Will commercial conveyancing searches reveal impending roadworks that may affect a commercial land in Southwark?
Its becoming the norm that commercial conveyancing solicitors in Southwark will carry out a SiteSolutions Highways report as it reduces the time that conveyancers expend in investigating accurate data on highways that impact buildings and development assets in Southwark. The report sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Southwark.
For each commercial conveyancing transaction in Southwark it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately can result in delays to Southwark commercial conveyancing transactions as well as pose a risk to future plans for the site. These searches are not ordered for residential conveyancing in Southwark.
How does conveyancing in Southwark differ for new build properties?
Most buyers of new build property in Southwark approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is finished. This is because house builders in Southwark tend to purchase 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 conveyancing solicitors 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 Southwark or who has acted in the same development.
My husband and I are four weeks into a freehold purchase having been recommend to conveyancers by the high street agent to do our conveyancing in Southwark. I am am extremely frustrated with the quality of service. Can you you assist me in finding new solicitors?
They would have to be really bad to suggest changing them. Has your mortgage been sent? In the event that it has you need to make them aware of the new solicitor and ensure the loan are re-issued. The solicitor ideally needs to be on the lenders panel to avoid supplemental expenses and delays. So that should be your first question of the new conveyancers. Our find a solicitor tool can assist you in finding a bank approved solicitor for your conveyancing in Southwark
I am looking at a two flats in Southwark which have in the region of forty five years left on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Southwark. The lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the saleability of the lease decreases and results in it becoming more costly to acquire a lease extension. This is why it is generally wise to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this area.
Having spent years of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Southwark. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
in cases where there is a absentee landlord or if there is disagreement 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 First-tier Tribunal (Property Chamber) to judgment on the premium.
An example of a Freehold Enfranchisement matter before the tribunal for a Southwark residence is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case affected 41 flats. The unexpired residue of the current lease was 107 years.
Me and my husband are selling a Southwark flat left to us six years ago in 2012. I have over 12 years conveyancing know-how and, although retired, wish to undertake the conveyancing. The purchaser's conveyancer has informed me that their Lenders will not allow us to do our own conveyancing requiring the funds to be released via a solicitor's bank account.
Lending requirements to lawyers from all mainstream lenders state that If the seller does not have legal representation the purchaser’s lawyers should check whether the bank needs to be told so that a decision can be made as to whether or not they are willing to move forward.