I'm in the process of changing my existing standard home loan to a BTL Barclays mortgage. I have been informed by my broker that I need a conveyancer as part of the process. I got in contact with the same Spitalfields conveyancing firm who acted on my behalf when I previously bought the property. The costs estimate e-mailed to me of £500 has taken me by surprise as I am not require purchase conveyancing - it’s simply a straightforward remortgage.
The quote is fractionally on the expensive side. If you shop around you might reduce the fees slightly by as much as £100 plus VAT. On the other hand, assuming were satisfied with the conveyancing the firm provided you couldlive to rue choosing an a cheaper lawyer. Don't forget to enquire the conveyancer can act for Barclays . You can employ our search tool to find a Spitalfields conveyancing firm on the Barclays approved list of lawyers, which can often include conveyancing solicitors in Spitalfields.
We're in Spitalfields, First time buyers purchasing with a mortgage (lender is Principality , and our solicitor is on the Principality conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Principality conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer 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.
is it true that all Spitalfields solicitor firms on the Barclays conveyancing panel are regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Barclays conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many mortgage companies do permit licenced conveyancers on their panel in which case such organisation would be regulated by the CLC.
My partner and I have arranged the release of further funds on our home loan from Barclays as we want to conduct alterations to our property in Spitalfields. Are we obliged to select a nearby Spitalfields solicitor on the Barclays conveyancing panel to deal with the paperwork?
Barclays don't usually instruct firms on their conveyancing panel to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Barclays list.
I am expecting a DIP from Lloyds this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Lloyds recommend any Spitalfields solicitors on the Lloyds conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Spitalfields solicitors independently although you'll need to choose one on the Lloyds conveyancing panel. The solicitor represents both you and Lloyds through the process.
I'm buying my first flat in Spitalfields benefiting from help to buy. The sellers would not move on the amount so I negotiated five thousand pounds worth of additionals instead. The property agent advised me not reveal to my conveyancer about this extras as it would put at risk my loan with Platform Home Loans Ltd. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £225,000 apartment in Spitalfields on Friday in a week. The management company has quoted £360 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Spitalfields?
Spitalfields conveyancing on leasehold flats usually requires the buyer’s conveyancer sending questions for the landlord to answer. Although the landlord is not legally bound to address such questions most will be willing to do so. They are entitled to invoice a reasonable administration fee for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some situations it is in excess of £800. The management information fee levied by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration fees, otherwise the charge is technically not due. In reality you have no option but to pay whatever is demanded should you wish to sell the property.
I have tried to negotiate informally with with my landlord to extend my lease without any joy. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Spitalfields conveyancing firm to act on my behalf?
Most certainly. We are happy to put you in touch with a Spitalfields conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Spitalfields property is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case was in relation to 41 flats. The remaining number of years on the lease was 107 years.
Is there a reason that Spitalfields conveyancing costs are higher for leasehold and freehold properties?
If acquiring a leasehold property there is more work involved purely due to the fact that usually there are further parties involved in the form of the freeholder and/or Management Agents. As part of a lawyers enquiries they will check that all ground rent and service charges are paid up to date amongst other general leasehold matters. For this reason, the Sellers lawyers usually have to refer to the freeholder or Managing Agent for their replies to our questions. This may be time consuming and beyond the lawyers control