I require conveyancing for an apartment in a relatively new development (seven years built) in Lewisham. Almost all the appartments are already occupied. Do I need carry out the conveyancing searches for my conveyancing in Lewisham?
If you getting a mortgage, your lender will require some (many) of the searches so you'll have no choice. If not, then Lewisham conveyancing searches are optional. Your solicitor, will 'advise', perhaps in the strongest possible terms, that you should have the searches done, but he or she has a professional duty to do this. One thing to bear in mind; if you are likely to sell the house one day, it may be of interest to your future buyer what the searches contain. Sometimes houses with no practical issues can still throw up adverse search results. But if you insist that your lawyer to proceed without searches then your lawyer will have to follow your instructions or you will need to change to an alternative solicitor for your conveyancing in Lewisham.
I had intended to instruct a conveyancing solicitor in Lewisham for our house purchase. Our financial adviser has since notified us that our mortgage company Barnsley Building Society won't deal with them. Why is this not regarded as unduly restrictive?
A bank may require an approved solicitor act for it. Borrowers are expected to meet the cost of this. Try using our directory service to choose a solicitor to conduct conveyancing in Lewisham on the Barnsley Building Society member panel.
I bought my apartment on 9 June and the transaction details is yet to be registered. Any reason for this? My conveyancing solicitor in Lewisham said it will be concluded in less than a month. Are transfers in Lewisham particularly slow to register?
As far as conveyancing in Lewisham is concerned, registration is no faster or slower than anywhere else in England and Wales. Rather than based on location, timeframes can differ subject to who lodges the application, whether it is in order and if the Land registry have to notify any other persons or bodies. Currently roughly 80% of such applications are fully dealt with in less than three weeks but some can be subject to extensive hold-ups. Historically registration is effected after the new owner is living at the property therefore 'speed' is not typically primary concern yet if it is urgent that the the registration takes place urgently then you or your conveyancer must contact the land registry and explain the circumstances.
I am looking for a ground for flat up to £195,000 and identified one round the corner in Lewisham I like with a park and transport links in the vicinity, the downside is that it's only got 51 years unexpired on the lease. There is not much else in Lewisham for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a home loan the shortness of the lease may be problematic. Discount the offer 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 twenty four months you may ask them to 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 and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.
I am attracted to a two maisonettes in Lewisham which have approximately forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Lewisham is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. The majority of purchasers and lenders, leases with less than 75 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 a property 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 Lewisham 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.
Following months of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Lewisham. Can we issue an application to the Residential Property Tribunal Service?
Most certainly. We are happy to put you in touch with a Lewisham conveyancing firm who can help.
An example of a Lease Extension decision for a Lewisham residence is 73 Walerand Road in August 2012. the result of the findings of the Tribunal led to a premium to be paid for the extended lease in respect of Flat 73 in the sum of £10,040. The premium applicable in respect of Flat 85 was £5,710. This case was in relation to 2 flats. The remaining number of years on the lease was 72 years.