My partner and I are planning to buy a property in South Wimbledon and have appointed a South Wimbledon conveyancing practice. Within the past 48 hours our lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Bank of Scotland have this evening contacted us to inform me that they have now hit a problem as our South Wimbledon lawyer is not on their approved list of lawyers. What do we do from here?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' lawyers to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own South Wimbledon solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
Just bought a semi-detached house in South Wimbledon , What is the estimated time for the Land Registry to deal with the formalities evidencing the transfer to my name? My South Wimbledon conveyancing solicitor works at snail pace, so I want to check the registration formalities are dealt with.
There is nothing unique about conveyancing in South Wimbledon registration formalities. Rather than based on location, timescales can adjust depending on who lodges the application, whether there are errors and whether the Land registry communicate with any other parties. At present in the region of 80% of submission are fully addressed in less than three weeks but occasionally there can be extensive delays. Historically registration takes place once the purchaser is living at the property thus post completion formalities is not typically top priority yet if there is a degree of urgency associated with the registration then you or your lawyers should speak with the land registry and explain the circumstances.
How does conveyancing in South Wimbledon differ for new build properties?
Most buyers of new build or newly converted property in South Wimbledon approach us having been asked by the seller to sign contracts and commit to the purchase even before the property is completed. This is because new home sellers in South Wimbledon typically acquire the real estate, 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 accustomed to new build conveyancing in South Wimbledon or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and found one near me in South Wimbledon I like with a park and station nearby, however it's only got 51 years on the lease. I can't really find anything else in South Wimbledon for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a home loan the remaining unexpired lease term may be problematic. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least twenty four months you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this matter.
How does the Landlord & Tenant Act 1954 impact my commercial property in South Wimbledon and how can your lawyers assist?
The particular law that you refer to affords security of tenure to business lessees, granting the legal entitlement to make a request to court for a renewal tenancy and remain in occupation at the end of the lease term. There are limited grounds that a landlord can refuse a lease renewal and the rules are involved. Fees are different for commercial conveyancing. South Wimbledon is one of the many locations in which our lawyers are located
I today plan to offer on a house that seems to meet my requirements, at a great figure which is making it all the more appealing. I have subsequently discovered that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in South Wimbledon. Conveyancing advisers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in South Wimbledon ?
The majority of houses in South Wimbledon are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can help the conveyancing process. We note that you are purchasing in South Wimbledon so you should seriously consider shopping around for a South Wimbledon conveyancing solicitor and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’spermission to carry out alterations. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your lawyer will advise you fully on all the issues.
Having spent months of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in South Wimbledon. Can we issue an application to the Residential Property Tribunal Service?
Absolutely. We can put you in touch with a South Wimbledon conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a South Wimbledon property is 14 Nutwell Street in January 2014. The premium payable for the acquisition of a new lease of the subject premises was in the sum of £30,523 This case affected 1 flat. The unexpired lease term was 62.94 years.