Is there a reason why leasehold purchase conveyancing in Southwark costs more?
In short, leasehold conveyancing in Southwark and South East London usually involve additional work compared to freehold conveyancing. This includes checking the lease terms, communicating with the landlord about the service of required notices, obtaining current service charge and management information, procuring the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first entered into.
I have been told that property searches are the main reason for stalling in Southwark conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of delays in the conveyancing process. Local searches are unlikely to be the root cause of delay in conveyancing in Southwark.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Southwark?
Restrictive covenants 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…’
How does conveyancing in Southwark differ for newly converted properties?
Most buyers of new build premises in Southwark come to us having been asked by the developer to sign contracts and commit to the purchase even before the property is constructed. This is because developers in Southwark usually 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 Southwark or who has acted in the same development.
I decided to have a survey done on a house in Southwark in advance of retaining solicitors. I have been told that there is a flying freehold overhang to the property. The surveyor advised that some lenders will refuse to issue a loan on a flying freehold house.
It varies from the lender to lender. Lloyds has different requirements from Halifax. Should you wish to telephone us we can investigate further via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Southwark. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Southwark to see if the conveyancing costs will increase in light of this.
I have been sourcing a conveyancing solicitor in Southwark for my house move. Can I check a solicitor's record with the legal regulator?
One can find presented Solicitor Regulator Association (SRA) determinations resulting from investigations from 2008 onwards. Go to Check a solicitor's record. To find details about the period before 1 January 2008, or to check a firm's history, ring 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, use +44 (0)121 329 6800. The regulator may monitor call for training purposes.