My apartment in Forest Hall is up for sale and I have a purchaser. Will the property lawyer have to be on the Coventry BS conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Coventry BS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently in recent years.
I got the keys to my flat on 11 April and my personal details is not yet registered. Need I be worried? My conveyancing solicitor in Forest Hall advises it will be dealt with inside ten days. Are properties in Forest Hall particularly slow to register?
As far as conveyancing in Forest Hall is concerned, registration is no quicker or slower than the rest of England and Wales. As opposed to being determined by geographic area, timeframes can vary according to the party submitting the application, whether there are errors and whether the Land registry need to notify any 3rd parties. Currently in the region of 80% of submission are fully addressed within 12 days but some can be subject to protracted delays. Registration occurs once the purchaser has moved in to the premises therefore registration formalities is not usually top priority yet if it is urgent that the the registration takes place urgently then you or your solicitor could communicate with the Registry to express the reasoning for an expedited registration.
I'm purchasing my first flat in Forest Hall benefiting from help to buy. The developers refused to move on the price so I negotiated 6k of extras instead. The property agent told me not to tell my solicitor about this deal as it would jeopardize my mortgage with Barclays . Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
How do I identify a Forest Hall law firm on the Lloyds TSB Bank conveyancing panel? I have a car and am prepared to travel upto 10miles to meet the conveyancer.
Feel free to make use of the facility on this page. Please choose the lender and your location and you will see a number of Forest Hall conveyancing lawyers based on proximity. We have detailed some Forest Hall conveyancing firms at the bottom of this page and you can ring them to check if they are on the Lloyds TSB Bank member panel
I am a fortnight into a leasehold purchase having been referred to conveyancers by the local agent to do our conveyancing in Forest Hall. We are not happy. Could you you assist me in finding new conveyancers?
They would need to be very poor in order to consider diss instructing them. Has the loan offer been issued? In the event that it has you will need to inform them of the new contact details and get the loan are issued to the new lawyers. The conveyancer needs to be on the lenders approved list to avoid added charges and delays. That should be your starting point. The search tool should help you find a lender approved lawyer for your conveyancing in Forest Hall
I work for a busy estate agency in Forest Hall where we see a few flat sales put at risk as a result of leases having less than 80 years remaining. I have received contradictory information from local Forest Hall conveyancing solicitors. Can you clarify whether the seller of a flat can initiate the lease extension formalities 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 start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 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 sale.
Alternatively, it may be possible to agree the lease extension with the freeholder 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 purchaser.
I invested in buying a ground floor flat in Forest Hall, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Comparable properties in Forest Hall with an extended lease are worth £202,000. The ground rent is £55 yearly. The lease comes to an end on 21st October 2081
You have 56 years left to run we estimate the price of your lease extension to span between £29,500 and £34,000 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.