We are buying a 1 bedroom apartment in Edgbaston with a mortgage. We like our Edgbaston solicitor, however the mortgage company advise she’s not on their "panel". We have to appoint one of the bank panel solicitors or keep our Edgbaston property lawyer and pay for one of their panel ones to represent them. This feels very unfair; is there anything we can do?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Edgbaston conveyancing lawyer to apply to be on the conveyancing panel.
As a novice what is the most important advice you can impart concerning purchase conveyancing in Edgbaston?
Not many law firms or advisers will tell you this but conveyancing in Edgbaston and elsewhere in Birmingham is an adversarial process. In other words, when it comes to conveyancing there is lots of opportunity for conflict between you and others involved in the house moving process. For example, the seller, property agent and even potentially the lender. Choosing a solicitor for your conveyancing in Edgbaston should not be taken lightly as your conveyancer is your adviser, and is the ONE person in the legal process whose interest is to look after your best interests and to protect you.
On occasion a potential adversary may attempt to convince you that it is in your interests to do things their way. As an example, the selling agent may claim to be helping by suggesting your solicitor is wrong. Or your mortgage broker may advise you to do something that is contrary to your conveyancers recommendation. You should always trust your lawyer above all other parties in the home moving process.
I require fast conveyancing in Edgbaston as I have an ultimatum to exchange contracts in less than one month. A mortgage is not required. Is it possible to decline from having conveyancing searches to save money and time?
If.Given you are are a cash buyer you are at free not to have searches carried out although no law firm would recommend that you don't. With lots of history conveyancing in Edgbaston the following are instances of what can show up and therefore affect future mortgageability: Enforcement Actions, Outstanding Charges, Outstanding Grants, Unadopted Roads,...
I am using a search engine for the words on line conveyancing in Edgbaston it brings up numerous conveyancerslocally. How do I determine which is the right property lawyer for my move?
The preferential way of finding a suitable conveyancer is via personal referral, so seek the counsel of colleagues and relatives who have acquired a property in Edgbaston or the respected estate agent or mortgage broker. Costs for conveyancing in Edgbaston differ, so it's sensible to request at least three quotes from different companies. Make sure that you know that the fees are fixed.
I've recently bought a leasehold property in Edgbaston. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I inherited a 1 bedroom flat in Edgbaston, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Edgbaston with over 90 years remaining are worth £206,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease ceases on 21st October 2091
With just 66 years unexpired we estimate the price of your lease extension to range between £12,400 and £14,200 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.
My solicitors in Edgbaston have advised me that no longer have my conveyancing file. At the time of my purchase I took out a mortgage with the mortgage company. Is it case that being on the mortgage company conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the bank Conveyancing Panel Terms. It might be worth you contacting the bank directly.