My husband and I are hoping to acquire a home in Erdington and are in fact using a Erdington conveyancing practice. Within the last couple of days our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Platform Home Loans Ltd have this morning contacted us to inform me that there is now an issue as our Erdington lawyer is not on their approved list of lawyers. What do we do from here?
If you are buying a property requiring a mortgage it is usual for the purchasers' solicitors to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Erdington solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
I am the sole beneficiary of my late father’s estate and I have everything in my name alone, including the my former home in Erdington. The Erdington property was put into my name in October. I now wish to sell up. I do know about the CML six month 'rule', meaning my proprietorship could be considered the same way as if I'd bought the house in October. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be caught by that. Some lenders would take a practical view as this obligation is primarily there to pick up on the purchase and immediately sell or the flipping of properties.
Does a directory service exist listing Principality panel conveyancers in Erdington on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such directory service on the CML or Building Society Association sites. A small selection of banks make their panel listings open the public on the web. Where you are seeking to appoint a Erdington conveyancing practitioner on the Principality please use our facility.
Completion of my remortgage has taken place for my property in Erdington. Conveyancing was a necessary evil but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
Almost all lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Department at head office. Ordinarily complaints to a lender are sorted out effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
Various online forums that I have come across warn that are the number one cause of obstruction in Erdington house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published determinations of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of delays during the legal transfer of property. Searches are not likely to be the root cause of holding up conveyancing in Erdington.
I have been on the look out for a flat up to £305k and identified one close by in Erdington I like with open areas and railway links in the vicinity, however it only has 49 years on the lease. I can't really find anything else in Erdington for this price, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a home loan that many years will likely be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you could request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this.
When it comes to leasehold conveyancing in Erdington what are the most common lease problems?
Leasehold conveyancing in Erdington is not unique. Most leases are unique and drafting errors can result in certain provisions are not included. The following missing provisions could result in a defective lease:
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Service charge per centages that don't add up correctly leaving a shortfall A duty to insure the building
You could encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Virgin Money, and Nottingham Building Society all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the purchaser to pull out.
Erdington Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to Purchasing
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It is important to be aware if a new roof is being installed or some other significant cost is anticipated that will be shared by the leaseholders and will materially impact the level of the maintenance costs or result in a specific invoice. What is the yearly maintenance fee and ground rent? Who are the managing agents?
My wife and I have instructed a Erdington conveyancing solicitor for our home move (first time buyers) and have noticed in the engagement letter that they are not covered by the Financial Conduct Authority. Need I be worried or is that the norm with lawyer?
We can't see why they should be. Most conveyancing practitioner don't lend money. You should check that they are regulated by the SRA, who dictate specific obligations covering funds sitting by them.