I'm in the process of porting my current homeowner home loan to a Buy to Let Lloyds TSB Bank mortgage. I have been informed by my broker that I need a solicitor as part of the process. I spoke to my past Abbey Wood conveyancing firm who dealt with the legals when I originally bought the premises. The quote provided of £450 plus VAT has surprised me as its a remortgage than a sale or purchase.
The estimate fees seem a bit high. Where you are happy to invest time comparing quotes you could get the conveyancing a bit cheaper by say £100 plus VAT. That being said, providing that you were content with the service the firm provided you couldcome to rue choosing an an untested solicitor. Don't forget to ensure the solicitor can also act for Lloyds TSB Bank. You can use our search tool to choose a Abbey Wood conveyancing firm on the Lloyds TSB Bank approved list of lawyers, which can often include conveyancing solicitors in Abbey Wood.
In the event thatI was to purchase a freehold homein Abbey Wood mortgage fee and have no survey and no conveyancing searches how much would I expect to to save on my conveyancing in Abbey Wood?
Any savings you would gain would be limited to the costs for searches. Your conveyancing practitioner still be obliged to do everything else - money laundering, liaising with your sellers conveyancing practitioner, SDLT return, register the ownership etc. You might save a bit for them not needing to register a mortgage but it won't be a lot.
Will lawyers ask for money on account when it comes to conveyancing in Abbey Wood?
Where you are retaining lawyers for conveyancing in Abbey Wood your lawyer will request that you to provide them with monies to cover the the cost of the conveyancing searches. Generally this is requested to cover the fees of the conveyancing searches. If any deposit is payable against the purchase price then this will be asked for shortly prior to contracts are exchanged. The closing balance that is due should be transferred shortly before completion.
My house in Abbey Wood is up for sale and I have a purchaser. Does the lawyer need to be on the Lloyds conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Lloyds conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently currently.
Various web forums that I have come across warn that are the primary reason for stalling in Abbey Wood house deals. Is this right?
The Council of Property Search Organisations (CoPSO) released findings of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of hindrances during the legal transfer of property. Searches are not likely to feature in any delay in conveyancing in Abbey Wood.
Can you provide any top tips for leasehold conveyancing in Abbey Wood from the perspective of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Abbey Wood can be reduced if you appoint lawyers as soon as you market your property and ask them to put together the leasehold information needed by the buyers’ solicitors. In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Abbey Wood leases often stipulate that internal structural changes or laying down wooden flooring calls for a licence issued by the Landlord consenting to such works. Should you fail to have the consents in place you should not communicate with the landlord without checking with your solicitor in advance. The majority of freeholders or managing agents in Abbey Wood levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Abbey Wood. You may think that you are aware of the number of years left on your lease but it would be advisable verify this via your solicitors. A buyer’s lawyer will not be happy to advise their client to where the lease term is under 80 years. In the circumstances it is important at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale. A minority of Abbey Wood leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
Having spent months of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in Abbey Wood. Can we issue an application to the Residential Property Tribunal Service?
Absolutely. We are happy to put you in touch with a Abbey Wood conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Abbey Wood premises is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case affected 13 flats. The unexpired residue of the current lease was 76 years.