It is is a decade since I purchased my property in Bermondsey. Conveyancing solicitors have recently been retained on the sale but I can't find my title documents. Is this a major issue?
You need not be too concerned. First there is a chance that the deeds will be retained by your lender or they may be in the possession of the conveyancers who acted in the purchase. Secondly the chances are that the property will be registered at the land registry and you will be able to establish that you own the property by your conveyancing solicitors acquiring up to date copy of the land registers. Almost all conveyancing in Bermondsey relates to registered property but in the unlikely event that your property is not registered it adds to the complexity but is not insurmountable.
I had a mortgage agreed in principle with Clydesdale. Bermondsey conveyancing lawyers have been selected. What is the average time that one could expect to receive a mortgage offer from Clydesdale?
There is no definitive answer here. Have Clydesdale conducted the valuation? Have you advised Clydesdale as to your lawyers' details and checked that your lawyers are on the Clydesdale conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
The mortgage over my property is with Barclays for my property in Bermondsey. Conveyancing was finalised a year ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Barclays?
You must advise Barclays in advance of renting your property as this is likely to be a breach of Barclays’s mortgage conditions. It may be that Barclays will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Barclays directly. You need not do this via a Barclays conveyancing panel solicitor.
I was told four weeks ago that my mortgage has been agreed to by UBS. Is it usual for UBS to only issue the offer once my solicitor in Bermondsey is approved on their conveyancing panel? UBS have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for UBS to deal with your lawyer's application to be on the UBS conveyancing panel. There's no guarantee that your solicitor will be accepted.
I am purchasing a new build house in Bermondsey with the aid of help to buy. The developers would not budge the price so I negotiated 6k of additionals instead. The property agent advised me not inform my lawyer about this extras as it would impact my mortgage with Aldermore. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in two weeks back in what should have been a simple, chain free conveyancing. Bermondsey is where the house is located. Is there any advice you can impart?
Flying freeholds in Bermondsey are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Bermondsey you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bermondsey may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
My cousin has recommend that I instruct his lawyers for conveyancing in Bermondsey. Should I use them?
There are no two ways about it the best way to choose a conveyancing solicitor is to get feedback from friends or relatives who have actually previously instructed the solicitor you're considering.
We own a leasehold flat in Bermondsey. Conveyancing was finalised in 2010. I have read on various consumer forums that I should not allow the the remaining lease term to get too short. What is the reasoning?
Bermondsey leasehold properties are for a prescribed term - normally 99 years when they commenced. However many appartments in Bermondsey were built or converted 35 or more years ago and so such leases now have fewer than eighty years left to run. This may seem like a long time however Banks, Building Societies and other mortgage companies generally require leases to have at least 75 years unexpired to adequate security. This means that when you come to sell the property you will need to extend the term of your lease if you are approaching seventy five years. To enhance your property value you should be thinking about whether to extend your lease well in advance of selling the property. You should note that there are advantages to taking action before the lease reaches even 80 years as when the lease falls below 80 years the premium to be paid to extend starts to get a lot more expensive.