After what seems like an age a mortgage offer from Nationwide for the refinancing of my single bedroom flat is to be issued by the end of next week. Can you propose a cheap conveyancing solicitor in Castle Vale?
This site is not designed to help those in their quest for cut-price fees for conveyancing in Castle Vale. We can offer you value for money conveyancing but we do not aim to advertise as being the cheapest. Do not be swayed by organisations enticing you with £100 conveyancing in Castle Vale. Optimistically, in being led by low cost conveyancing, you will end up with what you pay for and at worst it will result in you spending a lot in extras and still not get the service expected.
I am the registered owner of a freehold house in Castle Vale but still charged rent, why is this and what is this?
It’s unusual for properties in Castle Vale and has limited impact for conveyancing in Castle Vale but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
Two weeks ago we had a mortgage agreed in principle with RBS. Castle Vale conveyancing practitioners were instructed. What is the average time that one could expect to receive a mortgage offer from RBS?
There is no definitive answer here. Have RBS completed the valuation? Have you informed RBS as to your lawyers' details and checked that your lawyers are on the RBS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I am buying a property in Castle Vale. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Lloyds be concerned?
Given that your lender is Lloyds your lawyer must check the conveyancing instructions outlined in Section 2 of UK Finance Lenders’ Handbook for Lloyds. The Council of Mortgage Lenders’ Handbook includes minimum provisions for solar panel roof-space leases, and conveyancers are required to report to Lloyds where a lease fails to satisfy these provisions. The requirements relate to the installation of panels on properties nationwide and is not isolated to Castle Vale.
My partner and I are at the point of viewing houses in Castle Vale and I am now considering a potential offer. Is it premature to have a solicitor in place? I intend to finance via a mortgage with Clydesdale.
It would be sensible to instigate your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the EA. Given that you are taking out a mortgage with Clydesdale, ask your prospective lawyers if they are on the Clydesdale conveyancing panel otherwise they can't do the mortgage legal work.
Will our solicitor be asking questions concerning flooding as part of the conveyancing in Castle Vale.
Flooding is a growing risk for lawyers dealing with homes in Castle Vale. There are those who purchase a house in Castle Vale, completely expectant that at some time, it may be flooded. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Conveyancers are not best placed to give advice on flood risk, however there are a number of searches that may be undertaken by the purchaser or by their lawyers which will figure out the risks in Castle Vale. The standard information given to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) includes a standard question of the vendor to determine whether the premises has ever been flooded. If flooding has previously occurred and is not disclosed by the owner, then a purchaser may commence a legal claim for losses stemming from an misleading answer. The purchaser’s solicitors may also commission an enviro report. This should indicate if there is any known flood risk. If so, additional investigations will need to be made.
I decided to have a survey done on a house in Castle Vale before instructing solicitors. I have been informed that there is a flying freehold aspect to the property. My surveyor advised that some lenders may not grant a mortgage on such a house.
It varies from the lender to lender. HSBC has different instructions for example to Nationwide. Should you wish to telephone us we can investigate further with the appropriate 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 may be slightly more expensive based on your lender's requirements.
I am a negotiator for a busy estate agent office in Castle Vale where we have experienced a few flat sales derailed as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Castle Vale conveyancing firms. Can you confirm whether the vendor of a flat can initiate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 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 disposal of the property.
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 buyer.
Castle Vale Conveyancing for Leasehold Flats - Examples of Questions you should consider Prior to Purchasing
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If a Castle Vale lease has less than eighty years it will have adverse implications on the marketability of the property. It is worth checking with your bank that they are willing to go ahead with the loan given the lease term. A short lease means that you will most likely need a lease extension sooner rather than later and you need to have some idea of what this will be. For most Castle Valelease extensions you will be be obliged to have been the owner of the premises for 24 months before you are eligible to extend the lease. It would be sensible to find out as much as you can about the company managing the building as they can either make life much simpler or uncomfortable. As the proprietor of a leasehold property you are frequently in the clutches of the managing agents from a financial perspective and when it comes to day to day matters such as the cleanliness of the communal areas. Ask other tenants if they are happy with them. On a final note, investigate as to the dates that the service charges are due to the managing agents and precisely what it includes. Many Castle Vale leasehold properties will incur a service charge for maintenance of the block invoiced by the management company. If you purchase the flat you will have to pay this liability, normally in instalments during the year. This can vary from two or three hundred pounds to thousands of pounds for blocks with lifts and large common grounds. There will also be a ground rent for you to pay yearly, normally this is not a large sum, say approximately £50-£100 but you need to enquire as sometimes it could be surprisingly expensive.