My wife and I purchased a semi-detached Edwardian property in South Lambeth. Conveyancing practitioner represented me and The Mortgage Works. I happened to do a free search for it on the Land Registry database and there are a couple of entries: the first freehold, the second leasehold with the exact same address. Is it worth asking The Mortgage Works to clarify?
You should assess 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 proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in South Lambeth and other areas of 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 check the position with your conveyancing solicitor who completed the work.
I am looking for a ground for flat up to £305k and identified one close by in South Lambeth I like with a park and station nearby, however it's only got 51 years on the lease. There is not much else in South Lambeth suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a mortgage that many years will be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least twenty four months you may ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
Should I be wary by estate agents that I am dealing with are recommending a nationwide conveyancing firm as opposed to a High Street South Lambeth conveyancing practice?
As is the case with many professional services, often recommendations from family and friends can be extremely useful or valuable. Nevertheless there are numerous people with a keen interest in a conveyancing matter; estate agents, financial adviser and banks may recommend lawyers to select. Sometimes the solicitors might be known to one of the organisations as experts in their field, but occasionally there is an underlying commercial relationship behind the recommendation. You have the right to select your own lawyer. However, bear in mind that most mortgage providers specify a panel list of lawyers you are obliged to use for the lender aspect of your house move.
I today plan to offer on a house that appears to be perfect, at a great figure which is making it all the more appealing. I have just discovered that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in South Lambeth. Conveyancing advisers have not yet been 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 solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in South Lambeth in which case you should be shopping around for a South Lambeth conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’sconsent to conduct alterations. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the house is part of an estate. Your lawyer should appraise you on the various issues.
I acquired a 1 bedroom flat in South Lambeth, conveyancing having been completed in 2007. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in South Lambeth with an extended lease are worth £185,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease finishes on 21st October 2080
With 61 years remaining on your lease the likely cost is going to range between £18,100 and £20,800 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.
Partway through the sale of a leasehold flat in South Lambeth. Conveyancing lawyers are doing their job but we have been asked to pay a fortune by the landlord. So far we have paid £295.50 for a leasehold management information and then another £134.40 for answers to questions supplied by the purchaser's conveyancing practitioner.
You will not have any say over the level of the bill for this information but the average fee for the information for South Lambeth leasehold premises is £355. For South Lambeth conveyancing transactions it is conventional for the vendor to cover the costs. The freeholder or their agents are under no statutory obligation to address such questions although many will agree to do so - albeit often at high prices disproportionate to the work involved. Regretfully there is no statute that mandates set charges for administrative tasks. Neither is there any statutory time limit by which they are obliged to supply the information.