The solicitor who helped my previous purchase has quoted £1350 for leasehold conveyancing in Wapping. I’m looking to sell a newly refurbished property for £150,000. Are these conveyancing fees excessive? Is it in excess of the average fee for conveyancing in Wapping?
The estimate does seem a tad overpriced. If you are content to spend time contrasting fee on a like for like basis you could decrease the fees slightly by say a hundred pounds. That being said, you mightlive to rue opting for an an untested solicitor. Remember to be sure that the solicitor can act for your lender. You can employ our search tool to locate a Wapping conveyancing practice on the lender’s approved list of lawyers which can often include conveyancing solicitors in Wapping.
Can I use your services to locate a Conveyancing solicitor in Wapping even where I’m not buying or selling a house, for example where I intend to buy an office in Wapping with a mortgage from Alliance & Leicester ?
The service is mainly utilised to locate residential conveyancing solicitors in Wapping but we have set out towards the bottom of this page some Wapping commercial conveyancing firms. You should enquire with the firm directly to see if they can also act for Alliance & Leicester
Can I be sure that the Wapping conveyancing solicitor on the Leeds Building Society panel is any good?
When it comes to conveyancing in Wapping obtaining recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advise that you speak with the lawyer carrying out your conveyancing.
I am buying a property in Wapping. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender TSB be concerned?
Given that you are obtaining a mortgage with TSB your lawyer must comply with the formal instructions outlined in Part 2 of UK Finance Lenders’ Handbook for TSB. The Council of Mortgage Lenders’ Handbook stipulates minimum conditions for solar panel roof-space leases, and conveyancing practitioners are required to report to TSB where a lease does not comply with these specifications. The provisions relate to the installation of panels on properties nationwide and is not limited to Wapping.
I have paid off my mortgage with Nationwide. I assume I don't need a Wapping property lawyer on the Nationwide panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Nationwide mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Nationwide mortgage from the register. Nationwide, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Nationwide has sent the Land Registry the discharge electronically, and
- Nationwide has instructed the Land Registry to do so
How does conveyancing in Wapping differ for new build properties?
Most buyers of new build property in Wapping come to us having been asked by the seller to exchange contracts and commit to the purchase even before the property is constructed. This is because developers in Wapping 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 Wapping or who has acted in the same development.
Can you provide any advice for leasehold conveyancing in Wapping with the purpose of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Wapping can be bypassed where you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold documentation which will be required by the buyers’ solicitors. If you have the benefit of shareholding in the Management Company, you should make sure that you have the original share document. Arranging a new share certificate can be a lengthy process and frustrates many a Wapping conveyancing deal. If a reissued share is needed, do contact the company officers or managing agents (if relevant) for this as soon as possible. Many freeholders or Management Companies in Wapping levy fees for providing management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Wapping. If you have had any disputes with your landlord or managing agents it is essential that these are settled before the property is marketed. The purchasers and their solicitors will be concerned about purchasing a flat where a dispute is unresolved. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as historic rather than ongoing. Some Wapping leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
I have tried to negotiate informally with with my landlord to extend my lease without any joy. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Wapping conveyancing firm to act on my behalf?
if there is a absentee freeholder or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to determine the sum to be paid.
An example of a Freehold Enfranchisement matter before the tribunal for a Wapping flat 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 related to 41 flats. The unexpired lease term was 107 years.
Our lawyer in Wapping has identified a defect with the lease for the property we are purchasing in Wapping. The other side have put forward defective title insurance as a workaround. We are happy with insurance and will pay for it. Our solicitor says that as he is on the bank conveyancing panel he must ensure that the lender is happy with this solution. Are we the client or is the mortgage company?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. A precondition to being on the lender approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.