At what point can the exchange of contracts happen for purchase conveyancing in Bartley Green and am I required to be at the lawyers branch?
Where you are in close proximity to our conveyancing solicitors in Bartley Green you are welcome to come in to sign contracts. However, the law practices we work with provide countrywide coverage for conveyancing and give just as detailed and professional a job for you when communicating with you digitally. The signing of the property agreement is not when everything is set in stone. Signing on the dotted line is just a prerequisite for the solicitor to exchange contracts when the time is right, which will usually be very shortly after signing. The procedure is is usually a five minute process, although where a long "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Bartley Green)to be in the office at the appropriate time.
Please explain the implications if my solicitor is suspended from the Bank of Ireland Solicitor panel ahead of completing my conveyancing in Bartley Green?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
How does conveyancing in Bartley Green differ for new build properties?
Most buyers of new build premises in Bartley Green come to us having been asked by the seller to sign contracts and commit to the purchase even before the property is ready to move into. This is because developers in Bartley Green usually purchase the land, 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 conveyancers 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 Bartley Green or who has acted in the same development.
I opted to have a survey done on a property in Bartley Green in advance of instructing conveyancers. I have been informed that there is a flying freehold aspect to the property. My surveyor advised that some banks may not give a mortgage on such a premises.
It varies from the lender to lender. Bank of Scotland has different instructions from Nationwide. If you e-mail us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Bartley Green. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Bartley Green to see if the conveyancing will be more expensive.
My step-father has encouraged me to instruct his conveyancing solicitors in Bartley Green. Should I use them?
There are no two ways about it the best way to select a conveyancing solicitor is to seek referrals from friends or family who have used the conveyancer you're considering.
I work for a reputable estate agency in Bartley Green where we have experienced a few flat sales put at risk as a result of short leases. I have been given inconsistent advice from local Bartley Green conveyancing solicitors. Could you shed some light as to whether the vendor of a flat can commence the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to 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 to extend their lease. 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 purchaser.
Bartley Green Leasehold Conveyancing - Examples of Questions you should ask Prior to Purchasing
-
Where a Bartley Green lease has no more than eighty years it will have adverse implications on the marketability of the flat. Check with your lender that they are content with the length of the lease. A short lease means that you will probably have to extend the lease sooner rather than later and it is worth discovering what this would cost. Remember, in most cases you would need to own the premises for 24 months in order to be eligible to extend the lease. The best form of lease structure is where the freehold interest is in the ownership of the leaseholders. In this situation the leaseholders enjoy being in charge if their destiny and notwithstanding that a managing agent is frequently retained if the building is bigger than a house conversion, the managing agent is directed by the tenants. This information is helpful as a) areas may result in problems in the block as the common areas may begin to deteriorate where services remain unpaid b) if the leaseholders have an issue with the running of the building you will need to have full disclosure