The Kings Heath conveyancing firm handling our Kings Heath conveyancing has uncovered a discrepancy when comparing the assumptions in the valuation survey and what is revealed within the conveyancing documents. My lawyer says that he needs to ensure that the bank is OK with this discrepancy and is still content to lend. Is my conveyancer’s stance appropriate?
Your solicitor must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I own a freehold premises in Kings Heath yet invoiced for rent, why is this and what is this?
It’s unusual for properties in Kings Heath and has limited impact for conveyancing in Kings Heath but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
We previously appointed solicitors locally in Kings Heath on the Coventry BS solicitor approved list. They have just invoiced me a supplemental sum for dealing with the Coventry BS mortgage. Is this a supplemental conveyancing fee specified by Coventry BS?
As unfair as it may appear, as long as it’s in their Terms of Engagement or Quote then yes your lawyer may levy a fee for this. This charge is not set by Coventry BS but by your Kings Heath property lawyer. Plenty of firms on the Coventry BS panel will charge an ‘acting for lender’ fee but plenty of firms incorporate it on their overall fee.
I have a mortgage with Virgin Money for my property in Kings Heath. Conveyancing has been completed a year ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Virgin Money?
Virgin Money must be informed of your intention before letting out your property as this is likely to be a breach of Virgin Money’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 Virgin Money directly. You need not do this via a Virgin Money conveyancing panel solicitor.
My offer on a semi in Kings Heath has been agreed to, but there is a chain. The vendors have offered on somewhere, however it’s not yet agreed to, and are looking at other properties in the pipeline. I have chosen a nearby conveyancing solicitor in Kings Heath. What do I do now? When do I get the mortgage application with Kent Reliance started?
It is normal to have anxieties where there is a chain as you are unlikely to want to incur expenses prematurely (home loan application is in the region of £1k, then valuation, Kings Heath conveyancing search costs, etc). First, you should check that your solicitor is on the Kent Reliance conveyancing panel. Concerning the next stages this very much depends on the circumstances of your case, attraction to this property and on the state of the market. During a hot market some buyers would apply for the mortgage with Kent Reliance and arrange for the valuation and only if it was satisfactory would they request their lawyer to proceed with the conveyancing in Kings Heath.
The deeds to our property are lost. The lawyers who conducted the conveyancing in Kings Heath 4 years ago no longer exist. What are my options?
As long as the title is registered the information relating to your proprietorship will be recorded by HMLR with a Title Number. It is possible to execute a search at the Land Registry, locate your property and order up to date copies of the Registered Entries for less than a fiver. Where the property is Leasehold then the Land Registry will usually retain a certified copy of the Registered Lease and again, a copy can be retrieved for twenty pounds.
How does conveyancing in Kings Heath differ for newly converted properties?
Most buyers of new build premises in Kings Heath approach us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is constructed. This is because new home sellers in Kings Heath usually purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Kings Heath or who has acted in the same development.
I need to retain a conveyancing solicitor for residential conveyancing in Kings Heath. I happened to discover a web site which seems to have the ideal offering If there is a chance to get all the legals completed via email that would be preferable. Should I be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?