We're in Silvertown, First timers buying with a mortgage (lender is Nottingham , and our solicitor is on the Nottingham conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Nottingham 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.
My lawyer has informed me that lack of right of way insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Silvertown?
The appropriate level of lack of right of way indemnity insurance depends on who your lender is. It would differ for example between National Westminster Bank and Chelsea Building Society. Conveyancing practitioners as opposed to members of the public take out such insurances.
When it comes to mortgage companies such as Santander, do Silvertown property lawyers incur a fee to be on the conveyancing panel?
We are not aware of any lender fees to register on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
Two weeks ago we had a mortgage agreed in principle with TSB. Silvertown conveyancing lawyers are selected. How long does it take for TSB to issue the offer to the solicitor?
Some lenders take longer than others. Have TSB done the survey? Have you advised TSB as to your lawyers' details and checked that your lawyers are on the TSB conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
2 months have gone by following my purchase conveyancing in Silvertown took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Yesterday I discovered that there is a flying freehold element on a house I have offered on two weeks back in what should have been a straight forward, chain free conveyancing. Silvertown is the location of the property. What do you suggest?
Flying freeholds in Silvertown are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Silvertown you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Silvertown may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Estate agents have just been given the go-ahead to market my 2 bed apartment in Silvertown. Conveyancing is yet to be initiated, however I have recently had a quarterly maintenance charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should discharge the service charge as usual as all ground rent and maintenance charges should be allotted as part of the financial calculations for completion monies, so you will be reimbursed by the purchaser for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I have attempted and failed to negotiate with my landlord to extend my lease without success. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Silvertown conveyancing firm to help?
if there is a absentee freeholder or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to judgment on the premium.
An example of a Lease Extension decision for a Silvertown residence is 46 Credon Road in January 2014. On 11 September 2013 Deputy District Judge Price sitting at the Bow County Court made a vesting order that the freeholder surrender his lease and be granted a new lease of the Premises on such terms as may be determined by the First Tier Tribunal (Property Chamber).The appropriate sum as concluded by the Tribunal was £7225 This case was in relation to 1 flat. The unexpired residue of the current lease was 69.77 years.
When it comes to my conveyancing in Silvertown should I be charged 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 Silvertown conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the conveyancer's time in submitting the funds this way.