I am need of leasehold conveyancing for a flat in a relatively new development (seven years built) in Streatham. The vast majority the flats have already been disposed of. Do I need carry out the neighbourhood searches for my conveyancing in Streatham?
You are opening yourself up to an unnecessary risk in not carrying out Streatham conveyancing searches. Without searches you have no clarity over flooding, environmental etc which may mean you walk away due to potential problems down the line. If you are buying mortgage free there is no legal necessity to have them, but we would strongly advise in no uncertain terms that you have them. If timings and driving down costs are top of your concerns you should consider with your solicitor about the viability of search insurance
When can the exchange of contracts take place for domestic conveyancing in Streatham and am I required to attend the conveyancers office?
Where you are in close proximity to one of the conveyancing solicitors in Streatham you are invited in to sign documents. However, the law practices we recommend supply countrywide coverage for conveyancing and provide as equally detailed and professional a job for you when dealing with you digitally. The signing of the contract is not when everything is set in stone. A signed contract is just a prerequisite for the solicitor to exchange contracts at the suitable time, which will usually be very shortly after signing. The exchange process is is usually a five minute process, although where a long "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Streatham)to be in the office at the appropriate time.
My friend recommended that if I am buying in Streatham I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is occasionally included in the estimate for your Streatham conveyancing searches. It is not a small document of about 40 pages, listing and setting out significant information about Streatham around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Streatham Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with maps and statistics, Local Amenities and other useful data about Streatham.
My wife and I own a semi-detached Victorian house in Streatham. Conveyancing lawyer acted for me and Chelsea Building Society. I did a free Land Registry search last week and there are two entries: the first freehold, another for leasehold with the matching address. Is it worth asking Chelsea Building Society to clarify?
You need to read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Streatham and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also question the situation with your conveyancing lawyer who completed the work.
I am buying my first flat in Streatham benefiting from help to buy. The developers refused to reduce the price so I negotiated 6k of extras instead. The estate agent suggested that I not to tell my lawyer about the extras as it would impact my loan with Bank of Scotland. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I have been on the look out for a ground for flat up to £245,000 and identified one near me in Streatham I like with amenity areas and railway links in the vicinity, however it only has 51 years on the lease. There is not much else in Streatham for this price, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a mortgage the shortness of the lease will likely be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of 2 years you could ask them to commence the lease extension formalities and pass 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 about this matter.