We're in Harold Park, FTBs buying with a mortgage (lender is Coventry BS , and our lawyer is on the Coventry BS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Coventry BS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
We are purchasing a flat in Harold Park. It might be a silly question but how we can trust a solicitor? At some point we have to deposit money into their account. What protection do we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I have decided to exercise my right to buy my property in Harold Park off the council. I have a mortgage offer with Coventry BS. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Coventry BS, you will need to appoint a solicitor on the Coventry BS conveyancing panel.
About to purchase flat in Harold Park. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Leeds Building Society conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Harold Park conveyancer is on the Leeds Building Society conveyancing panel.
I decided to have a survey completed on a house in Harold Park ahead of appointing solicitors. I have been told that there is a flying freehold aspect to the property. Our surveyor advised that some lenders tend refuse to give a loan on this type of premises.
It depends who your proposed lender is. Lloyds has different instructions for example to Birmingham Midshires. Should you wish to call us we can investigate further via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Harold Park. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Harold Park to see if the conveyancing costs will increase in light of this.
How do I use the search facility to choose a conveyancing practitioner in Harold Park on the approved list for my lender?
1st pick a bank such as Nationwide Building Society, Coventry Building Society or Bank of Ireland then choose your location e.g. Harold Park. Conveyancing practices in Harold Park and across England and Wales will then be listed.
I am a negotiator for a long established estate agent office in Harold Park where we see a few flat sales jeopardised due to short leases. I have received inconsistent advice from local Harold Park conveyancing solicitors. Can you clarify whether the vendor of a flat can commence the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 buyer.
I am the leaseholder of a ground-floor 1960’s flat in Harold Park. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the sum payable for a lease extension?
Absolutely. We are happy to put you in touch with a Harold Park conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Harold Park premises is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case was in relation to 1 flat. The number of years remaining on the existing lease(s) was 57.5 years.
At what stage do I cover the costs of the Stamp Duty Land Tax chargeable for my Harold Park house purchase?
Most conveyancers will complete a stamp duty return for you as part of your Harold Park conveyancing transaction for signature. After completion your solicitor will submit your STL application to the Tax Authorities and - as long as they have the money - pay any tax bill payable on your behalf.