Is the fact that my conveyancer in Southfields is not on my lender's solicitor panel that there is a problem with the standard of his work?
It would not be wise to jump to that conclusion. There are plenty of plausible explanations. Just recently a report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack 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. Where you are concerned you should simply call the Southfields conveyancing firm and enquire why they are no longer on the approved list for your lender.
Do I have to pop into the offices of the solicitor to execute the legal charge? If so, I will choose one who does conveyancing in Southfields so that I can pop in to their offices if necessary.
Whereas this was necessary 15 years ago, the vast majority banks no longer oblige their conveyancing panel lawyer to witness the borrowers signature. It will still be necessary for you to provide identification documents and there are still distinct advantages to using a local solicitor, in your situation a conveyancing solicitor in Southfields.
What will a local search tell me about the house my wife and I purchasing in Southfields?
Southfields conveyancing often commences with the ordering local authority searches directly from your local Authority or via a personal search organisations such as Onsearch The local search plays an important part in most Southfields conveyancing purchase; as long as you wish to avoid any unpleasant surprises after you move into your new home. The search will reveal information on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic sections.
How does conveyancing in Southfields differ for new build properties?
Most buyers of new build premises in Southfields come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is constructed. This is because developers in Southfields tend to acquire 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 Southfields or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a property I have offered on last month in what should have been a quick, no chain conveyancing. Southfields is where the house is located. Can you offer any opinion?
Flying freeholds in Southfields are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Southfields you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Southfields may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I am attracted to a couple of apartments in Southfields which have about fifty years left on the lease term. Will this present a problem?
There are no two ways about it. A leasehold flat in Southfields is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the premises. The majority of buyers and lenders, leases with under eighty years become less and less marketable. 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 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 Southfields 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 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.
After years of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Southfields. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Where there is a absentee freeholder or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to make a decision on the price payable.
An example of a Lease Extension decision for a Southfields property is 83 Balvernie Grove in February 2012. The Tribunal assessed the price to be paid by the leaseholder to the freeholder for the lease extension pursuant to section 48 of the Leasehold Reform Housing & Urban Development Act 1993 should be£16,603.00 This case related to 1 flat. The unexpired term as at the valuation date was 69.32 years.