Our lawyer has discovered a a legal deficiency with the lease for the property we are buying in Kings Norton. The other side have offered defective title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer has advised that he must ensure that the bank is willing to move forward with this solution. Are we the client or is the lender?
Notwithstanding that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the bank are the client. The appropriate lender requirements must be adhered to.
Are the Kings Norton conveyancing solicitors identified as being on the RBS conveyancing panel, together with their details provided by RBS?
Kings Norton conveyancing firms themselves provide us confirmation that they are on the RBS conveyancing panel as opposed to being supplied with a list from RBS directly.
I am buying my first flat in Kings Norton with the aid of help to buy. The sellers would not move on the price so I negotiated five thousand pounds worth of extras instead. The sale representative suggested that I not inform my conveyancer about this deal as it will impact my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Due to the encouragement of my in-laws I had a survey completed on a property in Kings Norton ahead of appointing conveyancers. I have been informed that there is a flying freehold overhang to the house. Our surveyor advised that some banks may refuse to issue a mortgage on a flying freehold premises.
It varies from the lender to lender. Lloyds has different requirements from Birmingham Midshires. If you contact us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Kings Norton. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Kings Norton to see if the conveyancing costs will increase in light of this.
My husband and I are new to the buying process - agreed a price, yet the agent has warned us that the vendor will only move forward if we instruct their chosen conveyancers as they want a ‘quick sale’. We would rather use a local conveyancer accustomed to conveyancing in Kings Norton
It is highly unlikely the vendors are driving this. If they desire ‘a quick sale', turning down a serious buyer is likely to cause more damage than good. Speak to the vendors direct and explain that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you are chain free (d) you wish to move quickly (e)but you will continue to use your own,trusted Kings Norton conveyancing lawyers - rather thanthose that will earn the estate agent a referral fee or hit his conveyancing targets set by HQ.
I am a negotiator for a busy estate agent office in Kings Norton where we have experienced a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Kings Norton conveyancing firms. Could you confirm whether the vendor of a flat can initiate 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 kick-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 for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
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 buyer.
I am the registered owner of a 1 bedroom flat in Kings Norton, conveyancing was carried out in 2010. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Kings Norton with an extended lease are worth £191,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease runs out on 21st October 2079
With just 54 years unexpired we estimate the price of your lease extension to span between £32,300 and £37,400 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.