Will our lawyer be raising questions about flooding during the conveyancing in Southwark.

Flooding is a growing risk for conveyancers dealing with homes in Southwark. There are those who acquire a house in Southwark, fully aware that at some time, it may suffer from flooding. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.

Conveyancers are not best placed to give advice on flood risk, however there are a various searches that may be carried out by the buyer or on a buyer’s behalf which should figure out the risks in Southwark. The standard completed inquiry forms given to a buyer’s lawyer (where the Conveyancing Protocol is adopted) contains a standard question of the seller to determine if the premises has suffered from flooding. In the event that flooding has previously occurred and is not disclosed by the owner, then a buyer may commence a claim for damages as a result of such an misleading reply. The purchaser’s lawyers should also commission an environmental search. This will indicate if there is any known flood risk. If so, more detailed investigations will need to be made.

I used Stirling Law several years past for my conveyancing in Southwark. I now require my papers however the law firm is no longer operating. What do I do?

You should call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Southwark of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.

I have been on the look out for a ground for flat up to £245,000 and found one close by in Southwark I like with a park and transport links nearby, however it only has 52 years unexpired on the lease. I can't really find anything else in Southwark in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?

If you need a mortgage that many years may be a potential deal breaker. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.

Am I right to be concerned that estate agents that I am dealing with are encouraging me to use an online conveyancing firm rather than a local Southwark conveyancing company?

As with lots of professional services, often input from family and friends can be extremely useful or valuable. Yet there are lots of parties with a keen interest in a conveyancing matter; estate agents, mortgage brokers and mortgage companies might all suggest lawyers to instruct. On occasion the conveyancers might be known to one of the organisations as experts in their field, but occasionally there behind the scenes financial incentive behind the recommendation. You are at liberty to choose your own lawyer. However, bear in mind that the majority of lenders have an approved list of solicitors you must use for the lender aspect of your house move.

Despite our best efforts, we have been unsuccessful in trying to purchase the freehold in Southwark. Can this matter be resolved via the Leasehold Valuation Tribunal?

Where there is a missing freeholder or where there is dispute about the premium for a lease extension, under the relevant statutes you can apply to the First-tier Tribunal (Property Chamber) to assess the amount due.

An example of a Freehold Enfranchisement case for a Southwark property 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 remaining number of years on the lease was 107 years.

What makes a Southwark lease unmortgageable?

There is nothing unique about leasehold conveyancing in Southwark. All leases are unique and legal mistakes in the legal wording can result in certain sections are not included. For example, if your lease is missing any of the following, it could be defective:

Service charge per centages that don't add up correctly leaving a shortfall A duty to insure the building

A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Virgin Money, and Barclays Direct all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to withdraw.