We are intending to purchase a 3 bedroom apartment in Sutton Coldfield with a mortgage. We like our Sutton Coldfield lawyer, but the bank advise she’s not on their "panel". It seems we have little choice but to appoint one of the lender panel solicitors or retain our Sutton Coldfield solicitor and pay for one of their panel lawyers to act for them. This feels very unfair; are we not able to demand that the lender use our Sutton Coldfield property lawyer ?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Sutton Coldfield conveyancing solicitor to apply to be on the conveyancing panel.
My conveyancer has informed me that lack of planning permission insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Sutton Coldfield?
The right level of lack of planning permission indemnity insurance depends on who your lender is. It would differ for example between Lloyds TSB Bank and Barnsley Building Society. Conveyancing solicitors as opposed to members of the public take out such policies.
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Sutton Coldfield bank branch on a couple of occasions and was reassured it wasn't an issue and they will lend. My Sutton Coldfield conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they refuse to lend in accordance with their specific requirements. I have no idea who is right.
Provided that the conveyancer is on the lender panel, she or he must comply with the Council of Mortgage Lenders’ Handbook conditions for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
I was told three weeks ago that my mortgage has been agreed to by Barclays. Is it usual for Barclays to only issue the offer once my solicitor in Sutton Coldfield is approved on their conveyancing panel? Barclays have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Barclays to deal with your lawyer's application to be on the Barclays conveyancing panel. There's no guarantee that your solicitor will be accepted.
I've recently found out that there is a flying freehold issue on a house I put an offer in two weeks back in what was supposed to be a simple, chain free conveyancing. Sutton Coldfield is where the house is located. Can you shed any light on this issue?
Flying freeholds in Sutton Coldfield are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Sutton Coldfield you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Sutton Coldfield may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I am using a search engine for the term on line conveyancing in Sutton Coldfield it brings up numerous conveyancersin the area. How do I determine which is the right conveyancer for the sale of my house?
The best method of finding a suitable conveyancer is via personal recommendation, so ask colleagues and those you trust who have bought a property in Sutton Coldfield or a reputable estate agent or mortgage broker. Charges for conveyancing in Sutton Coldfield differ, so it's a good idea to obtain a minimum of four fee calculations from varying types of law firms. Dont forget to clarify what costs in the quote includes.
I am a negotiator for a reputable estate agent office in Sutton Coldfield where we have witnessed a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have received conflicting advice from local Sutton Coldfield conveyancing firms. Could you clarify whether the owner of a flat can start the lease extension process 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 commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord 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 invested in buying a 2 bed flat in Sutton Coldfield, conveyancing having been completed 4 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Sutton Coldfield with an extended lease are worth £222,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ends on 21st October 2095
You have 70 years remaining on your lease we estimate the premium for your lease extension to be between £9,500 and £11,000 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.
Me and my husband are FTB’s just having agreed a price on a property in Sutton Coldfield, and need to get solicitors lined up. We have made use of the various comparison based websites and the fee estimates are from all over the England and Wales. Is it critical to have a Sutton Coldfield property lawyer local to your prospective new home? We are content to do everything electronically, but I assume at some stage we will need to visit the lawyer's office to sign contracts?
The lawyer does not need to be in Sutton Coldfield, but opting for local means that you have the option to go in if required, by way of example, if a signature is immediately necessary. Also, a Sutton Coldfield solicitor is likely to be familiar with local agents and (if the vendor has instructed a local conveyancer) with them, which should help smooth the process.