Recently been in touch with my conveyancing lawyer in Smithfield who acted for me two years ago requesting a conveyancing quote based on the same type of house move (a leasehold premises and a freehold property) of almost identical values with a loan from Barnsley Building Society. I am now being quoted double. Should I look for a cheaper internet property lawyer?
The estimate does seem a tad steep. If you are prepared to invest time contrasting prices you could shave off some of the expense by as much as a hundred pounds. That being said, providing that you were pleased with the legal work the firm offered you maylive to regret choosing an an unknown solicitor. If is important to enquire that the firm can also act for Barnsley Building Society. You can make use of our search tool to find a Smithfield conveyancing firm on the Barnsley Building Society member panel, which can often include conveyancing solicitors in Smithfield.
It is a dozen years since I purchased my house in Smithfield. Conveyancing solicitors have recently been retained on the sale but I am unable to locate my title documents. Is this a major issue?
Don’t worry too much. Firstly the deeds may be kept by your mortgage company or they may be in the possession of the conveyancers who oversaw your purchase. Secondly in all probability the title will be registered at the land registry and you will be able to establish that you own the property by your conveyancing lawyers procuring up to date copy of the land registers. Almost all conveyancing in Smithfield relates to registered property but in the rare situation where your property is not registered it is more problematic but is not insurmountable.
We have a mortgage agreed in principle with Virgin Money. Smithfield conveyancing lawyers have been appointed. How long does it take for Virgin Money to send the offer to the property lawyer?
Some lenders take longer than others. Have Virgin Money conducted the valuation? Have you informed Virgin Money as to your lawyers' details and checked that your lawyers are on the Virgin Money conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I currently have a mortgage with RBS for my property in Smithfield. Conveyancing was finalised a year ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform RBS?
You must advise RBS before letting out your property as this is likely to be a breach of RBS’s mortgage conditions. It may be that RBS will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact RBS directly. You need not do this via a RBS conveyancing panel solicitor.
It is unclear whether my bank requires a lease extension. I have telephoned my Smithfield building society branch on a couple of occasions and was told they are content with the situation and they would lend. My Smithfield conveyancing solicitor - who is on the bank conveyancing panel- called to say that they will not lend in accordance with their published requirements. I simply don't know who is right.
Your property lawyer must comply with the CML Handbook section two specifications 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 bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Have purchased a a terraced house in Smithfield , how long should it take for the Land Registry to record my title? My Smithfield conveyancing solicitor has been very slow, so I want to be certain the post completion formalities are concluded.
As far as conveyancing in Smithfield registration is no quicker or slower than the rest of the country. As opposed to being determined by geographic area, timeframes can adjust depending on the party submitting the application, whether it is in order and if the Land registry communicate with any 3rd parties. At present in the region of three quarters of such applications are fully addressed within 12 days but occasionally there can be extensive hold-ups. Historically registration takes place once the purchaser has moved in to the property therefore 'speed' is not usually an essential issue yet if there is a degree of urgency associated with the registration then you or your solicitor must speak with the land registry and explain the circumstances.
How does conveyancing in Smithfield differ for newly converted properties?
Most buyers of new build premises in Smithfield contact us having been asked by the builder to sign contracts and commit to the purchase even before the residence is finished. This is because house builders in Smithfield tend to 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 accustomed to new build conveyancing in Smithfield or who has acted in the same development.
Are there common problems that you see in leases for Smithfield properties?
There is nothing unique about leasehold conveyancing in Smithfield. Most leases are drafted differently and drafting errors can sometimes mean that certain sections are wrong. The following missing provisions could result in a defective lease:
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Service charge per centages that don't add up correctly leaving a shortfall Insurance obligations
You could encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Skipton Building Society, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the purchaser to withdraw.
I purchased a leasehold flat in Smithfield, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Smithfield with a long lease are worth £192,000. The ground rent is £55 yearly. The lease ends on 21st October 2080
With only 54 years left to run we estimate the premium for your lease extension to span between £32,300 and £37,400 plus costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.