We wanted to use a conveyancing solicitor in Acocks Green for our home move. Our financial adviser informed us that our mortgage lenders Virgin Money won't deal with them. Surely this is unduly restrictive?
Mortgage Companies normally imposes restrictions either the category or the amount of conveyancing solicitors on their member panel. A common example of such restriction(s) being that a law practice must have two or more partners. In addition to restricting the type of firm, a few banks have limited the number of firms they permit to represent them. You should note that Virgin Money have no responsibility for the quality of advice provided by any member of Virgin Money Conveyancer Panel. Mortgage fraud was a primary driver in the rationalisation of conveyancing panels a few years ago even though there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms, including some in or near Acocks Green only execute very few conveyances per annum.
I am the only beneficiary of my late mum's estate with all property in now in my sole name, including the house in Acocks Green. Conveyancing formalities meant that the Land Registry date was in November. I now wish to sell up. I do know about the Mortgage Lenders six month 'rule', meaning my proprietorship will be considered the same way as though I had purchased the house in November. Is the property unsalable for six months?
The CML handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be affected by that. How sensible a view mortgage companies take of it, depend on the bank as this requirement is primarily there to identify the purchase and immediately sell or the quick reselling of property.
When it comes to lenders such as Yorkshire BS, do Acocks Green conveyancing practitioners face a fee to be on the conveyancing panel?
We are unaware of any mortgage company fees to register on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
My wife and I are spending time looking at houses in Acocks Green and I am about to put in an offer. Is it premature to have a solicitor in place? I will be getting a home loan with Nottingham.
It would be sensible to commence your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on to the estate agent. Given that you are obtaining a mortgage with Nottingham, make sure you remember to check that your lawyer is on the Nottingham conveyancing panel.
I decided to have a survey done on a property in Acocks Green ahead of retaining solicitors. I have been advised that there is a flying freehold overhang to the house. The surveyor advised that some lenders tend not grant a mortgage on such a house.
It depends who your proposed lender is. HSBC has different requirements from Nationwide. If you e-mail us we can look into this further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Acocks Green. Conveyancing may be slightly more expensive based on your lender's requirements.
Taking into account that I will soon spend 450k on a terraced house in Acocks Green I would like to have a conversation with the conveyancer regarding thehome move in advance of giving the go ahead to the firm. Can this be arranged?
We could not agree more - we would be delighted to talk to you we do not take any clients on without you liaising with the solicitor due to be carrying out your property ownership legalities in Acocks Green.There is no ‘factory style conveyancing’ - every client is unique individual, not a file number. The law firms that we put you in touch with believe that the figure you are quoted for residential conveyancing in Acocks Green should be the amount on the final invoice that you end up paying.
I need to appoint a conveyancing solicitor for purchase conveyancing in Acocks Green. I happened to discover a web site which appears to be the perfect offering If there is a chance to get all this stuff done via phone that would be ideal. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am attracted to a two apartments in Acocks Green which have approximately 50 years left on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Acocks Green is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the value of the property. For most buyers and banks, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Acocks Green conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Acocks Green Conveyancing for Leasehold Flats - Sample of Queries Prior to buying
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What restrictions are there in the Acocks Green Lease? How many years remain on the lease? How much is the ground rent and service charge?