We're in Bexley, First time buyers purchasing with a mortgage (lender is Co-operative , and our lawyer is on the Co-operative conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Co-operative conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
We previously selected conveyancing lawyers located in Bexley on the Barclays solicitor approved list. They have just invoiced me an additional fee for dealing with the Barclays mortgage. Is this a supplemental conveyancing fee set by Barclays?
As unfair as it may appear, as long as it’s in their Terms of Engagement or estimate then yes your property lawyer can charge a fee for this. This fee is not set by Barclays but by your Bexley property lawyer. Some firms on the Barclays panel will charge an ‘acting for lender’ fee but many firms incorporate it on their overall fee.
I can not fathom if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Bexley building society branch on various occasions and was told they are content with the situation and they would lend. My Bexley conveyancing solicitor - who is on the bank conveyancing panel- called to say that they would not lend in accordance with their specific requirements. Who do I believe?
Your conveyancing practitioner has to follow the CML Handbook Part 2 requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Planning on purchasing a apartment in Bexley. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Aldermore conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Bexley lawyer is on the Aldermore conveyancing panel.
We are close to exchanging contracts on the sale of our home in Bexley and according to the buyers it appears that there is a possibility that the property was constructed on contaminated land. Any local conveyancer would know this is not the case. It does beg the question why the purchasers used a factory type conveyancing firm rather than a conveyancing solicitor in Bexley. We have lived in Bexley for three years we know that this is a non issue. Do we get in touch with our local Authority to seek clarification that the buyers are looking for.
It sounds as though you may have a conveyancing lawyer currently acting for you. What do they say? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
How does conveyancing in Bexley differ for newly converted properties?
Most buyers of new build residence in Bexley come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is completed. This is because house builders in Bexley typically 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 used to new build conveyancing in Bexley or who has acted in the same development.
Can you provide any top tips for leasehold conveyancing in Bexley from the point of view of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Bexley can be bypassed if you instruct lawyers as soon as you market your property and ask them to collate the leasehold information needed by the purchasers’ lawyers. You may think that you are aware of the number of years remaining on your lease but it would be wise to verify this via your lawyers. A buyer’s lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is below 80 years. In the circumstances it is important at an early stage that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale. Many freeholders or Management Companies in Bexley charge for supplying management packs for a leasehold home. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Bexley. If you have carried out any alterations to the premises would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Bexley leases often stipulate that internal structural changes or addition of wooden flooring calls for a licence from the Landlord consenting to such alterations. Where you fail to have the approvals to hand you should not contact the landlord without checking with your conveyancer first.
Notwithstanding our best endeavours, we have been unsuccessful in trying to reach an agreement for a lease extension in Bexley. Can the Leasehold Valuation Tribunal adjudicate on premiums?
You certainly can. We are happy to put you in touch with a Bexley conveyancing firm who can help.
An example of a Lease Extension case for a Bexley residence is 103a Footscray Road in January 2014. The tribunal determines that the premium payable for the extended lease should be £34,500 according to the expert witness valuation calculation This case related to 1 flat.
When it comes to my conveyancing in Bexley should I be paying VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Bexley conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the property lawyer's time in submitting the funds this way.