It is is a decade since I acquired my house in Sydenham. Conveyancing lawyers have now been retained on the sale but I am unable to find my title documents. Will this jeopardise the sale?
You need not be too concerned. Firstly the deeds may be with your mortgage company or they may still be with the lawyers who acted in the purchase. Secondly in most cases the land will be recorded at the land registry and you will be able to prove you own the property by your conveyancing solicitors acquiring up to date copy of the land registers. The vast majority of conveyancing in Sydenham involves registered property but in the unlikely event that your property is not registered it adds to the complexity but is not insurmountable.
Is it the case that all Sydenham CQS (Conveyancing Quality Scheme) solicitors are on the HSBC conveyancing panel?
Some major lenders now utilise CQS as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of firms.
It is unclear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Sydenham building society branch on a couple of occasions and was informed it wasn't a problem and they will lend. My Sydenham conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they would not lend based on their specific requirements. Who do I believe?
Provided that the property lawyer is on the bank approved list, they must comply with the Council of Mortgage Lenders’ Handbook conditions for the 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 remaining.
I have finally had an offer on a flat in Sydenham agreed to, but there is a chain. The sellers have put an offer on somewhere, however it’s not yet tied up, and are looking at other properties in the pipeline. I have chosen a local conveyancing solicitor in Sydenham. What do I do now? At what stage should I apply for the mortgage with Kent Reliance?
It is normal to have anxieties where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is approx one thousand pounds, then survey, Sydenham conveyancing search costs, etc). The first course of action is to check that your lawyer is on the Kent Reliance approved list. Regarding the next steps this very much dictated by the uniqueness of your case, attraction to this property and on the state of the market. During a hot market the majority of buyers will apply for the mortgage with Kent Reliance and pay for the valuation and only if it was satisfactory would they pay their lawyer to proceed with the conveyancing in Sydenham.
I am buying a new build flat in Sydenham. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here is a sample of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Sydenham
The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. There must be mutual enforceability of lessee’s covenants. Forfeiture - bankruptcy or liquidation must not apply under this provision. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided.
Helen (my wife) and I may need to sub-let our Sydenham ground floor flat temporarily due to taking a sabbatical. We instructed a Sydenham conveyancing practice in 2002 but they have closed and we did not have the foresight to get any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
The lease dictates relations between the landlord and you the leaseholder; in particular, it will say if subletting is not allowed, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Sydenham do not contain an absolute prevention of subletting – such a provision would adversely affect the market value the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.
After years of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Sydenham. Can we issue an application to the Residential Property Tribunal Service?
Where there is a missing landlord or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to judgment on the sum to be paid.
An example of a Lease Extension case for a Sydenham flat is Flat 5 4 Border Crescent in December 2013. the tribunal calculated that premium payable for the acquisition of a lease extension of the subject premises was in the sum of £14,900 (Fourteen thousand, nine hundred pounds). Those advising the applicant were advised to send a copy of the decision and a copy of the new lease with the premium (less the applicants costs as assessed by the Court) to the Croydon County Court (under claim number 3CR01226) for an officer of the Court to execute the new lease on behalf of the absentee landlord who is missing and cannot be traced). This case affected 1 flat. The number of years remaining on the existing lease(s) was 69 years.
I dont have enough spare cash to pay a 10% deposit on my apartment purchase in Sydenham , but I am keen exchange. What can I do?
You can accept a lesser deposit. Many vendors will agree to a lower deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last second