I am in a contract race with another prospective purchaser for a property in Abbey Wood. What can be done to accelerate the buying process?
First, If you are under a tight deadline to complete it is highly recommended that your lawyer is familiar with the location as they will have local relationships and intelligence. It is even conceivable that they may have conducted otherhomes in the same neighbourhood. Therefore consider using a Abbey Wood conveyancing firm. Second, double check that the conveyancing firm is on the on the approved list for your mortgage company. It is understood that 18% of Abbey Wood conveyancing deals are held up or derailed after finding out that a purchaser’s lawyer was not on their mortgage lender’s member panel. This can often result in the home move being frustrated by almost 21 days. It is said that this issue impacts in the region of 100,000 home moves annually. Almost all Abbey Wood conveyancing practices can not act for certain mortgage companies so do check at the outset.
I own a freehold residence in Abbey Wood yet pay rent, why is this and what is this?
It’s unusual for properties in Abbey Wood and has limited impact for conveyancing in Abbey Wood but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the generation of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
Just bought a detached house in Abbey Wood , What is the estimated time for the Land Registry to deal with the formalities evidencing my proprietorship? My Abbey Wood conveyancing solicitor works at snail pace, so I want to check that my ownership is registered.
There is nothing unique when it comes to conveyancing in Abbey Wood registration formalities. As opposed to being determined by geographic area, timeframes can vary according to who lodges the application, whether there are errors and if the Land registry communicate with any third persons or bodies. Currently approximately three quarters of such applications are fully addressed within 12 days but some can be subject to protracted hold-ups. Registration takes place after the buyer is living at the premises thus registration formalities is not usually top priority yet if there is a degree of urgency associated with the registration then you or your conveyancer should speak with the land registry and explain the circumstances.
How does conveyancing in Abbey Wood differ for new build properties?
Most buyers of new build residence in Abbey Wood come to us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is constructed. This is because house builders in Abbey Wood usually purchase the real estate, 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 conveyancers 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 Abbey Wood or who has acted in the same development.
Due to the advice of my in-laws I had a survey completed on a property in Abbey Wood in advance of retaining lawyers. I have been informed that there is a flying freehold element to the house. My surveyor advised that some banks tend not issue a loan on this type of house.
It varies from the lender to lender. Lloyds has different requirements for example to Birmingham Midshires. Should you wish to telephone us we can investigate further with the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Abbey Wood. Conveyancing will be smoother if you use a solicitor in Abbey Wood especially if they are familiar with such properties in Abbey Wood.
I was recommended by a couple of local estate agents in Abbey Wood to select a property lawyer using your seach tool. What’s the financial incentive for Estate Agents to recommend your services rather than alternative conveyancing organisations?
We refuse to give any referral fee for directing people our way. We found it would be just too difficult a fee as members of the public would think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.