My partner and I are nearing an exchange on a flat in Southwark and my mum and dad have sent the ten percent deposit to my conveyancing practitioner. I am now informed that as the deposit has been sent from someone other than me my lawyer needs to make a notification to my bank. Apparently, in also acting for the bank he must advise them that the balance of the purchase price is coming from anyone other than me. I disclosed to the mortgage company regarding my parents' contribution when I applied for the mortgage, so is it really necessary for this now to delay the deal?
The lawyer is duty bound to clarify with lender to ensure that they know that the balance of the purchase price is not from your own funds. The solicitor can only reveal this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
Will conveyancers ask for an advanced payment for my conveyancing in Southwark?
Where you are retaining lawyers for conveyancing in Southwark your lawyer will request that you to provide them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. When the down payment is payable against the purchase price then this should be asked for shortly before exchange of contracts. The closing balance that is needed will be payable shortly before completion.
Are there restrictive covenants that are commonly picked up during conveyancing in Southwark?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Southwark. 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…’
Over the last few months I have been searching for a ground for flat up to £235,500 and identified one round the corner in Southwark I like with a park and railway links in the vicinity, the downside is that it only has 61 years on the lease. I can't really find anything else in Southwark in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a mortgage that many years will likely be an issue. Reduce the price by the expected 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 request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
I only have 62 years remaining on my flat in Southwark. I need to extend my lease but my freeholder is can not be found. What are my options?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. However, you will be required to prove that you or your lawyers have made all reasonable attempts to locate the lessor. On the whole a specialist may be helpful to carry out a search and prepare a report to be used as proof that the landlord is indeed missing. It is advisable to get professional help from a conveyancer in relation to investigating the landlord’s disappearance and the application to the County Court covering Southwark.
I have tried to negotiate informally with with my landlord for a lease extension without success. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a Southwark conveyancing firm to assist?
Absolutely. We are happy to put you in touch with a Southwark conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Southwark residence is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case was in relation to 41 flats. The unexpired term as at the valuation date was 107 years.
I happen to be an executor of my recently deceased mum’s Will, with a property in Southwark which will be sold. The bungalow has never been registered at the Land Registry and I'm told that many estate agents will insist that it is in place before they'll move forward. What's the procedure for this?
In the circumstances that you have set out it seems advisable to seek to register in the names of the personal representative(s) as named in the probate and in their capacity as PRs. The Land Registry’s online guidance explains how to register for the first time and what is required re the deeds and forms. You would need to include and official copy of the probate as well and complete the form FR1 to refer to the PRs as the applicant.