Can you clarify what the consequences are if my lawyer’s firm is suspended from the Skipton Solicitor panel ahead of completing my conveyancing in South Lambeth?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
How does conveyancing in South Lambeth differ for newly converted properties?
Most buyers of new build premises in South Lambeth approach us having been asked by the builder to exchange contracts and commit to the purchase even before the house is ready to move into. This is because house builders in South Lambeth typically buy the land, 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 property lawyers 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 South Lambeth or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a property in South Lambeth ahead of instructing lawyers. I have been advised that there is a flying freehold element to the house. My surveyor has said that some lenders may not give a loan on this type of home.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Halifax. Should you wish to telephone us we can look into this further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in South Lambeth. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in South Lambeth to see if the conveyancing will be more expensive.
I am hoping to put an offer on a small detached house that appears to be perfect, at a great price which is making it all the more appealing. I have since been informed that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in South Lambeth. Conveyancing lawyers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in South Lambeth ?
The majority of houses in South Lambeth are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in South Lambeth so you should seriously consider shopping around for a South Lambeth conveyancing practitioner and check that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’sconsent to carry out changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your lawyer will advise you fully on all the issues.
South Lambeth Conveyancing for Leasehold Flats - Examples of Queries before Purchasing
Does the lease have onerous restrictions? Plenty South Lambeth leasehold properties will incur a service charge for maintenance of the building levied by the management company. Where you buy the apartment you will have to meet this charge, usually quarterly accross the year. This could vary from a couple of hundred pounds to thousands of pounds for bigger purpose-built blocks. There will also be a rentcharge for you to pay annual, this is usually not a large figure, say approximately £25-£75 but you need to enquire as sometimes it could be prohibitively expensive.
The solicitors carrying out our conveyancing in South Lambeth has forwarded documents to review that state the property is unregistered with epitome documents. How can it be that the property not registred at HM Land Regsitry?
Whilst most properties in South Lambeth are now registered with the Land Registry there are still a few that are unregistered. Any property in South Lambeth that has been remortgaged since the late 1980’s will have been registered at the HMLR under the compulsory ‘first registration’ scheme. However, if a South Lambeth property has not changed hands in that time then it’s likely the old fashioned title deeds will be the only evidence of ownership.Plenty of South Lambeth conveyancing practitioners will be capable of dealing with such matters but in the event that uncertainty reigns the standard proposition presently is for the seller’s conveyancer to undertake the registration formalities first and then deal with the transfer to the buyer - this will have a domino effect to result in a prolonged transaction.