I am in a contract race with another buyer for a property in Kings Norton. What can I do to speed up matters?
In the event that you are under pressure for your conveyancing it is advisable to make sure that your lawyer is familiar with the area as they will benefit local relationships and know-how. It is even conceivable that they could have conducted previousproperties in the same street. Therefore consider using a Kings Norton conveyancing solicitor. In addition, be sure that the lawyer is on the on the approved list for your mortgage company. It is believed that 18% of Kings Norton conveyancing deals are suspended or derailed after finding out that a buyer’s conveyancer was not on their banks panel. This can often result in the legal process being frustrated by almost three weeks. It is said that this issue impacts approximately 100,000 home sales annually. Many Kings Norton conveyancing practices can not represent certain mortgage companies so do check at the outset.
I am considering applying for a Virgin Money mortgage for purchase of a newly converted (under development) in Kings Norton with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Virgin Money ?
In theory, you could use a solicitor that is not on the Virgin Money conveyancing panel, but Virgin Money would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
I happen to be the only recipient of my late grandmother’s estate and I have everything in my name now, including the my former home in Kings Norton. The Kings Norton property was put into my name in December. I now wish to sell up. I understand that there is a Mortgage Lenders 6 month 'rule', meaning my property ownership may be considered the same way as if I'd bought the property in December. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be caught by that. Most banks would take a pragmatic view as this obligation primarily exists to identify the purchase and immediately sell or the wholesaling and assigning of properties.
My fiancee and I are in the throws of viewing flats in Kings Norton and I am about to put in an offer. Is it wise to have a conveyancer on ‘stand by’? I am planning to take a home loan with Skipton.
You should start requesting conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on to the EA. As you are obtaining a mortgage with Skipton, make sure you remember to check that your lawyer is on the Skipton conveyancing panel.
I have decided to exercise my right to buy my property in Kings Norton off the council. I have a mortgage agreed with Nottingham. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use 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 Nottingham, you will need to appoint a solicitor on the Nottingham conveyancing panel.
Me and my brother have a renovated Edwardian house in Kings Norton. Conveyancing solicitor acted for me and Virgin Money. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: the first freehold, the second leasehold with the exact same address. I thought I was buying a freehold how can I check?
You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Kings Norton and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the position with your conveyancing lawyer who conducted the conveyancing.
I am buying a new build apartment in Kings Norton. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here are examples of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Kings Norton
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Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please supply a car parking plan. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
I have just appointed agents to market my basement flat in Kings Norton. Conveyancing has not commenced, however I have just had a quarterly maintenance charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is pay the invoice as usual given that all ground rent and service invoices will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I bought a 1 bedroom flat in Kings Norton, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Kings Norton with a long lease are worth £265,000. The ground rent is £50 yearly. The lease runs out on 21st October 2102
With just 76 years remaining on your lease we estimate the price of your lease extension to span between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.