AssumingI were to purchase a straightforward housein Bermondsey mortgage fee and dispense with a survey and no local authority searches how much should I expect to to save on my conveyancing in Bermondsey?
Any savings you would achieve would be isolated to the Bermondsey conveyancing searches. A solicitor still got to do everything else - money laundering, liaising with the sellers solicitor, SDLT return, register the property etc. You might save a bit for them not having to register a mortgage however it won't be meaningful.
My grandfather passed away 10 months ago and as sole heir and executor I was left the property in Bermondsey. The house had a small mortgage left on it of around £8000. I want to transfer the title deeds into my name whilst I re-mortgage to Aldermore, pay off the mortgage. Is this possible?
If you plan to re-mortgage then Aldermore will insist on your using a conveyancer on the Aldermore conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Aldermore conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Aldermore mortgage is registered as a charge at the Land Registry.
This question may be naive but I am new to the home buying as FTB of a garden flat in Bermondsey. Do I pick up the keys to the premises on the completion date from my lawyer? If this is the case, I will appoint a High Street conveyancing solicitor in Bermondsey?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will electronically transfer the purchase money to the vendor’s solicitors, and shortly after the monies have arrived, you will be invited to receive the keys from the property Agents and start moving into the property. This tends to happen between 1 and 3pm.
My husband and I have arranged a further advance on our mortgage from TSB as we want to conduct renovations to our home in Bermondsey. Do we need to appoint a bricks and mortar Bermondsey solicitor on the TSB conveyancing panel to handle the legals?
TSB do not ordinarily instruct a member of their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the TSB list.
The mortgage over my property is with Co-operative for my property in Bermondsey. Conveyancing has been completed months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Co-operative?
You must advise Co-operative prior to letting out your property as this is likely to be a breach of Co-operative’s mortgage conditions. It may be that Co-operative 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 Co-operative directly. You need not do this via a Co-operative conveyancing panel firm.
The deeds to my house can not be found. The solicitors who did the conveyancing in Bermondsey 10 years ago no longer exist. What are my options?
As long as the title is registered the information relating to your ownership will be evidenced by HMLR under a Title Number. It is easy to perform a search at the Land Registry, find your property and order current copies of the property title for a small fee. Where the title is Leasehold then the Land Registry will usually hold a certified copy of the Registered Lease and again, a copy can be obtained for a small fee.
I have been pointed in your direction by three or four local selling agents in Bermondsey to find a conveyancer using your seach tool. What’s the financial upside for Estate Agents to market your services rather than another?
We refuse to make any referral fee for directing people our way. We thought it would be too underhand a fee as members of the public would think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.
I am looking at a two maisonettes in Bermondsey both have in the region of fifty years remaining on the lease term. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the marketability of the lease decreases and it becomes more costly to extend the lease. For this reason it is generally wise to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this area.
I am the registered owner of a two-bedroom flat in Bermondsey. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the sum payable for a lease extension?
if there is a missing freeholder or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to decide the price payable.
An example of a Freehold Enfranchisement decision for a Bermondsey flat is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case was in relation to 41 flats. The unexpired term as at the valuation date was 107 years.