I just bought a flat at auction in Catshill. Conveyancing is necessary. What are my next steps?
Given that you have now exchanged you now have to choose a conveyancing lawyer quickly as you are facing a pending a fixed date to complete the deal. All auction property will ordinarily have a corresponding legal set of papers. This will include most,if not all of the documents that your conveyancer requires. Where you are dealing with leasehold premises the conveyancing pack may provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation pertinent to leasehold premises. You must hand this to the conveyancer instructed by you ASAP. You also need to ensure that your finances are in place to complete the transaction on the set completion date.
I happen to be the sole beneficiary of my late father’s estate and I have everything in my name now, including the house in Catshill. Conveyancing formalities meant that the Land Registry date was in April. I plan to dispose of the property. I do know about the Mortgage Lenders six month 'rule', meaning my property ownership may be treated the same way as though I had purchased the house in April. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be affected by that. How practical a view banks take of it, depend on the bank as this obligation primarily exists to identify the purchase and immediately sell or the flipping of properties.
I was told three weeks ago that my mortgage has been agreed to by UBS. Is it usual for UBS to only issue the offer once my solicitor in Catshill is approved on their conveyancing panel? UBS have asked my solicitor to see a copy of their PI Insurance.
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for UBS to deal with your lawyer's application to be on the UBS conveyancing panel. There's no guarantee that your solicitor will be accepted.
It has been 3 months following my purchase conveyancing in Catshill took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Catshill differ for newly converted properties?
Most buyers of new build or newly converted property in Catshill come to us having been asked by the developer to sign contracts and commit to the purchase even before the house is built. This is because builders in Catshill typically acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Catshill or who has acted in the same development.
Do I need to be concerned that third parties that I am dealing with are recommending an internet conveyancing firm rather than a local Catshill conveyancing firm?
As with lots of professional services, often suggestions from connections can be worth their weight in gold. But there are many parties with a keen interest in a conveyancing transaction; estate agents, mortgage brokers and lenders might all recommend conveyancers to choose. On occasion the conveyancers might be known to one of the organisations as one of the best in their field, but sometimes there may be a commercial relationship behind the endorsement. You are at liberty to select your preferred conveyancer. Don't forget that some lenders have an approved list of law firms you are obliged to use for the mortgage aspect of your home move.
I need to retain a conveyancing solicitor for some conveyancing in Catshill. I've land on a web site which looks to be the perfect offering If there is a chance to get all the legals done via phone that would be ideal. Do I need to be concerned? What are the potential pitfalls?
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've found a house that appears to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have since found out that the title is leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Catshill. Conveyancing solicitors have not yet been instructed. Will they explain the issues?
Most houses in Catshill are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Catshill so you should seriously consider shopping around for a Catshill conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’sconsent to carry out changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the estate where the property is located on an estate. Your conveyancer will appraise you on the various issues.
Catshill Leasehold Conveyancing - Examples of Questions you should consider before Purchasing
-
Is the freehold reversion owned collectively by the tenants? The answer will be important as a) areas can cause problems for the block as the communal areas may begin to deteriorate if repairs remain unpaid b) if the leaseholders have an issue with the managing agents you will need to have complete disclosure