I'm in the process of swapping over from my current homeowner mortgage to a Buy to Let Chelsea Building Society mortgage. The bank has said that I must appoint a lawyer for this. I got in contact with my past Stockwell conveyancing solicitor who dealt with the legals when I previously bought the premises. The costs illustration supplied of £550 has surprised me as its a refinance than a sale or purchase.
The costs illustration is slightly on the expensive side. Where you are willing to expend time scrutinising quotes you might get the conveyancing a bit cheaper by perhaps £100 plus VAT. That being said, providing that you were happy with the service the firm provided you maycome to rue choosing an a cheaper solicitor. Don't forget to check that the solicitor can act for Chelsea Building Society. You can utilise our search tool to find a Stockwell conveyancing firm on the Chelsea Building Society approved list of lawyers, which can often include conveyancing solicitors in Stockwell.
Would the conveyancing solicitors that you recommend handle right to buy conveyancing in Stockwell?
We work with numerous conveyancing practitioners carrying out right to buy transactions You should get in touch with us to get a costs calculation.
I am the only beneficiary of my late father’s will with all property in now in my sole name, including the my former home in Stockwell. Conveyancing formalities meant that the Land Registry date was in September. I now wish to sell up. I understand that there is a Mortgage Lenders six month 'rule', meaning my proprietorship will be regarded the same way as though I had purchased the house in September. Will no one buy the property for half a year?
The CML handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be affected by that. many lenders would take a practical view as this clause is principally there to identify subsales or the quick reselling of property.
We were going to get a AIP from Clydesdale this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Clydesdale recommend any Stockwell solicitors on the Clydesdale conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Stockwell solicitors independently although you'll need to choose one on the Clydesdale conveyancing panel. The solicitor represents both you and Clydesdale through the process.
After shopping around on the internet I have found a Stockwell solicitor having checked that they are on the HSBC conveyancing panel. Does my lawyer arrange the survey of the property?
HSBC will need an independent valuation of the property. Your lawyer will not arrange this. Usually HSBC will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Stockwell surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
How does conveyancing in Stockwell differ for newly converted properties?
Most buyers of new build or newly converted property in Stockwell come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is constructed. This is because developers in Stockwell typically 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 used to new build conveyancing in Stockwell or who has acted in the same development.
I have been on the look out for a ground for flat up to £235,500 and found one round the corner in Stockwell I like with a park and transport links nearby, however it only has 49 years on the lease. There is not much else in Stockwell in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a home loan the shortness of the lease will likely be an issue. Discount the price by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of twenty four months you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.
I pay a service charge for my appartment in Stockwell. Due to redundancy and personal issues I fell behind with remittance. The freeholders agreed a payment plan but there is still around £1750 outstanding as of today.
I am under pressure to dispose of the property and I am worried this may hold me back if I have to pay off the amount due in advance. Do I have to settle before - is this possible?
Do check with the conveyancing practitioner undertaking your Stockwell conveyancing but it may be possible to agree for the outstanding amount to be attributed to the buyers. The final price they pay would be reduced to reflect the amount of debt they assume. They could then deal with the outstanding monies once they are the owners.