It has come to my attention via my estate agent that my Shenstone lawyer is not on the bank Conveyancing panel. How can I check?
The first thing you need to do is to contact your Shenstone conveyancer. You lawyer should notify you of the situation. Where they are not on the panel they may recommend you to a Shenstone conveyancing practice that is on the conveyancing panel for your mortgage company.
Our son is in the process of securing a new build apartment in Shenstone with a mortgage from Clydesdale. His solicitor has advised him of a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The document is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Clydesdale conveyancing panel as a standard part of the process, and to the valuer when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Clydesdale conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
How can we know in advance if a Shenstone conveyancing solicitor on the Leeds Building Society panel is any good?
When it comes to conveyancing in Shenstone obtaining recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advocate that you speak with the solicitor handling your transaction.
I was told four weeks ago that my mortgage has been agreed to by Aldermore. Is it usual for Aldermore to only issue the offer once my solicitor in Shenstone is approved on their conveyancing panel? Aldermore have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Aldermore to deal with your lawyer's application to be on the Aldermore conveyancing panel. There's no guarantee that your solicitor will be accepted.
Coventry BS have agreed my mortgage in principle, my offer on a flat in Shenstone has been agreed to, now what?
The property agent will need to know who your solicitors are (ensure that the lawyers are on the bank’s panel). Telephone Coventry BS or your financial adviser and finalise any outstanding paperwork. Coventry BS will instruct a valuer who will get in contact with the selling agent or seller to book an appointment. Once carried out (assuming no problems) it takes on average a fortnight for the mortgage offer to be issued. Coventry BS will issue the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Shenstone.
How does conveyancing in Shenstone differ for newly converted properties?
Most buyers of new build residence in Shenstone contact us having been asked by the builder to sign contracts and commit to the purchase even before the property is completed. This is because builders in Shenstone usually acquire 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 Shenstone or who has acted in the same development.
All being well we will complete the disposal of our £375,000 maisonette in Shenstone next Friday. The managing agents has quoted £300 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Shenstone?
Shenstone conveyancing on leasehold maisonettes normally involves fees being raised by managing agents :
-
Addressing pre-contract enquiries
Where consent is required before sale in Shenstone
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I invested in buying a 1st floor flat in Shenstone, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Shenstone with a long lease are worth £165,000. The average or mid-range amount of ground rent is £50 yearly. The lease finishes on 21st October 2102
With only 77 years unexpired the likely cost is going to be between £7,600 and £8,800 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.
I need to consider quotes for conveyancing in Shenstone from numerous conveyancing practitioner and choose one. Should I tell them to sit tight until I I have an offer accepted on a house.
You should only ask your conveyancing practitioner to commence work and apply for searches after the sales memorandum has been sent by the selling agent particularly as Shenstone conveyancing searches are a couple of hundred pounds.