Is the fact that my solicitor in Tamworth is not identified on my bank's conveyancing panel that there is a problem with the standard of the firm’s work?
That would most likely be a wrong assumption to make. There are plenty of reasonable explanations. Just recently a report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Where you are concerned you should simply call the Tamworth conveyancing firm and enquire why they are no longer on the approved list for your mortgage company.
How does conveyancing in Tamworth differ for new build properties?
Most buyers of new build residence in Tamworth come to us having been asked by the builder to sign contracts and commit to the purchase even before the property is ready to move into. This is because house builders in Tamworth tend to purchase 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 Tamworth or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £245,000 and identified one near me in Tamworth I like with open areas and transport links in the vicinity, however it only has 61 remaining years left on the lease. There is not much else in Tamworth in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a mortgage that many years will be problematic. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer about this.
We're new on the property ladder - agreed a price, yet the agent told us that the vendor will only issue a contract if we appoint their preferred conveyancers as they want a ‘quick sale’. We would rather use a local solicitor used to conveyancing in Tamworth
We suspect that the seller is not behind this demand. If they want ‘a quick sale', turning down a serious buyer is is going to put the whole deal at risk. Speak to the vendors direct and make sure they understand (a)you are motivated purchasers (b)you are ready to go, with finances in place © you do not need to sell (d) you wish to move quickly (e)but you intend to instruct your preferred Tamworth conveyancing lawyers - as opposed tothose that will provide their estate agent a referral fee or hit his conveyancing thresholds pre-set by head office.
I've recently bought a leasehold house in Tamworth. Do I have any liability for service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure 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).
Tamworth Leasehold Conveyancing - Examples of Questions you should consider Prior to buying
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Does the lease have onerous restrictions? This question is useful as a) areas may result in problems for the building as the communal areas may start to deteriorate if repairs are not paid for b) if the leaseholders have a dispute with the managing agents you will want to have complete disclosure You will want to discover as much as possible about the managing agents as they will affect your use and enjoyment of the property. As the owner of a leasehold property you will be at the mercy of the managing agents from a financial perspective and when it comes to daily matters such as the tidiness of the communal areas. Don't be afraid to ask prospective neighbours what they think of them. In conclusion, find out the dates that you are obliged pay the maintenance charge to the managing agents and specifically what you get for your money.
I am buying a ground floor flat in Tamworth. Conveyancing lawyer is awaiting, from the vendor, building insurance documents. This afternoon I was advised that the owner must send the insurance paperwork for the flat above also. Why would my conveyancing practitioner need to review the insurance for the other flat? Is it strictly necessary? We have been stalled for the previous month…
It is not unheard of in leasehold conveyancing in Tamworth to find Conveyancing in Tamworth in a minority of cases reveals that the lease obliges the leasehold owners to insure their individual flats rather than the freeholder insuring the whole block - which is definitely better. Do contact your solicitor but it would appear that your property lawyer is attempting to verify that the complete building is insured. Insuring your residence is no help when it comes to rebuilding after a fire if the other flat cannot be rebuilt due to lack of insurance cover.