I was referred a solicitor who has sent a quote for £1350 for leasehold conveyancing in St John's Wood. I’m selling a newly refurbished house for £125,000. Are these conveyancing fees excessive? Is it in excess of what I should be paying for conveyancing in St John's Wood?
The charges are a tad high. Where you are willing to invest time scrutinising fee on a like for like basis you may be able to get the conveyancing a bit cheaper by perhaps £125. That being said, you mightcome to rue opting for an an untested solicitor. Remember to enquire that the solicitor can act for your lender. You can use our search tool to select a St John's Wood conveyancing firm on the lender’s conveyancing panel which can often include conveyancing solicitors in St John's Wood.
Me and my partner are buying a flat in St John's Wood. I might seem paranoid but how we can trust a conveyancer? At some point we will need to send funds into their account. What is the protection we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Completion of my remortgage has taken place for my property in St John's Wood. Conveyancing was of an acceptable standard but I would like to complain about the lender. How does one go about formally complaining?
Most banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Department at head office. In most cases complaints to a lender are resolved effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
Virgin Money have agreed my mortgage in principle, my bid on a house in St John's Wood has been agreed to, what are the next steps?
Your property agent will need to know who your solicitors are (make sure the conveyancing practitioners are on the bank’s approved list). Telephone Virgin Money or the broker and finish off any appropriate paperwork. Virgin Money will instruct a valuer who will get in touch with the estate agent or vendor to schedule an appointment. Once carried out (assuming no problems) it takes approximately a fortnight for the mortgage offer to be issued. Virgin Money will send the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in St John's Wood.
How does conveyancing in St John's Wood differ for new build properties?
Most buyers of new build residence in St John's Wood contact us having been asked by the builder to sign contracts and commit to the purchase even before the property is built. This is because developers in St John's Wood 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 accustomed to new build conveyancing in St John's Wood or who has acted in the same development.
Am I right to be wary that third parties that I am dealing with are suggesting a factory type conveyancing firm rather than a local St John's Wood conveyancing company?
As with lots of professional services, often recommendations from family and friends can be very helpful. Nevertheless there are lots of people with a vested interest in a conveyancing deal; estate agents, financial adviser and banks may suggest conveyancers to appoint. On occasion these conveyancers might be known to one of the organisations as being good in their field, but occasionally there might be a commercial relationship behind the endorsement. You are free to select your preferred lawyer. However, bear in mind that many mortgage providers operate an approved list of lawyers you must use for the lender related work in your conveyancing.
I am tempted by the attractive purchase price for a two apartments in St John's Wood which have approximately 50 years remaining on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in St John's Wood. The lease is a right to use the premises for a prescribed time frame. As a lease shortens the value of the lease reduces and it becomes more costly to extend the lease. For this reason it is advisable to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders may be reluctant to lend money on such properties. Lease enfranchisement can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this field.
My wife and I have hit a brick wall in seeking a lease extension in St John's Wood. Can the Leasehold Valuation Tribunal adjudicate on premiums?
You certainly can. We can put you in touch with a St John's Wood conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a St John's Wood residence is Garden Flat 195 Goldhurst Terrace in May 2012. The Tribunal held in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease should be £60,855.00. This case affected 1 flat. The unexpired lease term was 60.16 years.