My Brockley solicitor has spotted a difference when comparing the surveyor’s assumptions in the valuation report and what is revealed within the title deeds. My solicitor says that he is obliged to ensure that the bank is with this discrepancy and is content to go ahead. Is my lawyer’s approach legitimate?
Your must comply with the UK Finance Lenders’ Handbook provisions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
My colleague advised me that if I am purchasing in Brockley I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is occasionally included in the estimate for your Brockley conveyancing searches. It is not a small report of about 40 pages, listing and setting out important information about Brockley around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Brockley Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with plans and statistics, Local Amenities and other useful data about Brockley.
How does conveyancing in Brockley differ for new build properties?
Most buyers of new build residence in Brockley approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is ready to move into. This is because developers in Brockley tend to purchase the land, 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 conveyancers 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 Brockley or who has acted in the same development.
I have been pointed in your direction by two or three local selling agents in Brockley to select a conveyancer on your site. What’s the financial incentive for Estate Agents to market your site over alternative conveyancing organisations?
We don’t offer any financial incentive for sending work our way. We thought it would be too underhand a fee as members of the public would think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.
I today plan to offer on a house that seems to tick a lot of boxes, at a great figure which is making it all the more appealing. I have just been informed that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Brockley. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?
The majority of houses in Brockley are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Brockley in which case you should be looking for a Brockley conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’spermission to carry out alterations. It may be necessary to pay a contribution towards the upkeep of the estate where the property is part of an estate. Your conveyancer will appraise you on the various issues.
I bought a ground floor flat in Brockley, conveyancing having been completed 3 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Brockley with an extended lease are worth £165,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease runs out on 21st October 50
With 50 years unexpired we estimate the premium for your lease extension to span between £36,100 and £41,800 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.