I plan on acquiring a maisonette in Stockwell. My property lawyer has never been on on the lender approved list. Am I still permitted to retain my Stockwell conveyancing solicitor even though they are not on the lender panel?
You will need to have a solicitor to complete the formalities if you need a loan to buy your home. The conveyancer will carry out all the essential investigations on the property, ensuring that you will be properly registered as the owner and ensure that all the necessary mortgage paperwork is in order. You could select a Stockwell lawyer of your choosing. However, if the lawyer appointed is not on the lender approved list further costs will arise as separate legal representation will be need by the mortgage company. Bank panel applications can be submitted, so provided your conveyancer has not previously applied for membership they should take the opportunity to apply.
I own a freehold property in Stockwell yet charged rent, why is this and what is this?
It’s unusual for properties in Stockwell and has limited impact for conveyancing in Stockwell but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
My wife and I are selling our house in Stockwell and the buyers lawyers are claiming that there is a risk of it being built land that was not decontaminated. Any local lawyer would know that there is no such problem. It does beg the question why the purchasers used a web based conveyancing outfit as opposed to a conveyancing solicitor in Stockwell. We have lived in Stockwell for 4 years we know that this is a non issue. Do we get in touch with our local Authority to obtain confirmation that there is no issue.
It would appear that you have a conveyancing firm currently acting for you. What do they say? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
How does conveyancing in Stockwell differ for newly converted properties?
Most buyers of new build premises in Stockwell approach us having been asked by the developer to sign contracts and commit to the purchase even before the property is finished. This is because builders in Stockwell tend to 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 used to new build conveyancing in Stockwell or who has acted in the same development.
I am looking for a flat up to £245,000 and found one round the corner in Stockwell I like with open areas and railway links nearby, however it's only got 61 remaining years left on the lease. I can't really find anything else in Stockwell for this price, so just wondered if I would be making a grave error acquiring a short lease?
If you require a home loan the remaining unexpired lease term will be problematic. Discount the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
I am purchasing a garden apartment in Stockwell. Conveyancing lawyer has been waiting for, from the seller, building insurance schedule. I was told today I was advised that the owner needs to send the insurance schedule for the flat above as well. Why would my conveyancing practitioner need to see the insurance for the other flat? Is it strictly necessary? We have been in hold for the previous fortnight…
It is not unheard of in leasehold conveyancing in Stockwell to discover Conveyancing in Stockwell in a minority of cases reveals that the lease requires the leasehold owners to insure their individual flats rather than the freeholder insuring the entire block - which is clearly better. Do check with your lawyer but it would seem that your solicitor is looking to establish that the complete building is insured. Insuring your apartment is no help when it comes to rebuilding after a fire if the other flat cannot be rebuilt due to lack of insurance cover.