long as it is in their Terms of Engagement or Quote then yes your solicitor can levy a fee for this. This charge is not set by Virgin Money but by your Rotherhithe conveyancing practitioner. Some firms on the Virgin Money panel will levy ’dealing with mortgage’ fee and others do not.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Rotherhithe?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Rotherhithe. 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…’
How does conveyancing in Rotherhithe differ for newly converted properties?
Most buyers of new build premises in Rotherhithe approach us having been asked by the developer to sign contracts and commit to the purchase even before the residence is finished. This is because new home sellers in Rotherhithe usually buy 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 property lawyers 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 Rotherhithe or who has acted in the same development.
I am looking for a leasehold apartment up to £235,500 and found one close by in Rotherhithe I like with open areas and station nearby, the downside is that it's only got 51 remaining years left on the lease. I can't really find anything else in Rotherhithe in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a mortgage the shortness of the lease may be an issue. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of 2 years you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
I today plan to offer on a house that seems to meet my requirements, at a great price which is making it all the more appealing. I have just found out that the title is leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Rotherhithe. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Rotherhithe ?
The majority of houses in Rotherhithe are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Rotherhithe so you should seriously consider looking for a Rotherhithe conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’sconsent to carry out changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the house is part of an estate. Your conveyancer should advise you fully on all the issues.
I am the leaseholder of a ground-floor 1950’s flat in Rotherhithe. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the sum payable for a lease extension?
Most certainly. We can put you in touch with a Rotherhithe conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Rotherhithe property is 12, 14 & 16 Hull Close in May 2010. the Tribunal determined that the premium payable for the acquisition of the freehold to the subject premises was the sum of £18,300 This case affected 3 flats. The number of years remaining on the existing lease(s) was 101.61 years.