Am I correct in assuming that the fact that my conveyancer in Rotherhithe is not on my bank's solicitor panel that there is a problem with the standard of the firm’s work?
It would be unwise to jump to that conclusion. There are plenty of reasonable explanations. A recent report by the solicitors regulator revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the Rotherhithe conveyancing practice and ask them why they are no longer on the approved list for your bank.
We were just about to exchange contracts for a semi detached house in Rotherhithe. We have hit a snag. Our mortgage offer with Norwich and Peterborough Building Society runs out on 19/10/2026 but the vendors are suggesting a completion date of 21/10/2026. Can one prolong the loan expiry date?
The person best placed to address this concern is your solicitors who will determine if they corresponding with the mortgage company, seller’s solicitors, estate agents or conceivably all parties based on the circumstances your transaction to date.
It is 10 years ago since I purchased my property in Rotherhithe. Conveyancing lawyers have recently been instructed on the sale but I am unable to locate the title deeds. Is this a problem?
Don’t worry too much. Firstly the deeds may be with your lender or they could still be with the lawyers who acted in the purchase. Secondly in most cases the title will be registered at the land registry and you will be able to prove you are the registered owner by your conveyancing lawyers obtaining current official copies of the land registers. Almost all conveyancing in Rotherhithe involves registered property but in the rare situation where your home is unregistered it adds to the complexity but is resolvable.
My wife and I are buying a house in Rotherhithe. It might be a silly question but how we can trust a solicitor? On completion day we have to deposit our life savings into their account. What protection do we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I am being told by my conveyancer that breach of easement insurance is necessary on my purchase. What is the level of cover for Rotherhithe conveyancing?
The right level of breach of easement indemnity insurance depends on your lender. It would differ for example between Yorkshire Building Society and Chelsea Building Society. Conveyancing solicitors as opposed to borrowers take out such insurances.
After shopping around on the internet I have found a Rotherhithe conveyancing practitioner having checked that they are on the Kent Reliance conveyancing panel. Does my lawyer arrange the survey of the property?
Kent Reliance will need an independent valuation of the property. Your lawyer will not arrange this. Usually Kent Reliance 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. You may wish to consider appointing your own Rotherhithe surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I am looking for a flat up to £245,000 and found one close by in Rotherhithe I like with a park and railway links nearby, however it only has 49 years 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 buying a lease with such few years left?
If you need a home loan the remaining unexpired lease term will be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of twenty four months you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
I am looking at a two apartments in Rotherhithe 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 no two ways about it. A leasehold flat in Rotherhithe is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the salability of the premises. The majority of purchasers and mortgage companies, leases with under 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 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 Rotherhithe 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 any new 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 attempted and failed to negotiate with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Rotherhithe conveyancing firm to help?
Most definitely. We are happy to put you in touch with a Rotherhithe conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Rotherhithe flat 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 unexpired residue of the current lease was 101.61 years.