Am I correct in assuming that the fact that my conveyancer in Castle Vale is not on my mortgage company's conveyancing panel that there is a problem with the standard of his work?
That is most likely an incorrect assumption to make. There are plenty of reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) low volume 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 Castle Vale conveyancing practice and enquire why they are no longer on the approved list for your bank.
We are purchasing a newly constructed apartment in Castle Vale and my conveyancer is informing me that she has to the bank to reveal incentives from the developer. I am on a tight deadline to exchange contracts and I don't want to delay the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I'm purchasing a new build house in Castle Vale with a mortgage from Bank of Ireland. The builders refused to reduce the price so I negotiated £7000 of fixtures and fittings instead. The house builders rep suggested that I not disclose to my solicitor about this deal as it will put at risk my mortgage with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Due to the encouragement of my in-laws I had a survey completed on a property in Castle Vale before instructing solicitors. I have been advised that there is a flying freehold element to the property. My surveyor has said that some mortgage companies will not give a mortgage on this type of property.
It varies from the lender to lender. HSBC has different instructions from Birmingham Midshires. Should you wish to telephone us we can investigate further via the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Castle Vale. Conveyancing will be smoother if you use a solicitor in Castle Vale especially if they regularly deal with such properties in Castle Vale.
My step-father has suggested that I appoint his lawyers for conveyancing in Castle Vale. Should I use them?
No doubt the best way to find a conveyancing practitioner is to get recommendations from friends or relatives who have actually previously instructed the conveyancer you're are thinking of instructing.
What are the frequently found deficiencies that you see in leases for Castle Vale properties?
There is nothing unique about leasehold conveyancing in Castle Vale. All leases are drafted differently and legal mistakes in the legal wording can result in certain sections are not included. The following missing provisions could result in a defective lease:
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A duty to insure the building A provision for the recovery of money spent for the benefit of another party.
You may encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , The Royal Bank of Scotland, and Barclays Direct all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the buyer to pull out.
I am the registered owner of a garden flat in Castle Vale, conveyancing was carried out 4 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in Castle Vale with an extended lease are worth £179,000. The ground rent is £65 yearly. The lease finishes on 21st October 2083
With only 57 years remaining on your lease we estimate the premium for your lease extension to span between £26,600 and £30,800 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.