I'm in the process of transferring my existing standard mortgage to a BTL Birmingham Midshires mortgage. The bank has said that I need a solicitor as part of the process. I spoke to my former Blaina conveyancing solicitor who who completed the conveyancing when I previously acquired the house. The quote provided of £470 has shocked me as I am not require purchase conveyancing - it’s simply a straightforward remortgage.
The quote is fractionally on the steep side. If you are happy to expend time comparing charges you might get the conveyancing a bit cheaper by say £100 plus VAT. That being said, if you were satisfied with the assistance the firm offered you couldcome to rue opting for an an untested lawyer. Remember to check the conveyancer can act for Birmingham Midshires. You can employ our search tool to locate a Blaina conveyancing firm on the Birmingham Midshires approved list of lawyers, which can often include conveyancing solicitors in Blaina.
Our son-in-law is purchasing a newly built flat in Blaina with a home loan from Nationwide. His solicitor has said that there is a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Nationwide conveyancing panel as a standard part of the process, and to the surveyor when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Nationwide conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We're in Blaina, First time buyers buying with a mortgage (lender is Lloyds , and our lawyer is on the Lloyds conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Lloyds conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I am looking for a flat up to £195,000 and found one near me in Blaina I like with amenity areas and railway links in the vicinity, however it's only got 52 remaining years left on the lease. I can't really find anything else in Blaina in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
If you need a mortgage the remaining unexpired lease term may be problematic. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you may 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 and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.
I need to retain a conveyancing solicitor for freehold conveyancing in Blaina. I happened to discover a site which looks to be the perfect solution If there is a chance to get all formalities completed via email that would be preferable. 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 work for a reputable estate agent office in Blaina where we have witnessed a few flat sales derailed due to leases having less than 80 years remaining. I have received conflicting advice from local Blaina conveyancing solicitors. Can you shed some light as to whether the vendor of a flat can start the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Leasehold Conveyancing in Blaina - Sample of Questions you should ask before buying
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It is important to be aware whether window replacement or some other significant cost is due shortly to be shared between the tenants and will dramatically impact the level of the service charges or require a specific payment. Most Blaina leasehold flats will be liable to pay a service charge for the upkeep of the block set on behalf of the management company. Where you buy the apartment you will have to meet this liability, usually periodically throughout the year. This can vary from several hundred pounds to thousands of pounds for large purpose-built buildings. In all likelihood there will be a ground rent for you to pay yearly, this is usually not a exorbitant sum, say about £50-£100 but you should to enquire it because sometimes it can be prohibitively expensive.