I am hoping to move into my new home in West Bromwich next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the bank. What risks does the mortgage company expect the insurance to cover?
All property lawyers on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook requirements. These obligations are not specific to conveyancing in West Bromwich.
My bid for a property was accepted at auction in West Bromwich. Conveyancing is necessary. What is next?
Having legally committed yourself to purchase you now have to instruct a conveyancing solicitor soon as you now have a tight a drop dead date to complete the purchase. Every auction property should have a bespoke auction pack. This should include evidence of title and search results. In the case of leasehold property the auction pack may include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork pertinent to leasehold premises. You should pass this on to the lawyer working for you as soon as possible. You also need to ensure that you have funds in place to complete on the date specified in the contract.
We had appointed solicitors locally in West Bromwich on the Virgin Money solicitor panel. They are now charging me an additional fee for handling the Virgin Money mortgage. Is this an additional conveyancing fee set by Virgin Money?
As unfair as it may seem, as long as it’s in their Terms and Conditions or estimate then yes your conveyancer can charge a fee for this. This fee is not dictated by Virgin Money but by your West Bromwich conveyancer. Numerous firms on the Virgin Money panel will charge ’dealing with mortgage’ fee but plenty of firms incorporate it on their overall fee.
I can not fathom if my lender requires a lease extension. I have telephoned my West Bromwich building society branch on numerous occasions and was told it does not affect the mortgage offer and they would lend. My West Bromwich conveyancing solicitor - who is on the bank conveyancing panel- called and was told they refuse to lend based on their specific requirements. Who do I believe?
Your property lawyer has to follow the CML Handbook Part 2 requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 left on the lease.
I own a 4 bedroom Edwardian property in West Bromwich. Conveyancing solicitor represented me and Alliance & Leicester . I happened to do a free search for it on the Land Registry database and I saw a couple of entries: the first freehold, the second leasehold with the exact same property. I'd like to know for sure, how can I find out??
You should review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in West Bromwich and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the situation with the conveyancing lawyer who conducted the work.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on last month in what should have been a straight forward, chain free conveyancing. West Bromwich is where the house is located. What do you suggest?
Flying freeholds in West Bromwich are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in West Bromwich you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in West Bromwich may determine 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 residence.
Estate agents have just been given the go-ahead to market my ground floor flat in West Bromwich. Conveyancing solicitors are to be appointed soon, but I have recently received a yearly maintenance charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should clear the maintenance contribution as you normally would as all rents and service payments should be allotted on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I invested in buying a leasehold flat in West Bromwich, conveyancing formalities finalised in 2010. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in West Bromwich with a long lease are worth £165,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease runs out on 21st October 2103
With just 77 years unexpired we estimate the premium for your lease extension to range between £7,600 and £8,800 plus costs.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.
How and when do I incur stamp duty due for my West Bromwich property purchase?
The majority of property lawyers will fill out a Land Transaction Return Form for you during your West Bromwich conveyancing transaction for you to sign. On completion your conveyancing practitioner will submit the STL application to the Tax Authorities and - assuming they have the funds - settle any Stamp Duty due for you.