Our lawyer has uncovered a a legal deficiency with the lease for the flat we are purchasing in Edgbaston. The other side have offered defective title insurance as a workaround. We are happy with insurance and will pay for it. Our conveyancer has advised that he must check that the lender is willing to move forward with this solution. Who is the client here, us or the bank?
Regardless of the fact that you have a mortgage offer from the bank does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the lender are the client. These conveyancing instructions have to be complied with.
My lender has suggested solicitors on their panel based in Edgbaston but I would rather instruct a conveyancing lawyer in Edgbaston or nearer to where I live. Are you able to help?
The minority of Edgbaston conveyancing firms are approved and listed on all lender’s conveyancing panel. Use the above find an approved solicitor tool to locate a Edgbaston conveyancing conveyancer on the on the mortgage company panel.
It has been 4 months since my purchase conveyancing in Edgbaston took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £180,000. 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 asset 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.
About to purchase a new build apartment in Edgbaston. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Edgbaston
-
Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? There must be mutual enforceability of lessee’s covenants. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.
In searching the world wide web for the words cheap conveyancing in Edgbaston it reveals numerous conveyancerslocally. How do I determine which is the right solicitor for my move?
The ideal method of finding a suitable conveyancer is via trusted testimonial, so ask friends and relatives who have bought a property in Edgbaston or the respected estate agent or financial adviser. Charges for conveyancing in Edgbaston differ, so it's advisable to obtain at least four costs illustrations from different property lawyers. Make sure that you know that the fees are fixed.
Do you have any top tips for leasehold conveyancing in Edgbaston from the perspective of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Edgbaston can be reduced where you appoint lawyers the minute your agents start marketing the property and request that they start to collate the leasehold documentation which will be required by the purchasers’ lawyers. If you have carried out any alterations to the premises would they have required Landlord’s consent? In particular have you laid down wooden flooring? Most leases in Edgbaston state that internal structural alterations or installing wooden flooring calls for a licence from the Landlord acquiescing to such alterations. If you dont have the paperwork in place do not contact the landlord without contacting your lawyer before hand. If you have the benefit of shareholding in the Management Company, you should ensure that you are holding the original share document. Organising a re-issued share certificate can be a lengthy process and delays many a Edgbaston conveyancing deal. Where a new share certificate is necessary, do contact the company director and secretary or managing agents (where relevant) for this at the earliest opportunity. A minority of Edgbaston leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors. You believe that you know the number of years left on your lease but you should double-check via your solicitors. A buyer’s lawyer will be unlikely to recommend their client to where the lease term is under 75 years. In the circumstances it is important at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.
Edgbaston Conveyancing for Leasehold Flats - Examples of Queries before Purchasing
-
Make sure you discover if the the lease contains any onerous restrictions in the lease. By way of example plenty of leases prohibit pets being allowed in certain buildings in Edgbaston. If you love the apartmentin Edgbaston but your dog can’t make the move with you then you will be faced difficult determination. Is the freehold owned collectively by the leaseholders? How much is the ground rent and service charge?