We're in South West London, First timers buying with a mortgage (lender is Bank of Ireland , and our solicitor is on the Bank of Ireland conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Bank of Ireland conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Have just purchased a probate house at auction in South West London. Conveyancing is needed. What are my next steps?
Having for in every practical sense signed on the dotted line you now have to find a conveyancing practitioner as a matter of urgency as you now have a fast approaching a drop dead date to complete the deal. Every auction property should have a bespoke legal pack. This will likely include the copy title deeds, local authority and drainage searches. If you have purchased leasehold premises the auction pack should contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork specific to a leasehold property. You must hand this to your appointed conveyancing solicitor ASAP. Do make sure that your finances are in order to complete on the on the contractual date .
We expect to receive a AIP from Leeds Building Society this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Leeds Building Society recommend any South West London solicitors on the Leeds Building Society conveyancing panel, or is it better to find our own lawyer?
You will need to appoint South West London solicitors independently although you'll need to choose one on the Leeds Building Society conveyancing panel. The solicitor represents both you and Leeds Building Society through the process.
Planning on purchasing a flat in South West London. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the HSBC conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the South West London lawyer is on the HSBC conveyancing panel.
I have been on the look out for a flat up to £195,000 and found one close by in South West London I like with open areas and station in the vicinity, however it only has 61 years on the lease. There is not much else in South West London in this price bracket, so just wondered if I would be making a grave error buying a short lease?
If you require a mortgage that many years may be problematic. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of 2 years you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.
After years of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in South West London. Can we issue an application to the Residential Property Tribunal Service?
Most certainly. We are happy to put you in touch with a South West London conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a South West London property is 78 & 80 Newport Road in January 2013. the Tribunal concluded that the premium to be paid by the leaseholder in respect of the freehold reversion is £23,105 This case related to 2 flats. The unexpired lease term was 71.63 years.
What makes a South West London lease problematic?
There is nothing unique about leasehold conveyancing in South West London. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions are wrong. The following missing provisions could result in a defective lease:
A provision to repair to or maintain parts of the premises Maintenance charge proportions which don’t add up to the correct percentage
You could have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Coventry Building Society, and Platform Home Loans Ltd all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the buyer to pull out.
Our lender agreed in principle to give us a mortgage. We have retained a high street conveyancer in South West London two days ago. Today, our financial adviser called to say that the lender said that we cannot use our solicitor as they aren't on their 'approved list'. As FTB's, we had no idea that the lender had some control over our choice Is this usual?
You are at liberty to use any property lawyer you wish to select for your conveyancing in South West London nevertheless if your mortgage company aren't happy with them you will have to pay additional cost so the bank can appoint their own lawyers. On occasion it is conceivable that your solicitor may apply to get added to the mortgage company list of approved firms. Do make the most of web-based tools such as lenderpanel.com to find a conveyancing solcitor in South West London on the lender panel. You can go into your high street lender branch in South West London. They will know some good conveyancing solicitors in South West London on the approved list.