Do the Building Society Association intend to launch a search tool with a view to list firms on the Darlington Building Society conveyancing panel for example in Southwark?
We would not expect to be advised of any plans on the part of the BSA to develop such a register.
I am currently in the process of buying my council flat in Southwark. I have a mortgage offer with RBS. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with RBS, you will need to appoint a solicitor on the RBS conveyancing panel.
I can not fathom if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Southwark building society branch on various occasions and was told they are content with the situation and they will lend. My Southwark conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they would not lend in accordance with their specific requirements. Who do I believe?
The lawyer has to comply with the CML Handbook Part 2 requirements for your lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Having read lots of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Southwark solicitor - who is on the Aldermore conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Aldermore will need an independent valuation of the property. Your lawyer will not arrange this. Usually Aldermore will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancing practitioner will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Southwark postcode. As you are getting a mortgage with Aldermore, you could contact them to see if they have a list of approved surveyors in Southwark.
How does conveyancing in Southwark differ for newly converted properties?
Most buyers of new build residence in Southwark approach us having been asked by the seller to sign contracts and commit to the purchase even before the house is ready to move into. This is because new home sellers in Southwark usually purchase 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 conveyancers 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 Southwark or who has acted in the same development.
I am attracted to a two flats in Southwark which have in the region of 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Southwark is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the property. For most buyers and lenders, leases with less than eighty years become less and less attractive. 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 property 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 Southwark 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. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.
I have had difficulty in seeking a lease extension in Southwark. Can this matter be resolved via the Leasehold Valuation Tribunal?
Where there is a absentee freeholder or if there is disagreement about the premium for a lease extension, under the relevant statutes you can apply to the First-tier Tribunal (Property Chamber) to determine the sum to be paid.
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 residue of the current lease was 107 years.
New build sellers have suggested I use a property lawyer and I've sought an estimate from them. They are nearly £300 cheaper than my family Southwark property lawyer. What's the catch?
Housebuilders frequently have panels of solicitors who are quick and who know the developer’s documentation and conveyancing practitioner. Plenty of developers offer an inducement to choose their approved property lawyer for this reason, any increased cost can be avoided and a builder will not recommend a conveyancing warehouse and run the risk of having the transaction delayed when they require an exchange inside a month. A counter-argument for not agreeing to use the recommended solicitor is that they may be unwilling to fight for your interests for fear of alienating the housebuilder. If you worry that this may be the situation you should stick with your high street Southwark solicitor.