The owners have rather brash vendors who has insisted on a preliminary agreement with a payment 6,000. Are such contracts the norm for Handsworth conveyancing transactions?
Lock out agreements are agreements binding a property owner and prospective buyer giving the buyer a ‘clear field’ to the sale of the premises within a prescribed time frame. Essentially, an exclusivity agreement is a contract specifying that you will receive a contract at a later date being the main conveyancing contract. It is generally used for buyer confidence though in many situations, the owner may stand to benefit from such agreements as well. There are various pros and cons to using an agreement but you need to check with your lawyer but note that it may end up costing you extra in conveyancing charges. For this these agreements are rare when it comes to conveyancing in Handsworth.
When it comes to lenders such as Virgin Money, do Handsworth solicitors face an annual charge to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel application.
We had chosen conveyancers with offices in Handsworth on the RBS solicitor panel. They have just billed me a supplemental amount for dealing with the RBS mortgage. Is this a supplemental conveyancing fee set by RBS?
Unfortunately, so long as it is in their Terms and Conditions or Quote then yes your conveyancing practitioner can charge a fee for this. The charge is not set by RBS but by your Handsworth conveyancer. Plenty of firms on the RBS panel will quote an ‘acting for lender’ fee but many practices include it on their overall fee.
The mortgage over my property is with RBS for my property in Handsworth. Conveyancing has been completed a year ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform RBS?
You must advise RBS before letting out your property as this is likely to be a breach of RBS’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact RBS directly. It should not be necessary to do this via a RBS conveyancing panel solicitor.
I require expedited conveyancing in Handsworth as I have an ultimatum to complete inside one month. A mortgage is not required. Is it possible to decline from having conveyancing searches to save fees and time?
As you are are a cash purchaser you have the choice not to do searches although no solicitor would advise that you don't. Drawing on our experience of conveyancing in Handsworth the following are examples of issues that can arise and adversely affect future mortgageability: Refused Planning Applications, Outstanding Charges, Outstanding Grants, Road Schemes,...
Just had an offer accepted on a new build flat in Handsworth. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here is a sample of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Handsworth
-
Please supply a car parking plan. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
Can you provide any advice for leasehold conveyancing in Handsworth with the intention of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Handsworth can be avoided if you instruct lawyers as soon as you market your property and request that they start to collate the leasehold documentation which will be required by the buyers’ conveyancers. A minority of Handsworth 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 bank and professional references. The 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 service charge figures so that they can pass this information on to the buyers or their lawyers. You may think that you are aware of the number of years left on your lease but it would be advisable verify this by asking your solicitors. A purchaser's conveyancer will not be happy to advise their client to to exchange contracts if the remaining number of years is below 75 years. In the circumstances it is essential at an early stage that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale. If you hold a share in a the Management Company, you should make sure that you are holding the original share certificate. Arranging a duplicate share certificate is often a lengthy formality and frustrates many a Handsworth conveyancing deal. Where a duplicate share certificate is necessary, do contact the company officers or managing agents (where applicable) for this sooner rather than later.
Handsworth Conveyancing for Leasehold Flats - Examples of Questions you should consider Prior to buying
-
Are any of leasehold owners in arrears of their service charge liability? Please note that where the lease has no more than eighty years it will impact the salability of the flat. It is worth checking with your mortgage company that they are willing to go ahead with the loan given the lease term. Leases with fewer than 80 years remaining means that you will most likely require a lease extension sooner rather than later and you need to have some idea of how much this will be. For most Handsworthlease extensions you will need to own the residence for 24 months before you are entitled to extend the lease. Best to be warned whether changing the roof or some other major work is coming up that will be shared by the leasehold owners and will dramatically impact the level of the maintenance costs or require a specific payment.
My brother completed his conveyancing in Handsworth Six years ago. He has since got married, widowed and in recent months got remarried. He now intends to dispose of the Handsworth property. I believe he will just be asked to provide a copy of the marriage certificates to the lawyer but he is anxious it could frustrate the home sale. Is it worth updating the land title documents for the house?
The is no need to update the register providing you have the evidence required to show how the name change resulted.
Any buyer’s property lawyer will examine the title information and require evidence by way of proof of the change of name for example marriage documentation.