I have just started taking steps with the aim of changing my current homeowner home loan to a BTL The Mortgage Works mortgage. I have been informed by my broker that I must appoint a conveyancer as part of the process. I got in contact with my previous Havering-atte-Bower conveyancing practitioner who dealt with the legals when I first acquired the premises. The quote supplied of £450 plus VAT is an eye-watering amount to do this as I am not require purchase conveyancing - it’s just a bog-standard refinance.
The estimate does seem a little steep. If you shop around you could trim some of the expense by as much as a hundred pounds. On the other hand, if you were pleased with the legal work the firm gave you couldcome to regret choosing an an unknown solicitor. Remember to be sure that the firm can act for The Mortgage Works. Do use our search tool to locate a Havering-atte-Bower conveyancing firm on the The Mortgage Works approved list of lawyers, which can often include conveyancing solicitors in Havering-atte-Bower.
I am need of leasehold conveyancing for an apartment in a relatively new development (6 years old) in Havering-atte-Bower. The vast majority the appartments are already occupied. Is it really necessary to order conveyancing searches for my conveyancing in Havering-atte-Bower?
A big part of the Havering-atte-Bower legal transfer of property is the conveyancing searches. There are hundreds companies who offer Havering-atte-Bower conveyancing searches, as well straight from the local authority. These are known collectively as personal search providers and they produce, not surprisingly, personal searches. However, all Local Authority Search conveyancing products have one thing in common - they must obtain their information from the local authoritative source.
It is 10 years ago since I purchased my property in Havering-atte-Bower. Conveyancing lawyers have now been retained on the sale but I can't locate my deeds. Will this jeopardise the sale?
You need not be too concerned. Firstly the deeds may be kept by the mortgage company or they may still be with the lawyers who oversaw your purchase. Secondly in most cases the land will be registered at the land registry and you will be able to establish that you own the property by your conveyancing lawyers acquiring up to date copy of the land registers. Most conveyancing in Havering-atte-Bower relates to registered property but in the unlikely event that your property is not registered it is more of a problem but is resolvable.
My wife and I are purchasing a flat in Havering-atte-Bower. I might seem paranoid but how we can trust a lawyer? On completion day we will need to put funds into their account. What is the protection we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I am being advised by my solicitor that defective lease insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Havering-atte-Bower?
The appropriate level of defective lease indemnity insurance should be dictated by who who your lender is. It would differ for example between Santander and Coventry Building Society. Conveyancing solicitors as opposed to borrowers take out such insurances.
I have paid off my mortgage with Yorkshire BS. I assume I don't need a Havering-atte-Bower conveyancer on the Yorkshire BS panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Yorkshire BS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Yorkshire BS mortgage from the register. Yorkshire BS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Yorkshire BS has sent the Land Registry the discharge electronically, and
- Yorkshire BS has instructed the Land Registry to do so
I have been told that property searches are the primary reason for obstruction in Havering-atte-Bower conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of hindrances in the conveyancing process. Searches are unlikely to be the root cause of slowing down conveyancing in Havering-atte-Bower.
I am employed by a reputable estate agent office in Havering-atte-Bower where we see a few flat sales derailed as a result of leases having less than 80 years remaining. I have received conflicting advice from local Havering-atte-Bower conveyancing firms. Could you shed some light as to whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Despite our best efforts, we have been unsuccessful in seeking a lease extension in Havering-atte-Bower. Can this matter be resolved via the Leasehold Valuation Tribunal?
if there is a absentee landlord or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to calculate the premium.
An example of a Lease Extension matter before the tribunal for a Havering-atte-Bower flat is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case related to 1 flat. The unexpired lease term was 57.5 years.