Me and my partner are soon to complete buying a property in Aston but as a consequence of damage from some water damage at the property I have managed to agree compensation from the current proprietors of £3k taking the form of a reduction in the price. I had intended this to be addressed as part of amending the contract but Coventry BS are not allowing this. Why were they involved?
Any property lawyer that is on the Coventry BS approved list is duty bound to advise Coventry BS of any amendments to the purchase price. If you were to refuse your solicitor to report the reduction to Coventry BS then they would have to discontinue acting for you. In addition, Coventry BS and you would have to appoint a new lawyer for your conveyancing in Aston.
When it comes to mortgage companies such as Coventry BS, do Aston lawyers face an annual charge to be on the list of approved solicitors?
We are unaware of any bank fees to be on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
I have paid off my mortgage with Nationwide. I assume I don't need a Aston property lawyer on the Nationwide panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Nationwide mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Nationwide mortgage from the register. Nationwide, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Nationwide has sent the Land Registry the discharge electronically, and
- Nationwide has instructed the Land Registry to do so
I have a mortgage with Aldermore for my property in Aston. Conveyancing has been completed some time ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Aldermore?
You must advise Aldermore before letting out your property as this is likely to be a breach of Aldermore’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Aldermore directly. It should not be necessary to do this via a Aldermore conveyancing panel lawyer.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and found one round the corner in Aston I like with amenity areas and railway links in the vicinity, the downside is that it's only got 51 years on the lease. There is not much else in Aston in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you require a home loan the shortness of the lease will likely be an issue. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
I am one month into a residential purchase having been recommend to solicitors by the estate agent to execute conveyancing in Aston. I am am very disappointed with the quality of service. Can you you assist me in finding new lawyers?
A conveyancer would have to be very bad to suggest replacing them. Has the loan offer been generated? In the event that it has you need to make them aware of the new solicitor and get the mortgage documents are re-issued. Your conveyancer needs to be on the mortgage company approved list to avoid added charges and delays. That should be your starting point. The find a solicitor tool can help you find a bank approved solicitor for your conveyancing in Aston
What makes a Aston lease unmortgageable?
Leasehold conveyancing in Aston is not unique. All leases are drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are missing. The following missing provisions could result in a defective lease:
-
A duty to insure the building
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Bank of Scotland, and Nottingham Building Society all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to withdraw.
I invested in buying a basement flat in Aston, conveyancing having been completed 10 years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Aston with a long lease are worth £185,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease terminates on 21st October 2086
With just 61 years unexpired we estimate the price of your lease extension to span between £18,100 and £20,800 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.
What is the reason for new build conveyancing in Aston being more expensive?
Buying a new build premises is significantly distinct from the standard house buying conveyancing in Aston. Firstly developers ordinarily require contracts to exchange within a tight deadline, so there is a lot of pressure on your lawyer to ensure all is in order. In addition new build conveyancing frequently necessitate examination of adoption of highways, drains, planning considerations, building warranties or architects certificates. Bank requirements are also more detailed. Taking into account the complex nature of the process for these types of properties, the conveyancing new build fees are higher than normal.