We are approaching an exchange on a flat in West Bromwich and my parents have transferred the ten percent deposit to my lawyer. I am now informed that as the deposit has been received from someone other than me my property lawyer needs to make a notification to my bank. Apparently, in also acting for the bank he must advise them that the balance of the purchase price is coming from anyone other than me. I advised the mortgage company regarding my parents' contribution when I applied for the mortgage, so is it really necessary for this now to hold matters up?
Your lawyer is obliged to clarify with the bank to ensure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only reveal this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
We are buying a property in West Bromwich. It might be a silly question but how we can trust a lawyer? On completion day we have to put funds into their account. What is the protection we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I am purchasing a victorian detached house in West Bromwich. Our aim is to convert the garage to an office at the house.Will the conveyancing process include checks to ascertain if these works are prohibited?
Your property lawyer will check the registered title as conveyancing in West Bromwich can on occasion reveal restrictions in the title deeds which prohibit certain alterations or require the permission of a 3rd party. Some works require local authority planning permissions and approval under the building regulations. Many locations are designated conservation areas and special planning restrictions apply which often prevent or impact extensions. It would be prudent to check these things with a surveyor prior to committing yourself to a purchase.
I am buying a property in West Bromwich. A rare aspect is that the roof has a solar panel. UBS have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with UBS your lawyer must check the formal instructions contained in Part 2 of UK Finance Lenders’ Handbook for UBS. The Council of Mortgage Lenders’ Handbook includes minimum specifications for solar panel roof-space leases, and lawyers are required to report to UBS where a lease fails to meet these requirements. The specifications relate to the installation of panels on properties nationwide and is not isolated to West Bromwich.
It has been 3 months following my purchase conveyancing in West Bromwich concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I have been on the look out for a ground for flat up to £195,000 and identified one close by in West Bromwich I like with open areas and transport links in the vicinity, however it's only got 61 years on the lease. There is not much else in West Bromwich suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a mortgage that many years will likely be an issue. Reduce the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least twenty four months you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
I am a negotiator for a busy estate agency in West Bromwich where we have witnessed a few flat sales put at risk as a result of leases having less than 80 years remaining. I have received conflicting advice from local West Bromwich conveyancing firms. Please can you confirm whether the vendor of a flat can initiate the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start 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 simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder 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 am the registered owner of a split level flat in West Bromwich, conveyancing formalities finalised July 2008. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in West Bromwich with an extended lease are worth £265,000. The ground rent is £50 invoiced annually. The lease expires on 21st October 2102
With 76 years unexpired we estimate the price of your lease extension to be between £8,600 and £9,800 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.
My intention is to purchase a garden apartment in West Bromwich. Conveyancing lawyer is awaiting, from the seller, building insurance schedule. Earlier today I was advised that the vendor needs to forward the insurance paperwork for the flat above as well. Why would my conveyancing practitioner need to review the insurance for the other flat? Is it really required? We have been in hold for the previous fortnight…
It is not unheard of in leasehold conveyancing in West Bromwich to find Conveyancing in West Bromwich in a minority of cases reveals that the lease provides for the leasehold owners to insure their individual flats rather than the landlord insuring the entire building - which is clearly preferable. Do double check with your conveyancer but it would appear that your conveyancer is attempting to verify that the complete building is insured. Insuring a ground floor apartment is no help when it comes to rebuilding after a fire if the 1st floor cannot be rebuilt as a result of lack of insurance.