I am purchasing an apartment in South Woodford. My Conveyancer has never been on on the mortgage company conveyancing panel. Am I still permitted to use my South Woodford conveyancing solicitor notwithstanding that they are excluded from the bank list of approved lawyers?
One will need to instruct a property lawyer to complete the formalities when you need a mortgage to buy your property. They will carry out all the appropriate investigations on the property, ensuring that you will be registered as proprietor and ensure that all the necessary mortgage paperwork is in order. You may instruct a South Woodford property lawyer of your choosing. Nevertheless, where the conveyancing practitioner appointed is not a member of the bank conveyancing panel further costs will be incurred as separate legal representation will be need by the lender. Bank panel applications may be submitted, so provided your conveyancer has not historically sought membership they should take the opportunity to apply.
I am hoping to complete my purchase in South Woodford next Thursday. My property lawyer now wants me to supply her with proof of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the mortgage company. What risks does the bank expect the insurance to cover?
Any lawyer on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 requirements. These requirements are not unique to conveyancing in South Woodford.
I used Arc property Solicitors a few years ago for my conveyancing in South Woodford. Now, I need my files but the law firm has closed. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to assist in tracing your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in South Woodford of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
How does conveyancing in South Woodford differ for new build properties?
Most buyers of new build property in South Woodford contact us having been asked by the builder to sign contracts and commit to the purchase even before the house is built. This is because developers in South Woodford usually acquire 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 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 used to new build conveyancing in South Woodford or who has acted in the same development.
I am tempted by the attractive purchase price for a two apartments in South Woodford both have about 50 years left on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in South Woodford is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the marketability of the premises. The majority of buyers and mortgage companies, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 residence 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 South Woodford 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 the agreed 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.
Having spent years of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in South Woodford. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Absolutely. We can put you in touch with a South Woodford conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a South Woodford residence is 135 Maybank Road in January 2013. The Tribunal determined that the price to be paid by the tenants for the grant of a new lease is £10,592 This case was in relation to 1 flat. The unexpired term was 71.2 years.