AssumingI was to buy a straightforward propertyin Streatham for cash and dispense with a survey and no conveyancing searches how much would I expect to to save on my conveyancing in Streatham?
The only reduction in fees you would make on is the disbursement for searches. Your conveyancing practitioner still be obliged to do everything else - money laundering, liaising with the sellers lawyer, SDLT return, register the title etc. A slight saving might be made by not needing to register a charge but it will not be significant.
Can you explain why leasehold purchase conveyancing in Streatham costs more?
Streatham leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
Last month we had a mortgage agreed in principle with UBS. Streatham conveyancing practitioners are instructed. How long does it take for UBS to send the offer to the property lawyer?
There is no definitive answer here. Have UBS completed the survey? Have you advised UBS as to your lawyers' details and checked that your lawyers are on the UBS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
We expect to receive a OIP from Principality this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Principality recommend any Streatham solicitors on the Principality conveyancing panel, or is it better to go independently?
You will need to appoint Streatham solicitors independently although you'll need to choose one on the Principality conveyancing panel. The solicitor represents both you and Principality through the process.
The formalities of my remortgage has taken place for my property in Streatham. Conveyancing was a necessary evil but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
All banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Team at head office. Ordinarily complaints to a lender are resolved effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
Will my solicitor be raising questions concerning flooding during the conveyancing in Streatham.
Flooding is a growing risk for lawyers specialising in conveyancing in Streatham. There are those who acquire a house in Streatham, fully aware that at some time, it may suffer from flooding. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Solicitors are not best placed to give advice on flood risk, but there are a numerous searches that can be undertaken by the purchaser or by their conveyancers which can give them a better understanding of the risks in Streatham. The conventional set of completed inquiry forms sent to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard question of the owner to find out whether the property has suffered from flooding. If flooding has previously occurred which is not notified by the seller, then a buyer may commence a compensation claim as a result of such an inaccurate answer. A purchaser’s solicitors should also commission an environmental report. This will disclose if there is a recorded flood risk. If so, more detailed inquiries should be carried out.
I decided to have a survey done on a property in Streatham before appointing lawyers. I have been informed that there is a flying freehold aspect to the house. My surveyor advised that some banks may not grant a mortgage on such a home.
It varies from the lender to lender. Bank of Scotland has different requirements from Nationwide. If you call us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Streatham. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Streatham to see if the conveyancing will be more expensive.
Last April I purchased a leasehold flat in Streatham. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Following years of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Streatham. 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 make a decision on the price payable.
An example of a Lease Extension decision for a Streatham flat is Flat 12, Newlands Court Streatham Common North in May 2012. the decision of the Tribunal was that the premium payable by the Applicants to the Respondent for the new lease of the Premises be £70,140. This case related to 1 flat. The unexpired residue of the current lease was 23.25 years.