I am need of leasehold conveyancing for a flat in a relatively new development (seven years old) in Rowley Regis. 95% of the flats have already been sold. Is it really necessary to order local searches as part of conveyancing in Rowley Regis?
You would be putting yourself at risk in refusing to carrying out Rowley Regis conveyancing searches. Without searches you have no clarity over flooding, environmental etc which may mean you walk away due to potential problems down the line. If you are buying without a mortgage there is no legal requirement to have them, but we would seriously advise in the strongest possible terms that your conveyancer conducts them. If speed and price are top of your concerns you should discuss with your lawyer about the possibility of search insurance
five months have gone by since my purchase conveyancing in Rowley Regis took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Rowley Regis differ for new build properties?
Most buyers of new build residence in Rowley Regis come to us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is completed. This is because builders in Rowley Regis usually buy the real estate, 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 accustomed to new build conveyancing in Rowley Regis or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a house in Rowley Regis ahead of retaining conveyancers. I have been told that there is a flying freehold overhang to the house. The surveyor has said that some mortgage companies will refuse to grant a loan on a flying freehold home.
It depends who your proposed lender is. Lloyds has different instructions from Nationwide. Should you wish to call us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Rowley Regis. Conveyancing will be smoother if you use a solicitor in Rowley Regis especially if they are accustomed to such properties in Rowley Regis.
I was recommended by a number of estate agents in Rowley Regis to get a quote from a property lawyer on your site. Is there a financial inducement for Estate Agents to promote your site ahead of alternative conveyancing organisations?
We don’t make any referral fee for directing people to this site. We found it would be just too difficult a fee as home movers will think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
Do you have any top tips for leasehold conveyancing in Rowley Regis with the aim of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Rowley Regis can be bypassed if you appoint lawyers as soon as your agents start marketing the property and ask them to put together the leasehold documentation which will be required by the purchasers’ lawyers. Some Rowley Regis leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any 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 actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors. In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Rowley Regis leases often stipulate that internal structural changes or addition of wooden flooring require a licence issued by the Landlord consenting to such changes. Where you dont have the approvals in place you should not communicate with the landlord without checking with your lawyer first. If you have had any disputes with your freeholder or managing agents it is very important that these are settled before the property is put on the market. The purchasers and their solicitors will be concerned about purchasing a flat where there is a current dispute. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to reveal the dispute as historic as opposed to unsettled. You believe that you know the number of years remaining on your lease but it would be advisable verify this by asking your lawyers. A purchaser's lawyer will not be happy to advise their client to where the lease term is below 80 years. In the circumstances it is essential at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.
Rowley Regis Leasehold Conveyancing - Examples of Questions you should ask before buying
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Be sure to find out if there is anything that is prohibited in the lease. For instance it is reasonably common in Rowley Regis leases that pets are not allowed in in a block in Rowley Regis. If you love the propertyin Rowley Regis yet your dog is not allowed to make the move with you then you have a very hard choice. Does the lease contain onerous restrictions? Is there a share of the freehold?