How does conveyancing in Blackheath differ for newly converted properties?

Most buyers of new build or newly converted property in Blackheath approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because builders in Blackheath usually acquire the site, 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 used to new build conveyancing in Blackheath or who has acted in the same development.

I decided to have a survey done on a house in Blackheath before appointing conveyancers. I have been advised that there is a flying freehold aspect to the house. Our surveyor advised that some banks tend not grant a loan on this type of property.

It depends who your proposed lender is. HSBC has different instructions from Nationwide. Should you wish to telephone us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Blackheath. Conveyancing will be smoother if you use a solicitor in Blackheath especially if they are accustomed to such properties in Blackheath.

In surfing the world wide web for the phrase cheap conveyancing in Blackheath it brings up many property lawyersin the area. How do I determine which is the suitable solicitor for purchase transaction?

The best way of finding a suitable conveyancer is through a personal recommendation, so seek the guidance of friends and those you trust who have acquired a property in Blackheath or a local estate agent or mortgage broker. Fees for conveyancing in Blackheath differ, so it's a good idea to obtain at least four estimates from different conveyancers. Dont forget to clarify that the charges are assured not to to be inflated.

I am tempted by the attractive purchase price for a couple of maisonettes in Blackheath both have approximately 50 years unexpired on the lease term. should I be concerned?

There is no doubt about it. A leasehold flat in Blackheath is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. For most purchasers and mortgage companies, leases with less than 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 Blackheath conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new 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.

I have attempted and failed to negotiate with my landlord to extend my lease without success. Can I apply to the Leasehold Valuation Tribunal? Can you recommend a Blackheath conveyancing firm to represent me?

if there is a missing landlord or if there is dispute about what the lease extension should cost, under the relevant statutes you can apply to the LVT to judgment on the price.

An example of a Lease Extension matter before the tribunal for a Blackheath flat is 73 Walerand Road in August 2012. the result of the findings of the Tribunal led to a premium to be paid for the extended lease in respect of Flat 73 in the sum of £10,040. The premium applicable in respect of Flat 85 was £5,710. This case related to 2 flats. The number of years remaining on the existing lease(s) was 72 years.

The mortgage broker has recommended their conveyancer for our conveyancing in Blackheath - Is it not simpler advisable to just instruct them?

It is not always the case and you are free to instruct whichever conveyancer of your choosing for your Blackheath home move. A solicitor suggested by an estate agent may not always be the best property lawyer, they may recommend their preferred conveyancing firm who are based far away. In this instance you may not have contact with your property lawyer and due to the lack of continuity in the transaction, it may be difficult to obtain progress reports.