I'm in the process of changing my existing standard mortgage to a Buy to Let Chelsea Building Society mortgage. The bank has said that I need a solicitor as part of the process. I got in contact with my past Rotherhithe conveyancing firm who dealt with the legals when I previously purchased the premises. The costs illustration issued of £470 has taken me by surprise as its a remortgage than a sale or purchase.
The estimate fees seem a bit high. If you you were to look around you might decrease the fees marginally by as much as a hundred pounds. That being said, if you were content with the conveyancing the firm provided you mightcome to regret choosing an an untested solicitor. Don't forget to be sure that the firm can also act for Chelsea Building Society. You can make use of our search tool to select a Rotherhithe conveyancing firm on the Chelsea Building Society member panel, which can often include conveyancing solicitors in Rotherhithe.
I am hoping to complete my purchase in Rotherhithe next Thursday. My conveyancing practitioner now wants me to supply her with evidence of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the bank. What risks does the mortgage company expect the insurance to cover?
All property lawyers on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook requirements. These requirements are not limited to conveyancing in Rotherhithe.
How does conveyancing in Rotherhithe differ for newly converted properties?
Most buyers of new build residence in Rotherhithe contact us having been asked by the developer to sign contracts and commit to the purchase even before the residence is completed. This is because builders in Rotherhithe typically buy the site, 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 conveyancing solicitors 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 accustomed to new build conveyancing in Rotherhithe or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a property in Rotherhithe in advance of instructing conveyancers. I have been told that there is a flying freehold aspect to the property. The surveyor advised that some mortgage companies tend refuse to issue a loan on such a property.
It depends who your proposed lender is. HSBC has different instructions from Birmingham Midshires. If you e-mail us we can look into this further via the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Rotherhithe. Conveyancing will be smoother if you use a solicitor in Rotherhithe especially if they are accustomed to such properties in Rotherhithe.
I need to appoint a conveyancing solicitor for purchase conveyancing in Rotherhithe. I have chance upon a site which seems to have the perfect solution If there is a chance to get all this stuff done via phone that would be ideal. Do I need to be concerned? 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 am a negotiator for a busy estate agency in Rotherhithe where we see a few flat sales put at risk due to short leases. I have received conflicting advice from local Rotherhithe conveyancing solicitors. Can you confirm whether the seller of a flat can start the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. 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.
An alternative approach is 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 buyer.
Having spent years of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Rotherhithe. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
if there is a absentee freeholder or if there is disagreement about what the lease extension should cost, under the relevant legislation you can apply to the LVT to decide the sum to be paid.
An example of a Freehold Enfranchisement case for a Rotherhithe property is 12, 14 & 16 Hull Close in May 2010. the Tribunal determined that the premium payable for the acquisition of the freehold to the subject premises was the sum of £18,300 This case related to 3 flats. The unexpired term was 101.61 years.