We are getting closer to an exchange on a flat in Rowley Regis and my mum and dad have transferred the exchange deposit to my property lawyer. I am now told that as the deposit has not arrived from me my conveyancer needs to disclose this to my bank. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I advised the bank concerning my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
Your property lawyer is duty bound to check with the bank to ensure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only disclose this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
My relative recommended that where I am purchasing in Rowley Regis I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is usually quoted for as part of the standard Rowley Regis conveyancing searches. It is not a small document of about 40 pages, listing and setting out important information about Rowley Regis around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with maps and statistics, Local Amenities and other useful information regarding Rowley Regis.
I decided to have a survey done on a property in Rowley Regis prior to instructing conveyancers. I have been told that there is a flying freehold overhang to the property. Our surveyor advised that some lenders may refuse to give a loan on this type of premises.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Birmingham Midshires. Should you wish to call us we can investigate further via the relevant lender. If you lender is happy to lend one our lawyers can assist 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 familiar with such properties in Rowley Regis.
My father-in-law has encouraged me to instruct his conveyancers in Rowley Regis. Should I choose my own property lawyer?
There are no two ways about it the ideal way to find a conveyancing practitioner is to seek guidance from friends or relatives who have actually used the solicitor you're considering.
Can you provide any top tips for leasehold conveyancing in Rowley Regis with the aim of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Rowley Regis can be reduced if you instruct lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold documentation which will be required by the purchasers’ lawyers. A minority of Rowley Regis leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying 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. You believe that you know the number of years remaining on your lease but it would be advisable verify this via your solicitors. A buyer’s conveyancer will not be happy to advise their client to where the lease term is below 75 years. It is therefore important at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale. Many landlords or Management Companies in Rowley Regis levy fees for providing management packs for a leasehold home. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Rowley Regis.
I inherited a garden flat in Rowley Regis, conveyancing formalities finalised 6 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Rowley Regis with over 90 years remaining are worth £175,000. The ground rent is £65 levied per year. The lease finishes on 21st October 2084
You have 58 years left to run we estimate the premium for your lease extension to be between £23,800 and £27,400 as well as legals.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.
What is the best way to find the right lawyer for my conveyancing in Rowley Regis ?
Option 1 is to ask the people you trust who they used in the past and if they were happy with the service. Option 2 is to search the web for conveyancing in Rowley Regis. Phone a couple or more firms from the list and ask them to email you their conveyancing charges and discuss your needs with the solicitor who will conduct your conveyancing before you make your choice. Option 3 is to use our search tool to help you find the right lawyers for you based on your unique factors including location,speed, complexity and who your intended lender is.Do not be fooled by lowest cost conveyancing solicitors in Rowley Regis