When does exchange of contracts happen for sale conveyancing in Bermondsey and am I required to be at the conveyancers office?

If you are in close proximity to our conveyancing solicitors in Bermondsey you are invited in to sign contracts. However, the lender approved solicitors we recommend offer a national conveyancing service and provide just as detailed and professional a job for you when dealing with you electronically. The executing of the contract is not the important part. A signed contract is necessary for the solicitor to exchange contracts at the appropriate time, which is ordinarily shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Bermondsey)to be in the office at the appropriate time.

I am in the process of mortgaging my apartment in Bermondsey, does my lawyer have to be on the Yorkshire BS Conveyancing panel?

In theory, you could use a solicitor that is not on the Yorkshire BS conveyancing panel, but Yorkshire BS would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.

I have been on the look out for a flat up to £235,500 and found one near me in Bermondsey I like with a park and station in the vicinity, the downside is that it only has 51 remaining years left on the lease. There is not much else in Bermondsey in this price bracket, so just wondered if I would be making a grave error buying a short lease?

Should you need a home loan that many years will be problematic. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least twenty four months you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.

Looking forward to sign contracts shortly on a basement flat in Bermondsey. Conveyancing solicitors inform me that they are sending me a report tomorrow. What should I be looking out for?

The report on title for your leasehold conveyancing in Bermondsey should include some of the following:

The total extent of the property. This might be the flat itself but might include a loft or basement if applicable. Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice? Whether your lease caters for for a sinking account for major works? What you can do if another tenant in the building breaches a clause of their lease? You should know if the lease allows you to change or improve anything in the property- you must be made aware as to whether it applies to all alterations or just structural alteration, and whether consent is required

I have given up trying to purchase the freehold in Bermondsey. Can this matter be resolved via the Leasehold Valuation Tribunal?

You certainly can. We are happy to put you in touch with a Bermondsey conveyancing firm who can help.

An example of a Freehold Enfranchisement matter before the tribunal for a Bermondsey 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 unexpired lease term was 107 years.

I have finally had an offer on an maisonette in Bermondsey accepted, but there is a chain. The sellers have offered on a property, although it’s not yet agreed to, and are looking at other properties booked. I have instructed a nearby conveyancing solicitor in Bermondsey. What should be my next step? At what stage should I apply for the mortgage with Virgin Money?

It is usual to have apprehensions where there is a chain as you are unlikely to want to incur expenses prematurely (home loan application is in the region of one thousand pounds, then valuation, Bermondsey conveyancing search costs, etc). The first course of action is to check that your solicitor is on the Virgin Money approved list. As to the next phase this very much dictated by the uniqueness of your case, desire for the property and on the state of the market. In a hot market the majority of purchasers will apply for a home loan with Virgin Money and arrange for the survey and only if it comes back ok would they ask their lawyer to press on with the conveyancing in Bermondsey.