My partner and I are nearing an exchange on a house in Stourbridge and my parents have sent the ten percent deposit to my solicitor. I am now told that as the deposit has been sent from someone other than me my conveyancer needs to make a notification to my lender. Apparently, in also acting for the bank he must advise them that the balance of the purchase price is not just from me. I advised the mortgage company about my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
The property lawyer is duty bound to check with mortgage company to make sure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only report this to your lender if you agree, failing which, your lawyer must cease to continue acting.
A friend advised me that in buying a property in Stourbridge there may be various restrictions prohibiting external changes to the property. Is this right?
We are aware of a number of properties in Stourbridge which have some sort of restriction or requirement of consent to carry out external alterations. Part of the conveyancing in Stourbridge should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I am the single recipient of my late grandmother’s will with all property in now in my sole name, including the house in Stourbridge. The Stourbridge property was put into my name in February. I want to move. I do know about the Mortgage Lenders six month 'rule', meaning my proprietorship could be considered the same way as though I had purchased the property in February. Is the property unsalable for six months?
The CML handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be caught by that. Most lenders would take a sensible view as this clause is chiefly there to pick up on the purchase and immediately sell or the flipping of properties.
We previously chose conveyancing lawyers with offices in Stourbridge on the TSB solicitor panel. They have just billed me a separate fee for handling the TSB mortgage. Is this a supplemental conveyancing fee set by TSB?
Unfortunately, as long as it is in their Terms of Engagement or estimate then yes your conveyancing practitioner is entitled to levy a fee for this. This charge is not dictated by TSB but by your Stourbridge conveyancer. Some firms on the TSB panel will levy an ‘acting for lender’ fee but plenty of firms incorporate it on their overall fee.
How do I search for a Stourbridge law firm on the Skipton Building Society conveyancing panel? I have a car and am prepared to travel upto 10miles to meet the lawyer.
You can use the tool on this page. Please choose the mortgage company and your location and you will see a number of Stourbridge conveyancing lawyers located nearest you. We have listed some Stourbridge conveyancing firms towards the end of this page and you can telephone them to verify whether they are on the Skipton Building Society panel
As co-executor for the estate of my uncle I am selling a residence in Newport but I am based in Stourbridge. My solicitor (based 250 miles awayrequires that I sign a statutory declaration before the transaction finalising. Could you suggest a conveyancing lawyer in Stourbridge who can attest and place their company stamp on the document?
Technically speaking you are unlikely to need to have the documents attested by a conveyancing solicitor. Ordinarily any notary public or solicitor will do regardless of whether they are Stourbridge based
Last October I purchased a leasehold flat in Stourbridge. Do I have any liability for service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I inherited a 1 bedroom flat in Stourbridge, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Stourbridge with over 90 years remaining are worth £221,000. The average or mid-range amount of ground rent is £50 per annum. The lease ceases on 21st October 2096
With 70 years left to run the likely cost is going to range between £9,500 and £11,000 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 investigations. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.
Been reading online that Stourbridge solicitors are more expensive than Stourbridge conveyancers in Stourbridge when it comes to buying a property. Am I better off using a conveyancer or a solicitor if I am purchasing a house in Stourbridge.
When it comes to conveyancing in Stourbridge the costs are unlikely to vary dramatically depending on whether the legal expert is a licenced conveyancer or solicitor.