I am in the throes of switching my current homeowner home loan to a Buy to Let Birmingham Midshires mortgage. The bank has said that I need a conveyancer as part of the process. I had a chat my previous Benson conveyancing practitioner who who conducted the conveyancing when I originally bought the property. The costs illustration provided of £550 is surprising as its a remortgage than a sale or purchase.
The charges appear a bit high. If you shop around you may be able to get the conveyancing a bit cheaper by say £100 plus VAT. That being said, assuming were pleased with the conveyancing the firm provided you maylive to rue opting for an an unknown lawyer. Remember to check the solicitor can also act for Birmingham Midshires. You can make use of our search tool to get a quote a Benson conveyancing firm on the Birmingham Midshires conveyancing panel, which can often include conveyancing solicitors in Benson.
My solicitor has uncovered a defect with the lease for the flat we are purchasing in Benson. The seller’s lawyers have suggested title insurance as a workaround. We are content with insurance and will pay for it. Our property lawyer says that he must be satisfied that the bank is content with this solution. Who is the client here, us or the mortgage company ?
Even though you have a mortgage offer from the lender does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the bank are the client. These conveyancing instructions have to be complied with.
I require quick conveyancing in Benson as I am faced with a deadline to sign on the dotted line inside 2 weeks. A mortgage is not required. Is it possible to avoid the conveyancing searches to save money and time?
As you are are a mortgage free purchaser you are at liberty not to do searches although no lawyer would recommend that you don't. Drawing on years of experience of conveyancing in Benson the following are examples of what can appear and therefore impact the marketability of the property: Enforcement Notices, Outstanding Fees, Outstanding Grants, Unadopted Roads,...
Are there restrictive covenants that are commonly picked up during conveyancing in Benson?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Benson. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Over the last few months I have been searching for a flat up to £305k and identified one round the corner in Benson I like with open areas and transport links in the vicinity, however it only has 52 remaining years left on the lease. I can't really find anything else in Benson suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a mortgage that many years may be an issue. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you can ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
What are your top tips when it comes to choosing a Benson conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a solicitor for your lease extension (regardless if they are a Benson conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non Benson conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions might be of use:
-
If the firm is not ALEP accredited then what is the reason? Can they put you in touch with clients in Benson who can give a testimonial?
Benson Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to buying
-
What is the name of the managing agents? What prohibitions are contained in the Benson Lease? How many of the leaseholders are in arrears for their service charge payments?