My husband and I are hoping to purchase a flat in Abbey Wood and have instructed a Abbey Wood conveyancing practice. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Virgin Money have this morning contacted us to advise us that they have now hit a problem as our Abbey Wood conveyancer is not on their approved list of lawyers. Is this a problem?
Where you are buying a property needing a mortgage it is usual for the purchasers' solicitors to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Abbey Wood lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
When will exchange of contracts happen for sale conveyancing in Abbey Wood and do I need to be at the conveyancers branch?
Where you are near to our conveyancing solicitors in Abbey Wood you are welcome to come in to sign contracts. However, the lender approved solicitors we work with offer countrywide coverage for conveyancing and give just as comprehensive and professional a job for you when communicating with you digitally. The signing of the sale agreement is not when everything is set in stone. A signed contract is necessary for the solicitor to address the formalities when the time is right, which is ordinarily shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a lengthy "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Abbey Wood)to be in the office at the appropriate time.
The deeds to our house are lost. The solicitors who did the conveyancing in Abbey Wood 5 years ago are no longer around. What are my options?
You no longer need to hold title deeds to evidence that you own the land or property, as the Land Registry have everything they need in a digital format.
In what way does the Landlord & Tenant Act 1954 affect my business offices in Abbey Wood and how can your lawyers assist?
The 1954 Act provides security of tenure to commercial leaseholders, granting the right to make a request to court for a continuation of occupancy at the end of an expired lease. There are certain specified grounds where a landlord can refrain from granting a lease renewal and the rules are involved. We are happy to direct you to commercial conveyancing solicitors who use the act for protection and handle your commercial conveyancing in Abbey Wood
I need to instruct a conveyancing solicitor for sale conveyancing in Abbey Wood. I happened to discover a site which seems to have the ideal offering If there is a chance to get all formalities completed via email that would be ideal. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I have tried to negotiate informally with with my landlord to extend my lease without getting anywhere. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Abbey Wood conveyancing firm to assist?
You certainly can. We can put you in touch with a Abbey Wood conveyancing firm who can help.
An example of a Lease Extension case for a Abbey Wood property 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 was in relation to 13 flats. The remaining number of years on the lease was 76 years.
Are there frequently found deficiencies that you see in leases for Abbey Wood properties?
There is nothing unique about leasehold conveyancing in Abbey Wood. All leases are drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
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Maintenance charge proportions which don’t add up to the correct percentage Insurance obligations
You will encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, The Mortgage Works, and TSB all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to pull out.