Is the fact that my solicitor in Birmingham is not identified on my mortgage company's solicitor panel that there is a problem with the standard of his work?
It would not be wise to jump to that conclusion. There are plenty of plausible explanations. A recent report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the Birmingham conveyancing firm and enquire why they are no longer on the approved list for your bank.
Our Birmingham solicitor has discovered a difference between the assumptions in the valuation report and what is revealed within the conveyancing documents. My solicitor informs me that he is duty bound to ensure that the lender is OK with this discrepancy and is content to go ahead. Is my conveyancer’s stance correct?
Your property lawyer must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
Are the BSA planning on creating a search tool with a view to to identify practices on the Coventry BS conveyancing panel for example in Birmingham?
Lexsure has not been advised of any plans on the part of the BSA to promote such a search facility.
I am the sole recipient of my late grandmother’s will and I have everything in my name now, including the house in Birmingham. Conveyancing formalities meant that the Land Registry date was in July. I want to move. I understand that there is a CML 6 month 'rule', meaning my property ownership may be treated the same way as though I had purchased the house in July. Is the property unsalable for six months?
The CML handbook mandates conveyancers 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. many lenders would take a sensible view as this obligation is chiefly there to capture the purchase and immediately sell or the wholesaling and assigning of property.
Is it the case that all Birmingham solicitor practices on the Yorkshire BS conveyancing panel are regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Yorkshire BS conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Some banks do list licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers.
The mortgage over my property is with Kent Reliance for my property in Birmingham. Conveyancing was finalised months ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Kent Reliance?
You must advise Kent Reliance prior to letting out your property as this is likely to be a breach of Kent Reliance’s mortgage conditions. It may be that Kent Reliance will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Kent Reliance directly. It should not be necessary to do this via a Kent Reliance conveyancing panel solicitor.
I opted to have a survey completed on a house in Birmingham in advance of retaining solicitors. I have been told that there is a flying freehold element to the property. Our surveyor has said that some lenders will not grant a loan on a flying freehold house.
It depends who your proposed lender is. Santander has different instructions from Halifax. Should you wish to telephone us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Birmingham. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Birmingham to see if the conveyancing costs will increase in light of this.
I am hoping to put an offer on a small detached house that seems to be perfect, at a great figure which is making it more attractive. I have since found out that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Birmingham. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?
The majority of houses in Birmingham are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can help the conveyancing process. It is clear that you are purchasing in Birmingham in which case you should be shopping around for a Birmingham conveyancing practitioner and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’sconsent to carry out alterations. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the house is part of an estate. Your solicitor should advise you fully on all the issues.
I am the registered owner of a garden flat in Birmingham, conveyancing having been completed December 2002. How much will my lease extension cost? Equivalent flats in Birmingham with an extended lease are worth £185,000. The ground rent is £65 yearly. The lease runs out on 21st October 2087
With only 61 years remaining on your lease the likely cost is going to span between £18,100 and £20,800 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.