The housing market in Birkenshaw is heating up. What can I do to expedite matters?
First, If the seller is applying time constraints to complete it is advisable to make sure that your solicitor is familiar with the location as they will benefit local relationships and insight. It is possible that they could have handled previoushouses in the same neighbourhood. You would be best advised to use a Birkenshaw conveyancing firm. Second, check that the conveyancing firm is on the on the approved list for your mortgage company. It is believed that just under twenty per cent of Birkenshaw conveyancing deals are frustrated or derailed after finding out that a purchaser’s conveyancer was not on their banks member panel. This can often result in the legal transfer of property being held up by almost 21 days. It is said that this issue impacts approximately 100,000 home sales annually. Almost all Birkenshaw conveyancing firms can not act for certain banks so do check as early as possible.
How does conveyancing in Birkenshaw differ for newly converted properties?
Most buyers of new build or newly converted property in Birkenshaw contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is built. This is because developers in Birkenshaw tend to 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 conveyancing solicitors 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 Birkenshaw or who has acted in the same development.
I have been on the look out for a ground for flat up to £245,000 and found one near me in Birkenshaw I like with open areas and railway links nearby, the downside is that it only has 49 remaining years left on the lease. I can't really find anything else in Birkenshaw in this price bracket, so just wondered if I would be making a mistake buying a short lease?
Should you need a home loan the shortness of the lease will be an issue. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of twenty four months you can ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
What tools are available to locate a Birkenshaw law firm on the Bank of Scotland conveyancing panel? I am a keen cyclist and am willing to travel upto 25kilometers to meet the conveyancer.
You can use the search on this website. Please pick a mortgage company and your location and you will see a number of Birkenshaw conveyancing lawyers based on proximity. We have listed some Birkenshaw conveyancing firms at the bottom of this page and you can telephone them to check whether they are on the Bank of Scotland member panel
I am employed by a busy estate agent office in Birkenshaw where we see a number of flat sales jeopardised due to short leases. I have been given conflicting advice from local Birkenshaw conveyancing firms. Could you confirm whether the vendor of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 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 sale.
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 buyer.
Birkenshaw Leasehold Conveyancing - A selection of Queries Prior to buying
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Many Birkenshaw leasehold apartments will incur a service charge for maintenance of the building levied on behalf of the management company. Should you buy the apartment you will have to meet this contribution, usually quarterly throughout the year. This could differ from two or three hundred pounds to thousands of pounds for bigger purpose-built blocks. There will also be a ground rent for you to pay annual, normally this is not a significant sum, say about £50-£100 but you need to enquire it because on occasion it can be many hundreds of pounds. Is the freehold owned collectively by the leaseholders?
Our lawyer in Birkenshaw has uncovered a defect with the lease for the apartment we are purchasing in Birkenshaw. The other side have suggested title insurance as a solution. We are content with insurance and will cover the costs. Our solicitor has advised that as he is on the lender conveyancing panel he must be satisfied that the lender is happy with this solution. Are we the client or is the lender?
Just because you have a mortgage offer from the lender does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Birkenshaw conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the lender are the client. These conveyancing instructions must be adhered to by the mortgage company conveyancing panel who has to balance acting for you and the mortgage company